Quality Commercial Automobile Insurance
As a business owner, it is important that you obtain coverage for your vans, trucks, cars and other vehicles that are being used within your business. This coverage needs to be on the same level as that of your personal use vehicles. It needs to be noted that your Business Owners Policy (BOP) does not apply to the vehicles utilized by your business. This is why a separate business auto insurance Maple Grove MN policy will be needed to expressly insure your business vehicles.
Within the state of Minnesota, it is required to purchase liability insurance for property damage and bodily damage that can result from a traffic accident. With business vehicle liability insurance, you as well as anyone from your business would be covered while behind the wheel of a company vehicle. Additional options includes Personal Injury Protection (PIP) that would cover uninsured or under insured motorists and/or medical payments coverage. Physical damage is also an available coverage option for business vehicles that are hired, leased or owned by the business.
Every vehicle that is in use via your company is able to be separately listed or “scheduled” on your policy alongside corresponding coverages. Moreover, as a business owner, you will be able to choose different coverages for your variant of vehicles dependent upon the vehicle’s characteristics and the coverage needed.
Do I Need a Business Vehicle Policy?
An insurance agent, specializing in business auto insurance Maple Grove MN, will be able to ask, in great detail, how the vehicles will be used within your company and who will be driving them. It will also need to be disclosed as to whether or not the vehicles are leased, owned or rented and whether it is a likely option that employees can drive their own vehicles during the commission of the work week. The answers that are provided for the questions asked will allow the agent to thoroughly determine the precise coverage that is needed and required by Minnesota state law.
Should the bare minimum of liability insurance is suggested, the [generally] recommended minimum is $500,000. Even the smallest of businesses will need to cover the potential damages that may result due to a serious auto accident.
What Coverage is Needed if Employees Drive Personal Vehicles on Business?
Should the employees of your company drive their own vehicles for the purpose of business, it is possible for you to end up liable for bodily injuries and/or property damage as a result of an accident. The employee very well, could be at fault for the accident, but there is the possibility that the responsibility lands in your lap. There are, often times, that business owners do not notice that they have left themselves open to this exposure.
As a measure of protecting yourself from liability risks, you will need a Non-owned Auto Liability Endorsement to your Business Auto Coverage Form (BACF). This will provide you with coverage when employees drive their own vehicles during the commission of business. This BACF coverage is in excess over the limit provided by the personal coverage of the employee. This is extremely important when the employee’s coverage only pertains to financial responsibilities.