Learn all about the popular business auto insurance policy (BAP).
We regularly insure many types of retail, manufacturing, farming, taxi, NEMT, black car (limo) service and wholesale trade and like businesses that account for nearly 85 percent of the national economy with our Business Auto Insurance Policy and we could be a great help for insuring your company vehicles.
With our trusted tried and true amazing top national insurers and our broad acceptability of businesses, drivers and vehicles, we provide options for a nearly an endless list of risks that need commercial automobile insurance coverage, even those that other carriers typically turn away, such as awesome religious organizations and local farmers. We’ll quote nearly any business type and deliver rates and discounts that save money. We offer the best in class Commercial Business Auto Insurance and Workers Compensation Insurance in the country.
For awesome quotes call (844) 863-6154.
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Business Auto Policy: A Comprehensive Overview
In the United States, a business auto policy (BAP) is an insurance policy that provides coverage to businesses for the operation of their automobiles. This type of policy is designed to provide financial protection for businesses in the event that their vehicles are damaged in an accident, stolen, or involved in some other type of incident. Business auto policies are different from personal auto policies in that they provide more comprehensive coverage for businesses and their vehicles.
History of Business Auto Policies
The first business auto policy was introduced in the United States in the 1930s. At the time, business owners were looking for a way to protect their vehicles in the event of an accident or other incident. This need for protection led to the development of the business auto policy, which provided coverage for businesses and their vehicles.
Since the 1930s, business auto policies have become increasingly popular and have evolved to meet the changing needs of businesses. Today, business auto policies are one of the most popular types of insurance policies in the United States and are a common form of liability insurance for businesses.
Definition of Business Auto Policies
A business auto policy is an insurance policy that provides coverage to businesses for the operation of their vehicles. This type of policy is designed to protect businesses from financial losses in the event that their vehicles are damaged in an accident, stolen, or involved in some other type of incident.
Business auto policies typically provide coverage for a wide range of incidents, including liability for bodily injury or property damage, medical payments, uninsured or underinsured motorist coverage, and collision and comprehensive coverage. Business auto policies are typically written on a per-vehicle basis, meaning that each vehicle owned by the business is covered separately.
Business auto policies are typically written on an annual basis, although some policies may be written for longer periods of time. Policies typically contain a limit on the amount of coverage that they provide, as well as exclusions for certain types of incidents or vehicles.
Uses of Business Auto Policies
Business auto policies are a popular form of liability insurance for businesses in the United States. They are typically used to provide financial protection for businesses in the event that their vehicles are damaged in an accident, stolen, or involved in some other type of incident.
Business auto policies typically cover a wide range of incidents, including liability for bodily injury or property damage, medical payments, uninsured or underinsured motorist coverage, and collision and comprehensive coverage. These policies can be customized to fit the specific needs of businesses, and can be written on an annual or longer-term basis.
Business auto policies can be used to protect businesses from financial losses in the event of an accident, theft, or other incident. They can also provide protection for businesses in the event that one of their vehicles is involved in a lawsuit.
Business auto policies are an important form of liability insurance for businesses in the United States. They provide financial protection for businesses in the event that their vehicles are damaged in an accident, stolen, or involved in some other type of incident. Business auto policies typically provide coverage for a wide range of incidents, including liability for bodily injury or property damage, medical payments, uninsured or underinsured motorist coverage, and collision and comprehensive coverage. Businesses can customize business auto policies to fit their specific needs and can use them to protect their business from financial losses in the event of an accident, theft, or other incident.
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Business Auto Policies Are Well Suited For Service Related Business types such as
• Consulting
• Real estate
• Pest control
• Carpet cleaning
• Black Car Limo
• Taxi Operations
• Repair services and others
Retail
• Main street shops
• Florists
Not-for-hire livery Business Auto Policy
• Adult/child day care
• Airport/hotel shuttle
• Farming and livestock
• Religious/non-profit organizations
• Wholesale route distributors
• Food truck/ice cream vendors
• Pizza/restaurant delivery
• Couriers
• Manufacturing
•Plus hundreds more!
Key Business Auto Insurance Policy coverage’s.
Certain business professionals, such as Non Emergency Medical Transport, contractors or engineers, are required by their customers to carry insurance for all vehicles in service to their business, whether owned by the business or not. For example, an independent contractor or engineer may be working on a large job site. Their client may require a specific level of commercial general liability and commercial auto liability coverage before awarding the job to make sure any vehicle
associated with the job is covered.
What does a Business Auto Insurance Policy cover? Below is a quick snapshot of typical coverage’s.
We help our customers fill this contractual requirement with these additional liability coverage’s.
Any Auto liability
• Covers any vehicle used in the customer’s business, including any vehicle acquired during the policy period.
Hired Auto liability
• Covers any non-owned, unlisted vehicle the insured has leased, hired, rented
or borrowed.
Employer’s Non-ownership liability
• Covers employees using their own (unlisted) vehicles incidentally in the course of doing business.
Drive Other Car
• For corporations and partnerships, extends all coverage’s to private passenger vehicles rented or borrowed for personal or business use allowing the commercial coverage to provide the same benefits as a personal lines policy when a separate policy does not exist.
Other coverage That May Be available Include
Roadside Assistance
• Covers the cost of roadside assistance in the event of a mechanical breakdown, dead battery or flat tire. It very affordable and well with it.
Rental Reimbursement
• Helps drivers get a temporary rental if their vehicle’s down due to a covered loss.
Did you know?
• Over 50 percent of all farms in the U.S. are hobby farms those run by individuals who hold other jobs. With our Business Auto Policy program, we offer coverage to a variety of vehicles used by small farms, including tractors, dumps and straight trucks and nearly anything else that takes to the road.
• We’re one of the few brokerage firms that will write hard-to-insure business classes, such as food truck and ice cream vendors, pizza delivery, heavy and
extra heavy big rig commercial trucking (external site).
And while some carriers have size and weight restrictions, we welcome vehicles of all shapes and sizes, even over-sized buses and vans commonly used by religious organizations or hotel and airport shuttle services.
• Many vehicles used solely for personal travel aren’t accepted by Private Passenger Auto programs due to corporate ownership, vehicle size and type or higher limit needs. With our Business Auto program, we can deliver coverage to a broad array of vehicles, from small autos to over-sized pickups and more.
What are the Liability Coverage Types in Business Auto Insurance Policy?
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Combined single limit (CSL)
A business auto policy with Combined Single Limit combines property damage liability coverage and bodily injury coverage under one single combined limit. For example, an insured driver with a combined single liability limit strikes another vehicle and injures the driver and the passenger. Payments for the damages to the other driver’s car, as well as payments for injury claims for the driver and passenger, would be paid out under this same coverage.
Split limits
A business auto policy with Split Limit Liability coverage selected splits the coverage’s into property damage coverage and bodily injury coverage. In the example given above, payments for the other driver’s vehicle would be paid out under property damage coverage, and payments for the injuries would be paid out under bodily injury coverage.
Bodily injury liability coverage is also usually split into a maximum payment per person and a maximum payment per accident.
The limits are often expressed separated by slashes in the following form: “bodily injury per person”/”bodily injury per accident”/”property damage”.
If you would like to learn more about any commercial or business auto policy (BAP) visit the National Association of Insurance Commissioners
InsureUonline.Org (external site).