Bottom Line Many types of business insurance are advisable and even required

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An often-cited study by The Hartford found that vehicle accidents are the second-costliest insurance claims for small businesses, with an average claim of $45,000. Those costs rise significantly when trucks and fatalities are involved. Plus, according to data from the Federal Motor Carrier Safety Administration, the average cost of a large truck crash is $3.6 million per crash with a fatality and $200,000 for those with injuries. Without adequate commercial auto insurance, such incidents can devastate a business.


However, commercial auto insurance is among the most critical for any company that operates vehicles in any capacity. Types of commercial auto policies Auto insurance policies for small businesse lebanon mobile phone numbers database s generally fall within three categories: Commercial auto Hired auto Non-owned auto Insurers typically offer coverage in the form of stand-alone policies or insurance endorsements to existing policies. 1. Commercial auto Commercial auto insurance applies to vehicles, such as trucks and cars, that you or your employees use exclusively for your business.


It also helps pay the costs (up to coverage limits) if you or an employee damage someone else’s property or injure a pedestrian while driving. This policy covers three types of drivers: The named insured (the person who takes out the policy; they’re covered even if they weren’t directly involved in the accident) Permissive users (employees or anyone else you’ve given permission to drive the covered vehicle) Omnibus users (people who can be held liable for any accident or negligence committed by you or your permissive users) 2.