Commercial auto insurance provides protection for bodily injuries as well as property damage that is caused by a company owned vehicle or a vehicle which is privately owned but is used for business purposes. This form of auto insurance in Traverse City, MI includes liability, coverage in the vent you were involved in an altercation with an uninsured motorist, protection for personal injury and physical damage to property. To ensure that your business does not leave itself open for financial distress, it is very important that the insurance carried is sufficient.
What makes up auto insurance?
The typical auto insurance policy consists of six key components:
- Comprehensive: This coverage is in the event your car is damaged, stolen, caught in a flood, burned in a fire or you hit an animal on the highway. This component of your insurance pays for all the repair or even replacement of the vehicle.
- Collision: This is perhaps the most widely sought coverage. This insurance will pay for any damage to your car should you be involved in a collision on a public thoroughfare.
- Physical injury: Should you factor in an accident where you were shown to be at fault, this component of your insurance will pay for any physical injuries sustained by the innocent party.
- Personal injury protection: This component of your policy is considered as no-fault coverage. The norm is that this insurance component will pay a percentage of your expenses, usually 80 percent, that are incurred for medical, rehabilitation, funeral and lost wages regardless of who was at fault.
- Under-insured motorist: If you are involved in an accident and the other party does not have sufficient insurance to cover all your expense then this will cover that amount which his or her insurance will not.
- Uninsured motorist: This is similar to under-insured insurance but is an available option when the other party has no liability insurance whatsoever. This component of your policy protects you from those who are irresponsible and do not get any insurance although it is mandated by law.
Any accident that involves injury, property damage or loss of life is a trauma in itself and the thoughts of not having adequate insurance coverage only compounds the problem. If you have a business then you will need to speak to a commercial insurance broker. To cover yourself and your company, auto insurance in Traverse City, MI is a must.
Johnson & Associates Insurance provides business auto insurance with coverage at a competitive price in Traverse City, MI.
