Commercial Auto Insurance
Commercial Auto Insurance Information
Commercial Auto Insurance in St. Paul Minnesota
When you drive on a work assignment, it is not only you and your vehicle, but also your employer who faces risks. Accidents can happen at any time, and when they do the business might have to pay for damaged company cars, injured employees and lawsuits brought by others. Plus, there are thousands of other risks that could harm company cars or drivers even in their own parking lot. To protect your business, you need commercial auto insurance.
Commercial is designed to protect businesses from numerous driving and vehicle ownership liabilities. Still, you must tailor your plan to fit your needs. If you’re looking for a partner that knows how to help you meet that goal, then just come to Abbott Insurance.
To get the perfect coverage for you, give us a call at (612) 824 – 1160 or request a free quote now. We’re here to make the process easy, affordable and fast.
Common Commercial Auto Insurance Questions
What is Commercial Auto Insurance?
When a business owns or operates vehicles, then the business is the party that is responsible for them. Therefore, accidents or other vehicle hazards might cost the company a lot of money.
You don’t want to put your business in dire financial straits over a car accident. That’s why commercial auto insurance is designed to help you cover these costs if they ever arise. Within your plan, you will have specific protection that is designed to protect the business itself from the ramifications of these issues. The company’s financial security can remain intact even in very challenging situations.
Who Does Commercial Auto Insurance Cover?
Countless people might drive for business every day. They go to work sites, deliver goods, travel to meet clients, visit trade shows or do various company errands. At all times, they are representatives of their company, and they need commercial auto insurance.
Many different vehicles and drivers might qualify for a plan, including:
- Vehicles owned by the business.
- Business-owned vehicles that employees use while off the job.
- An employee-owned vehicle that is used for business (including the business owner’s own car).
- Vehicles rented or hired for specific purposes.
Commuting to and from work in your private car does not mean you need commercial auto insurance. However, some personal vehicles need a plan even if the owner will only use them privately. These are usually heavier vehicles or those whose special features qualify them as commercial.
What Does Commercial Auto Insurance Cover?
Commercial auto insurance policies can offer numerous benefits, including:
- Liability Insurance: When an accident is your fault, this coverage help you pay for the damage you do to others (like other drivers) who weren’t in the car with you.
- Bodily Injury Liability Coverage: This plan pays for third-party medical bills and sometimes for death benefits.
- Property Damage Liability Coverage: Pays for damage to the other party’s property.
- Hired/Non-Owned Auto Liability Insurance: This liability coverage extends to vehicles not owned by the business but used by them for business purposes. These might include employees’ personal cars or vehicles that you rent or hire to use temporarily.
- Collision Insurance: Covers damage to your own vehicle that you sustained in a wreck.
- Comprehensive Insurance: Coverage pays for damage from non-accident mishaps like weather damage, fires, theft, vandalism or similar accidents.
- Personal Injury Protection (PIP): If you get hurt in an accident, this coverage can pay for your medical bills and sometimes will cover other losses like lost income. Minnesota’s no-fault insurance laws require PIP to pay regardless of whether the accident was your fault. You cannot file against someone else’s liability coverage until you meet certain thresholds.
- Uninsured/underinsured Insurance: Insures you against qualifying losses caused by someone else who doesn’t have appropriate liability coverage. If you are the victim of a hit-and-run, for example, then this coverage can pay for your car’s damage.
You can also further personalize your plan with benefits like:
- Inland marine insurance
- Motor truck cargo coverage
- Roadside assistance & rental car reimbursement
- Custom parts coverage
- Replacement cost vehicle coverage
- Gap insurance
Commercial auto insurance works alongside many of your other business insurance options, like workers’ compensation and general liability coverage, too.
How Much Commercial Auto Insurance Do I Need?
In most states, you must carry minimum levels of coverage. In Minnesota, these are:
- No-Fault Personal Injury Protection (PIP): $40,000 per person, per accident
- Bodily Injury Liability Insurance: $30,000 per person/$60,000 per accident
- Property Damage Liability Insurance: $10,000 per accident
- Uninsured Motorist Bodily Injury Coverage: $25,000 per person/$50,000 per accident
- Underinsured Motorist Bodily Injury Coverage: $25,000 per person/$50,000 per accident
Please note, commercial truckers or those who operate specialty commercial vehicle have different coverage limits. Speak to your agent to learn more.
How Much Does Commercial Auto Insurance Cost?
With the help of your Abbott agent, you can search our network of trusted agency partners to find not only the best coverage, but also the best savings. Policies will always vary in costs, which is why we’ll help you comprehensively analyze your risk profile and ensure you get the plan that offers you the most affordable premiums without forcing you to sacrifice protection.