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What is Commercial Insurance and Why do You Need One?

Thursday, December 15th, 2016 - Car Insurance

What is Commercial Insurance and Why do You Need One?

What is commercial insurance? Those who run a business with the use of commercial cars will need this insurance. Of course, the ones that need this is the drivers of vehicles like trucks, vans and delivery cars. Just like the other types of insurance, commercial insurance has several types of coverage. All of them are used to protect the drivers and the business can be stay safe and protected against lawsuits and exceeding expense.

If you are among those people who need commercial insurance, this information below clarifies anything what you need to make you covered.

Commercial Insurance Coverage

Anytime you need commercial insurance, there are several types of coverage that are available for you. Similar to private car insurance, it covers the bodily injury, medical expense, car damage and property damage. All of them are divided into several types.

First, bodily injury liability coverage is used to pay for the death and bodily injury triggered by a car accident where you are the at-fault driver and gives you a legal defense in case you need it. This is what commercial insurance coverage is since accident is sometimes unexpected and avoided. Then, you may need property damage coverage that keeps you protected for the damaged property of the third party due to an accident and give you a legal defense as well.

That makes commercial insurance different from private car insurance is the CSL or combined single limit. This liability policy proposes separate limits applying to bodily injury claims for the property damage.

 You may also need medical payment or personal injury coverage. Bodily injury coverage covers the third driver where you are at fault, but in case you or your drivers are injured, you will not get covered. That’s how medical payment is useful. It pays for the medical expense for the driver and passengers injured in an accident no matter who is the at-fault driver.

What is commercial insurance coverage that will be useful for you? In case you experience hit-and-run accident or the accident where you are involved in is triggered by the third party that does not carry or not have sufficient insurance coverage, uninsured/underinsured coverage is the option in this situation.

Car damage is not only triggered by accident, but also vandalism, fire, flood, theft and some other hazards. To make your car protected, add comprehensive coverage in your purchasing list and collision coverage is considered for car damaged when your car is hit or hits an object.

Which and What is Commercial Insurance Coverage Best for Us ?

In terms of insurance, the more types of coverage that you purchase, you will get more protection and covered. It is highly not suggested to carry only one type of coverage. It will be a lot better to carry some or even all of those types of coverage.

However, the logical consequence is the high insurance cost that you have to pay per month. If you are a kind of business starters in commercial vehicles, it will be difficult for you to carry all of those types. The clear thing on this is that commercial insurance can save you and your company from financial disaster, no matter you run a big company or not.

Let’s Purchase Commercial Insurance!

The definition and coverage of what is commercial insurance is already clear. When it comes to purchasing insurance, initially, you have to determine the coverage that is best required for you and your company. Then, you can choose a solid insurance company that assures you to keep safe and provide you financial support whenever you do experience an accident.

There are a lot of companies providing commercial insurance. Understanding what is commercial insurance and determining the needed coverage will help you to save money from your insurance.

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