Commercial auto insurance is an essential form of protection for businesses that rely on vehicles to operate. Whether you own a fleet of delivery trucks, use a single vehicle for sales calls, or simply need coverage for employees who drive their own cars on company business, commercial auto insurance can help protect your business from lawsuits and other financial losses.
In New York, businesses are required to carry commercial auto insurance if they operate vehicles for business purposes. This includes vehicles that are owned, leased, or rented by the company.
The minimum coverage required in New York is $25,000 for bodily injury per person, $50,000 for bodily injury per accident, and $10,000 for property damage. However, many businesses choose to purchase higher limits of coverage to better protect their assets.
Commercial auto insurance can provide protection for a variety of situations. If one of your employees is involved in a car accident while on company business, the insurance can cover damages to the other party’s vehicle, as well as medical expenses and lost wages for the other driver.
It can also provide coverage for accidents involving company-owned vehicles, such as delivery trucks or sales vehicles.
In addition to covering damages and injuries, commercial auto insurance can also provide protection against lawsuits resulting from car accidents.
If someone sues your business after an accident involving one of your vehicles, your insurance can cover the costs of legal defense, as well as any settlement or judgment awarded to the plaintiff.
It’s important to note that commercial auto insurance does not cover personal use of company vehicles. If an employee uses a company car for personal errands, they will need to have their own personal auto insurance to provide coverage.
Overall, commercial auto insurance is a crucial form of protection for businesses that rely on vehicles to operate. It can provide coverage for damages and injuries, as well as protect against lawsuits resulting from car accidents.
If your business operates vehicles in New York, it’s important to make sure you have the right coverage to protect your assets and your bottom line.
