Business auto insurance is the equivalent of your personal auto insurance policy, but it protects vehicles and drivers associated with your business. If your business owns vehicles, this policy will insure your business for costs associated with collisions or other vehicle damage. It also provides liability coverage for your business if one of your drivers is at fault for an accident.
Your commercial auto policy can cover:
- Vehicles that your business owns
- Vehicles that your business owns, hires, or leases
- All vehicles that are used for business purposes, including those that the business does not own, hire, or lease (e.g., when you or your employees drive your own personal vehicles for business purposes)
Whether you provide cars for your salespeople or own semi trucks for transporting goods across the country, one traffic accident can be a serious hit to your financial stability. Whether it is a fender-bender or a serious accident with fatalities, your business will be held responsible if one of your drivers causes an accident.
Your company will need to pay for the damage to other cars and for the medical expenses of any injured drivers or passengers. You may also be sued for additional damages.
Michigan commercial auto insurance protects your business from the costs of car accidents and other roadway threats.