Business Auto Insurance
The state of New Jersey requires auto insurance coverage for all vehicles. Businesses, though, have additional needs for insurance coverage that go far beyond what minimalistic laws require. Insurance Center of North Jersey has been helping businesses get the auto coverage they need in order to protect their interests for decades.
What is Commercial Auto Insurance?
Some business owners assume their personal auto insurance also protects them for commercial usage. Unfortunately, that isn’t the case. Most insurance carriers have different methods of weighing risks for business auto insurance compared to the tools they use to weight a personal policy.
The differences in coverage, though, are much more than skin deep. Businesses have needs from their business car insurance that personal vehicle owners simply don’t need coverage for.
Who Needs Business Auto Policies?
Whether you provide employees with vehicles to represent your business or your employees use their own vehicles in the interest of your business, commercial coverage is a necessity. Most states require businesses to cover the vehicles employees use for business purposes.
The following, are just a few reasons your business may need to consider a commercial auto insurance policy.
- You transport goods for money.
- You transport people for money.
- You carry heavy tools and equipment in your vehicles.
- You tow a trailer frequently.
- You have higher liability needs.
- You carry inventory or prototype products in vehicles.
- Vehicles are registered in the company name.
- Employees operate the vehicle.
As you can see, there are many occasions when it’s simply good business sense to make the investment in a commercial policy rather than a personal one – not to mention that many personal policies expressly exclude business use.
What Kinds of Coverage Does Commercial Car Insurance Offer?
While many of the coverage types offered by commercial policies are very similar, in name to personal vehicle coverage, the differences lie in the amounts of coverage afforded business vehicles when compared to personal cars. These coverages include the following.
- Bodily Injury Liability Coverage
- Collision Coverage
- Property Damage Liability Coverage
- Liability Coverage for Non-Owned Vehicles
- Medical Payments Coverage
- Comprehensive Coverage
- Uninsured/Underinsured Motorist Coverage
- Insurance Coverage for Rental Vehicles
Commercial auto insurance can be tricky business – especially for new and/or growing businesses that are just beginning to test “commercial vehicle” waters. It is always wise to consult an independent agency in order to get no obligation answers about your insurance coverage needs as a business.
Keeping Costs Low
Independent insurance agencies work with multiple insurance companies. This means that not only can they shop around to get you the best possible coverage for the lowest possible rates, but independent agents, like us, are not limited to the products and offerings of one company. This means we have no reason to offer you anything other than the best policies at the lowest rates for the needs of your business.
There are other things you can do to keep costs low, such as the following.
- Invest in GPS tracking services.
- Relocate business to a low-crime area.
- Conduct thorough screening of drivers and their safety records.
- Choose vehicles with higher safety ratings.
- Consider raising deductibles.
Why Insurance Center of North Jersey?
We’ve been serving the needs of New Jersey, New York, and Pennsylvania for 80 years. We not only know the laws of the land in Bergen County, NJ and beyond, but we also know the lay of the land. We can help you get the insurance coverage you need for your business at affordable rates.