Commercial Auto Insurance

The appropriate commercial auto insurance policy limits for a business depend on several factors, such as the number of vehicles owned or leased by the business, the type of business, the risks associated with the vehicles, and the state and federal laws governing commercial auto insurance.

The most common commercial auto insurance policy limits include:

1. Bodily Injury Liability: This coverage pays for the medical expenses, lost wages, and other damages suffered by people who are injured or killed in an accident caused by the insured vehicle. The policy limits typically range from $100,000 to $1 million or more.
2. Property Damage Liability: This coverage pays for the damage to other people’s property caused by the insured vehicle. The policy limits typically range from $50,000 to $500,000 or more.
3. Collision Coverage: This coverage pays for the damage to the insured vehicle caused by a collision with another vehicle or object. The policy limits typically depend on the value of the insured vehicle.
4. Comprehensive Coverage: This coverage pays for the damage to the insured vehicle caused by events other than collisions, such as theft, fire, vandalism, or weather-related damage. The policy limits typically depend on the value of the insured vehicle.
5. Uninsured/Underinsured Motorist Coverage: This coverage pays for the medical expenses, lost wages, and other damages suffered by the insured driver and passengers if they are injured in an accident caused by an uninsured or underinsured driver. The policy limits typically range from $100,000 to $1 million or more.

It is important to work with an experienced insurance provider to determine the appropriate commercial auto insurance policy limits for a business based on its specific needs and risks.