Commercial Auto Insurance

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Commercial Auto Insurance Commercial auto insurance is specifically designed to provide financial protection for vehicles used for business purposes. It differs significantly from personal auto insurance in terms of coverage, eligibility, and purpose. Why is Commercial Auto Insurance Required? 1-Higher Risks: Business vehicles are generally on the road more frequently and operate in diverse environments, increasing the risk of accidents compared to personal vehicles. 2-Inadequate Coverage: Personal auto insurance policies typically exclude coverage for business use. 3-Legal Requirements: Many states mandate commercial auto insurance for vehicles primarily used for business purposes. Commercial auto insurance coverages: 1-Liability Coverage: -Bodily Injury: Pays for medical expenses of others injured in an accident caused by your business vehicle. -Property Damage: Covers property damage to others caused by your business vehicle. 2-Physical Damage Coverage: -Collision: Pays for repairs to your own vehicle if it collides with another object. -Comprehensive: Covers damage to your vehicle caused by events other than collision, such as theft, fire, vandalism, or weather events. 3-Additional Coverages: -Medical Payments: Covers medical expenses for the driver and passengers of your business vehicle in case of an accident, regardless of fault. -Uninsured/Underinsured Motorist: Provides coverage if you're involved in an accident with a driver who has no insurance or inadequate insurance. -Hired and Non-Owned Auto: Covers liability for vehicles rented by your business or personal vehicles used for business errands. Consulting a licensed insurance intermediary (agent/broker) to guide you through the process of choosing the most suitable commercial auto insurance policy for your specific business needs. #BeNewinsurance #InsurTech #inclusiveinsurance #insurance #reinsurance #takaful

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