Commercial Auto Insurance Guide for New York Business Owners

Commercial Auto Insurance Guide for New York Business Owners

Commercial auto insurance provides coverage for vehicles that you use to help operate your business. Accidents can happen at any moment while you’re on the road conducting business. Here is a New York commercial auto insurance guide to help you find the right coverage to protect your business.

Commercial Auto Insurance Explained

Commercial auto insurance covers any vehicles that you use for your business. This includes cars, trucks, vans, and fleets, among other types of vehicles. Similar to a traditional auto insurance policy, commercial coverage protects you if any vehicles that you use for business-related purposes are vandalized, stolen, or damaged in a collision. Commercial coverage helps you protect your investment. If you are held liable for damages caused by one of your business vehicles, your entire business could be at risk.

Why Do You Need New York Commercial Automobile Insurance?

Research shows that commercial vehicles are exposed to high risks daily. Driving conditions are unique every day, and one mistake can change everything. You should also know that your traditional auto insurance coverage does not cover your commercial vehicle. Without commercial coverage, you would be responsible for covering any costs out of your own pocket if something happened to your business vehicle.

Who Is Covered Under This Policy?

Even if you are not driving your commercial vehicle when it is involved in an accident, as the owner of the company, you can be sued because you are technically responsible for your employees’ actions. Commercial auto insurance generally covers you and any permissive or omnibus users. Permissive users are employees that you have authorized to use your commercial vehicles to conduct business. Omnibus users are people who may be held legally responsible for the actions of you and your employees.

Commercial Auto Insurance Outlined

Finding the right commercial insurance coverage for your business may be complicated. You have several different coverage options to consider. In addition to covering your commercial vehicles if they are vandalized, damaged, or stolen, liability coverage is the foundation of your policy. Liability coverage protects your business if your vehicles injure someone or cause damage to their property. If a passenger is riding in the car with you or your employees at the time, medical payment coverage will take care of their medical expenses if they are injured. If you are riding around with expensive equipment in your vehicle, you can get special coverage to protect those items if they are damaged. You can add non-owned coverage so that you will not be held liable if something happens to a vehicle that you don’t own. This includes situations when your employee’s vehicle may suffer damage while they are using it for business. You can also add rental reimbursement coverage so that your business can continue operating smoothly if one of your vehicles needs to be repaired.

Notable Exclusions

There are a few notable exclusions to commercial auto insurance policies. This policy does not cover any contractual liability or any claims made against you by one of your injured employees. You should also check the language in your policy regarding the handling of property. It does not cover any injuries or damages that occurred before you have started using the vehicle for business. Any issues that arise as a result of using mobile equipment are also not covered through your commercial auto insurance policy.

Average Cost

The average cost of commercial auto insurance in NY depends on various factors. Consider the number of employees you have, the amount of risk associated with operating your business, and the type of vehicles that you use. Having a strong staff of employees with safe driving records can help you receive a lower premium.

Commercial auto insurance is an essential part of protecting the future of your business. You should have a plan in place if something unexpected happens. For assistance with all your auto insurance needs, contact the experts at 01 Insurance in Astoria, New York. We are ready to assist you with all your coverage needs today.