If you’re opening a new business or making some changes to your current company when it comes to securing your assets, you may want to look into commercial auto insurance lines. This type of insurance is ideal if you have business vehicles and the insurance can boost the economy by protecting your company and other business from financial loss. Working with a commercial line of insurance allows you to get some of the benefits and perks that you may not have been able to afford on your own, and these insurance products are a very important part of the overall insurance market.
Here are a few additional things you should know about commercial auto insurance lines that will help you make the right choice for your company.
What Exactly Is Casualty Insurance?
Casualty insurance is a pretty broad category. So, not only will you find coverage for your automobile, you could also get coverage against damage or loss of property. Liability insurance, elevator insurance and theft insurance.
Worker’s compensation is another type of casualty insurance. In addition to the commercial auto insurance line, you may want to get worker’s compensation to protect your company and your team members if one of your employees is injured on the job.
If you’re getting commercial auto insurance, you may also want to look into liability insurance, which will protect your company from the risk of being sued for things like negligence or malpractice. Your liability can also cover the legal costs that you may have to pay if you’re the guilty party in a car accident or other type of unfortunate incident. After you’ve taken care of the commercial auto insurance needs for your business, you may want to add more liability insurance to your policy if you have a company that requires you to transport goods on a regular basis. If your business involves driving people from one location to another, it’s wise to seek liability insurance, so that you won’t be held legally responsible if there is an accident on the road.
More About Commercial Lines Insurance
Commercial lines of insurance include commercial auto lines, and when you decide to sign up for this type of insurance policy, you’ll be protected from financial losses that could be very detrimental for your business. The type of commercial auto insurance you receive will be based on the size of your business, the type of company you’re running and where your business is located. As of 2013, the five largest issuers of commercial insurance lines were Travelers, Liberty Mutual, American International Group, ACE Ltd. and Zurich Insurance Group. It’s probably best to choose from these companies when selecting the policy that is best for your business.
Remember that commercial auto insurance lines aren’t just for big businesses. Even if you have a small or home-based company, you may want to consider this insurance policy, since homeowner’s insurance won’t take care of all your business needs.