Commercial Auto Insurance in Grand Junction, CO
Businesses that rely on vehicles for their operations should consider purchasing a commercial auto insurance policy. Certain federal or state laws may mandate that commercial vehicles and drivers have adequate commercial auto insurance. If you need commercial auto insurance or want to ensure your business is in compliance with applicable regulations, contact Home Loan Insurance today.
What is Commercial Auto Insurance?
A commercial auto insurance policy can help cover the costs (e.g., damaged property and/or medical expenses) of an auto accident that may be caused by you or another employee. Generally, commercial auto coverages include liability, collision, medical, comprehensive and uninsured/underinsured motorist coverage. There are additional coverages a business may need to add to their commercial auto insurance coverage. Our agency can help you review your business’s insurance needs and ensure you have the appropriate coverages.
What Does Commercial Auto Insurance Cover?
Commercial auto insurance comprises various coverages, including:
- Liability coverage may provide repair costs for the other person’s vehicle or property. It also can provide coverage for the legal fees associated with a lawsuit for personal injury.
- Comprehensive coverage can provide complete protection for damages unrelated to an accident, such as losses related to theft, floods, vandalism and fires.
- Collision coverage may cover vehicle repair costs if an insured vehicle collides with another vehicle or object. Collision insurance may also help replace a totaled vehicle.
- Medical payment may provide coverage for passengers and the driver when there is a need for medical care resulting from an accident.
- Uninsured motorist coverage provides bodily injury coverage if an uninsured driver hits a business’s vehicle and injures its driver and passengers. Some uninsured motorist coverage also covers damage to the company vehicle.
- Underinsured motorist coverage provides coverage if an underinsured driver hits a business’s vehicle and injures its driver and passengers. Some underinsured motorist coverage also covers damage to the company vehicle.
Policy endorsements may be available to your business to help round out your policy. Add-ons may include roadside assistance coverage, towing reimbursement, hired non-owned coverage, rental reimbursement and gap coverage for auto loans or leases.
Commercial Auto Insurance for Contractors
Contractors often use vehicles in ways that go beyond the scope of personal auto policies. Commercial auto insurance is designed to address the specific needs of business use, offering options that reflect the realities of working in construction, plumbing, electrical work and other trades.
Vehicles used for business purposes may be driven by employees, used to transport clients or materials or even modified to carry specialized tools. These factors can influence the type of coverage that may be available and how a policy is structured. Contractors who operate fleets or have multiple employees driving company vehicles may also need to consider how their policy addresses liability and vehicle use across different jobsites and regions.
When exploring commercial auto insurance, contractors should consider how their vehicles are used daily. The size of the vehicle, the type of cargo it carries and the number of drivers all influence a policy.
The Home Loan Insurance team can help you understand commercial auto insurance options and tailor coverage to meet your needs.
How to Get Commercial Auto Insurance
If your business needs commercial auto insurance, we’re here to help. Contact Home Loan Insurance today for a quote or to discuss your commercial auto insurance needs.
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