If vehicles play a major role in the day-to-day operations of your business, then company auto insurance is for you. Company auto insurance is a type of commercial insurance that protects vehicles used for business purposes. Whether your business owns a single delivery van or a fleet of cars and/or trucks, you can benefit from company auto insurance. To find a policy that suits your business, ALIGNED can help. As leaders in the commercial and auto insurance industries, we will help you find a policy that meets your needs. Thanks to ALIGNED, finding the right company auto insurance has never been easier!
What is company auto insurance?
Like personal-use auto insurance, company auto insurance protects drivers, owners of vehicles and vehicles from risk. In the case of company auto insurance, it is the business that purchases the insurance policy, not the individual driver or employee. Under a company auto insurance policy, any work vehicle insured can be protected against a wide range of circumstances, including collisions, property damage, uninsured motorists, and liability from third party bodily injury. If your business uses vehicles to transport goods, materials, equipment, tools, or clients, then company auto insurance is likely required.
How does company auto insurance protect me?
Company auto insurance protects the policyholder from financial losses in the event that a collision occurs involving the insured work vehicle. The minimum level of coverage varies depending on which province your business operates in and which options coverages are available differs by province or state. However, a standard company auto insurance policy typically will include the following mandatory requirements:
- Third-party liability coverage
- Accident benefits coverage
- Uninsured automobile coverage
- Direct compensation-property damage (DCPD) coverage or another form of physical damage
Optional physical damage coverage types Canadian businesses can choose to include in their company auto insurance policies are as follows:
- Collision coverage
- All perils coverage
- Comprehensive coverage
- Specified perils coverage
Company auto insurance comes in handy if an employee gets into a car accident in a company vehicle, whether the employee is at fault or not. Your insurance provider can help cover the costs of vehicle repairs or medical expenses if someone is injured. Your insurance provider may even give you a replacement vehicle while yours is being repaired. Businesses also have the option of purchasing additional protection through higher limits, lower deductibles and/or additional options.