The main difference between personal and commercial auto insurance is who owns the vehicle. If your business owns a vehicle, it must be covered by commercial auto insurance. Both personal and commercial auto policies pay for legal expenses, bodily injuries, and property damage related to car accidents. Commercial insurance policies protect business-related financial assets, as well as intellectual and physical property, when costly work-related claims arise.
Unlike a personal policy, entities such as the name of your company are listed as insured in business insurance policies. Business liabilities include any claim, injury, or damage involving work-related relationships, operations, or property. From workers' compensation and commercial cars to cyber liability and risk management, there are many different types of commercial insurance offerings. The main difference between commercial and personal auto insurance is the coverage that is provided.
A personal auto policy provides coverage to protect you and your personal assets and to keep you and your family from experiencing financial hardship. Commercial auto insurance provides coverage to protect you and businesses from car-related lawsuits and settlements. Personal car insurance limits are fine for personal use, but when it comes to your business, there's much more at stake. A commercial auto insurance policy can provide more protection (both financial and situational) than a personal one.
When it comes to protecting yourself and your business from the costs associated with car-related claims, it's important to understand the differences between personal and commercial auto insurance. Of course, the best way to determine the difference between personal and business car insurance when it comes to you is to contact your insurance agent to discuss coverage options. From health insurance and auto coverage to professional liability insurance and property insurance, there are many different types of insurance coverage. Other well-meaning business owners may have told you that your personal car insurance will cover business use.
Contact an American Family Insurance agent today to find the right coverage for a personal vehicle or commercial vehicle. Your BOP doesn't offer any coverage for vehicles, so you'll need a separate policy if you want commercial auto insurance. If you're a business owner who has a business owner's policy or a general liability policy for your company, and you own or use the car along with your own business, you'll most likely need a commercial auto policy to protect those vehicles and your business. Commercial auto insurance (also known as commercial auto insurance) offers protection for vehicles that are specifically used for business purposes - whether it's a vehicle dedicated to the business or a personal vehicle used for work-related activities.
Rideshare drivers have some coverage from the company they're driving for (Uber and Lyft, generally), but they don't offer unlimited coverage at all times. A commercial auto insurance policy can be customized to the needs of your business and provides protection for you and your business against the costs associated with property damage, injury, and liability claims.
