Commercial Auto insurance protects the business use of cars, vans, trucks, and trailers. The policy covers personal injury, damage to vehicles and property and protection from liability.
A commercial auto policy protects you, the named insured, your vehicles and others. The named insured is the person listed on the declaration page. It can cover anyone else who is driving a covered auto you own, hire or borrow with your permission. The hired and borrowed vehicle liability coverage is usually added by endorsement. This endorsement is called Hired and Non-Owned coverage.
The Hired and Non-Owned liability coverage is very important because it protects you if one of your employees is driving their personal vehicle for business on your behalf and gets in an accident. You could be held liable for the accident. It also covers your for liability for autos you rent, lease, borrow or hire for use in your business.
Yes. You can choose which coverage options you would like. These options are known as “Coverage Symbols”. They are numeric and detail exactly what coverage applies to which vehicles.
Symbol 1 – Any Auto
This is the broadest coverage. It provides coverage for any auto used for business operations; including autos the insured owns, doesn’t own, and hires.
Symbol 2 – Owned Autos Only
This symbol only covers autos that the named insured owns.
Symbol 3 – Owned Private Passenger Vehicles
This symbol only provides coverage for private passenger vehicles and excludes coverage for trucks, busses etc. There is also no coverage for hired and non-owned vehicles.
Symbol 4 – Owned Autos, Not Private Passenger
This would not cover private passenger vehicles.
Symbol 5 – Owned Autos –PIP Coverage
Personal Injury Protection is not a necessary coverage in all states or on every owned vehicle in particular states, however in states like Michigan (a no-fault state) this symbol is added to provide the necessary PIP for those Vehicles.
Symbol 6 – Owned Autos – Uninsured Motorist Coverage
Provides Uninsured Motorists Coverage
Symbol 7 – Specified Auto Coverage
This provides coverage for autos specifically listed on the policy. There is no coverage for Hired and Non-Owned Vehicles.
Symbol 8 – Non – owned Auto Coverage
This provides coverage for autos that are rented, leased, borrowed or hired for use in your business.
Symbol 9 – Non-owned Auto Coverage
Coverage is provided for autos you do not own, rent lease borrow or hire, but are used for your business.