While personal insurance covers yours personal vehicle, commercial car insurance is for the coverage of your business vehicle. It provides physical damage and liability coverage to protect the company’s assets – vans, automobiles, buses, trailers, or trucks – that are a viable use in the company’s day-to-day affairs and the people who operate it. Commercial car insurance needs to cover liability, collision damage, and comprehensive for each driver as well as for each vehicle that is operated in the business. As there are many types of business coverage, each dependent on what you need and the type of service your business provides, the most common are:
Bodily Injury/Property Damage Coverage
Bodily Injury Liability: If your business vehicle is involved in an accident, your bodily injury liability is the safety net that saves you from paying out a huge amount of money for injury or death to the other driver as a result of your being at fault. It also covers expenses related to medical costs, lost wages, sickness, death and pain and suffering for an injured third party.
Property Damage Liability: If a vehicle that is covered causes damage to any property and the insured is considered at fault for the accident, property damage liability will cover the cost. It also covers legal defense costs related to claims against covered damages.
Physical Damage Coverage
Collision: This coverage protects the insured when his or her vehicle is damaged as a result of a collision.
Comprehensive: Provides coverage in the event of a loss or damage to an insured vehicle caused by incidents other than a collision.
Fire and Theft: This coverage is in the event of a loss or damage to an insured vehicle caused by specific occurrences including fire-related incidences, animal-related accidents, wreckage, burglary-related situations, or weather-related events.
Your business is your lifeline and your assets, and if its operation is dependent on the full operation of vehicles, then you can not overlook the need for commercial business insurance. MAIF offers just the kind of insurance that you need to protect you and your business including:
•$100,000 for bodily injury per person
•$300,000 for bodily injury for two or more people
•$100,000 for property damage
Their insurance specialists are trained to answer any questions that you may have and provide you with the insurance coverage tailored to meet your specific need. To get the process started you will need a current Maryland drivers license or registration and be a resident of Maryland. In addition, they offer discount commercial business insurance to drivers with good driving records.