Business Auto Insurance

Anyone who is a business owner and in the market for automobile insurance for their business transportation may wonder if it will be a different type of insurance than what someone would obtain for their personal vehicle. Generally, business auto insurance is not that much different. Both types of policies will contain basic coverage for liability, collision, comprehensive and personal injury or medical coverage.

If you are planning to use just one vehicle for your business needs and for personal use as well, all of the basic coverage mentioned above will be obligatory. The only real difference would be if the vehicle were listed as being owned by your business instead of in your own name. In this case, your business name would have to be the one to be listed on the policy as the principal insured party. This way, if you have the misfortune to be involved in a traffic accident while driving the vehicle, it will be easier for all involved to sort out who owns what when the time comes for you to file your insurance claim.

If you were to compare the paperwork for both a business and a personal insurance policy, you would think that there was not a whole lot of difference in the two. However, you should definitely understand that these policies have quite a few technical aspects that are different from each other. It is a bit difficult for a novice to sort out, so it is best if you let your insurance agent explain it to you. He or she will be the one to decide if you really need a business policy. You will be asked several questions about the vehicle, such as –

• What will the vehicle be used for?
• Will you have any employees who will drive the vehicle?
• Do you plan to use the vehicle for both business and pleasure?

If you tell your agent that you are going to get double duty out of your vehicle by using it for both business and pleasure, the specific coverage for each type of insurance will be the same. You will still have access to all aspects of your personal policy, including the coverage of any family members you add to the policy. In addition, if your business vehicle is involved in an accident, the employee driving it will be covered as well.

In the end, no matter what type of insurance you choose, be it personal or business, there is really no difference in how it works. You take out a policy the same way, file claims on the insurance the same way, and whoever ends up driving your vehicle will be covered in case of an accident.

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