Commercial Auto Insurance
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Commercial Auto Insurance Information
Commercial auto insurance can help your Virginia businesses get financial protection to help pay for a driver’s legal liability after a covered accident. Your commercial auto policy can be tailored to meet the needs of your organization to include protection for company property, as well.
Contact Morgan Marrow Company in Virginia Beach and Hampton, Virginia, to learn more about this crucial business insurance coverage.
What Is Commercial Auto Insurance?
Commercial auto insurance is a contract between an insurer and a company that provides financial protection in exchange for premium payments. You have many options designed to provide appropriate commercial auto insurance for your organization.
Is Commercial Auto Insurance Required?
Virginia companies using vehicles for business must maintain minimum commercial auto liability coverage. Liability insurance may help cover your company’s liability for third-party injuries and property damage after an accident. This coverage pays only to the policy’s limit, so it’s crucial to work closely with your agent to determine the appropriate amount of auto liability coverage for your company.
Some businesses may also be required to comply with federal insurance regulations. Your agent can help you get commercial auto insurance coverage to keep your business compliant with federal and state laws while protecting your company’s financial stability.
Your agent may recommend that you purchase additional optional policies and endorsements, including comprehensive and collision insurance, cargo insurance, uninsured/underinsured motorist coverage and hired and non-owned auto (HNOA) liability insurance.
How Does Commercial Auto Insurance Work In Virginia?
While Virginia doesn’t require businesses to purchase commercial auto insurance, you must present proof of liability insurance when you register a vehicle or pay an additional uninsured motor vehicle fee in addition to registration fees.
If your company leases or finances vehicles, your lienholder requires full coverage insurance, including comprehensive and collision coverage. They may also require that you purchase GAP insurance.
What Does Commercial Auto Insurance Cover?
Depending on your situation, your agent may recommend that you purchase these policies:
- Liability insurance helps cover claims for third-party bodily injury liability and property damage liability.
- Collision insurance helps pay for damages to the covered vehicle after colliding with another vehicle or object.
- Comprehensive insurance helps pay for non-accident-related damages, including fire, vandalism, weather damage or theft.
- Medical payments coverage (MedPay) helps pay for several loss types, including medical bills if a company vehicle driver or passenger is injured in an accident.
- Uninsured/Underinsured motorist insurance helps cover damage to your company vehicle if you are in an accident with a driver that doesn’t have appropriate insurance coverage.
- Umbrella insurance helps cover property damage and bodily injuries when a liability claim exceeds the limits of your company’s other liability policies.
- Hired and non-owned auto insurance (HNOA) provides coverage for your company’s leased, personal and rented vehicles.
Your personal auto insurance policy may exclude business use of personal vehicles, which means you don’t have coverage for accidents when you use a personal vehicle for company business. Many business owners choose HNOA coverage to help provide financial protection when they use a personal vehicle to conduct company business.
How to Get Commercial Auto Insurance
Contact Morgan Marrow Company today to get the commercial auto insurance your company needs. Your premiums may vary significantly from other Virginia companies. Our expert agents can help you understand your options and get a personalized quote.