Many companies get business auto insurance with $1 million in liability limits and consider their risk covered.
But what about some of the other jargon you may see on your policy—specifically first-party benefits and uninsured/underinsured limits? Should you, as the business owner, stick to the minimum or go beyond to maximize your protection?
Most often, a commercial package policy has minimum or low limits that shield your company from typical liability losses. The business, in this case, asks each individual's personal auto insurance to provide primary coverage while the employee is driving on company time. Workers compensation insurance will take care of the employee if injured in the course of work duties.
But what if you are a small business and your family uses the company vehicle? Should you increase these limits? Maybe... or you can consider personal auto policies for all the family members who drive company vehicles.
Your insurance agent or broker can help you sort these issues out. You will need to know who will be driving the vehicles in question, the frequency of use, and what current personal auto policies are in place on the drivers at issue. Having the right commercial auto policy will reduce the chances that your company will have unexpected, serious losses due to vehicular accidents.
For more information or answers to your insurance questions, contact us at Allan Block Insurance Agency, https://www.allanblockinsurance.com, located in Tarrytown, NY in the heart of Westchester County, a key business district near New York City. We write auto, home, renters, condo, co-op, personal, business, life and group insurance for clients locally and in NYC, CT, NJ, PA, MA and many other states. The Professional Agency with the Personal Touch.