Commercial Auto Insurance
Commercial Auto Insurance Information
Commercial auto insurance is required in Georgia if your business uses vehicles to conduct everyday business. Contact Waymon Lynch Insurance Agency in Hyattsville, Maryland, Washington, DC, and Newnan, Georgia.
What Is Commercial Auto Insurance?
Commercial auto insurance is a contract between an insurance company and a business that offers financial protection as outlined in the policy declarations. In exchange for regular premium payments, the insurer provides coverage for your company’s legal liability for third-party injuries and property damage up to the policy’s stated limits.
Depending on the coverage you choose, a commercial auto policy may also cover damage to company property.
Why Do You Need Commercial Auto Insurance?
Commercial auto insurance may help cover a driver’s legal liability after an at-fault accident. Depending on the coverage you choose, your company’s auto insurance may also cover damage to company property.
Georgia, Washington DC, and Maryland businesses must carry a minimum amount of liability coverage depending on the vehicle type, including:
- Bodily injury liability to help cover the costs of third-party injuries after an at-fault accident.
- Property damage liability to help cover the costs of repairing or replacing third-party property after an at-fault accident.
Depending on your situation, your agent may recommend adding the following policies to your commercial auto liability coverage:
- Collision insurance helps cover damage to your company’s vehicle after colliding with another vehicle or object.
- Comprehensive insurance helps cover damage to your company’s vehicle after non-accident-related damages.
- Medical payments (MedPay) insurance is available in Washington, DC, Georgia, and Maryland. It helps cover accident-related medical bills for your company’s driver and passengers after an accident, regardless of who is at fault.
- Personal injury protection (PIP) coverage is available in Maryland and Washington, DC, but not in Georgia. It helps cover medical bills for you and your passengers before health insurance coverage kicks in.
- Uninsured/underinsured motorist coverage helps cover damage to a company vehicle if the other driver is at fault and doesn’t have appropriate insurance coverage.
- Hired and non-owned auto (HNOA) insurance helps provide coverage for personal, leased and rented vehicles used by your company.
If you lease or finance vehicles, your lender may require that you purchase full coverage insurance, including comprehensive and collision insurance. They may also require you to purchase gap insurance, which helps cover the difference between the total amount you owe your lender and the insurance company’s settlement after a covered accident that renders your company vehicle a total loss.
Who Is Insured Under a Commercial Auto Policy?
Not every driver is covered under your commercial auto policy. Talk with your agent to understand who is covered under your policy. They can help you understand how your policy works so you know what to expect in case of an accident.
Check your policy documents for details about how your specific commercial auto insurance policy works. Many commercial auto policies automatically include coverage for:
- Named insureds are individuals named on your insurance policy, such as the business owner. Named insured have coverage even when not operating a company vehicle.
- Permissible drivers include anyone a person named on the policy permits to operate an insured vehicle, such as company employees.
Contact Waymon Lynch Insurance Agency
today to get a personalized quote for commercial auto insurance.