If your Philadelphia business relies on vehicles for daily operations, having the appropriate commercial auto insurance coverage is crucial. Commercial auto insurance is designed to help protect your business against financial losses from accidents, property damage, theft or other incidents involving your company vehicles. Your coverage depends on the policies and endorsements your company maintains.
Assess Your Business Needs
When assessing your insurance needs, consider factors such as the number of vehicles in your fleet, the types of vehicles you own (e.g., cars, trucks, vans), and the primary use of these vehicles. Your agent can help you determine the appropriate coverage limits and policy features necessary for adequate protection. 
Maintain Minimum Liability Coverage Requirements
Pennsylvania businesses that use vehicles must maintain minimum auto liability coverage, including bodily injury liability, medical benefits and property damage liability.
Your agent may recommend higher coverage limits to better protect your business in the event of a severe accident.
Consider Additional Coverage Options
While liability coverage is essential, additional coverage options can provide broader protection for your business. Some standard additional coverage options include the following:
- Collision insurance may help replace or repair your company vehicle after collisions with other vehicles or objects.
- Comprehensive insurance may help replace or repair your vehicle after noncollision incidents like theft, vandalism, fire or natural disasters.
- Uninsured/underinsured motorist coverage may help cover your company’s losses in the event of an accident involving an uninsured or underinsured driver.
Evaluate Deductibles
A deductible is the amount your company pays out of pocket before your insurance coverage kicks in. When choosing a commercial auto insurance policy, consider the deductible options available and how they align with your budget and risk tolerance. A higher deductible usually results in lower premium costs but also requires a more significant out-of-pocket expense in the event of a claim.
Review Policy Exclusions and Limitations
Before finalizing your commercial auto insurance policy, carefully review the policy exclusions and limitations with your agent. Understand the circumstances or events that your policy may not cover and any specific restrictions or conditions that apply.
Contact Us
Navigating the world of commercial auto insurance can be complex, especially if you’re not familiar with the intricacies of insurance policies. Contact Dorsey & Associates for help assessing your company’s needs and finding the most suitable policy for your Philadelphia business.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.