Commercial Auto Insurance
Commercial auto insurance can help a company protect its financial security when facing accident-related lawsuits and settlements. Without this crucial coverage, a business can be legally liable for third-party damages after an at-fault auto accident.
Contact the First Community Insurance & Annuity Center team in Bourbonnais, Illinois, to start building your company’s customized commercial auto insurance plan today.
Why Do You Need Commercial Auto Insurance?
Illinois companies using vehicles to conduct business must maintain minimum auto liability insurance to comply with state laws. Commercial auto insurance can be tailored to meet your company’s needs and may protect company vehicles and provide liability protection, depending on your chosen coverage.
Work with your agent to understand your company’s commercial auto insurance options. You can typically choose dollar limits and deductible amounts to help tailor your coverage to meet your organization’s needs.
What Does Commercial Auto Insurance Cover?
If your policy includes the minimum coverage required by Illinois, it may help cover third-party damage claims, including the following:
- Bodily injury liability may help pay accident-related third-party medical expenses.
- Property damage liability may help pay for accident-related third-party property damage such as a building, landscaping or a vehicle damaged in a covered accident.
Illinois also requires uninsured motorist (UM) coverage. This coverage may help cover damage to your company vehicle and accident-related medical costs up to the policy’s limits if the at-fault driver is uninsured or you are involved in a hit-and-run accident.
Auto liability insurance has dollar limits. Your agent can help you determine the proper coverage amounts for your company.
Illinois companies can customize their commercial auto insurance to include the following:
- Collision insurance may help pay to replace or repair a company vehicle if it collides with another vehicle or object.
- Comprehensive insurance may help pay to replace or repair a company vehicle if it is damaged in a noncollision-related incident, including fire, storm or vandalism.
- Guaranteed asset protection (GAP) coverage may help pay off a vehicle if a covered accident renders it a total loss and the insurer’s settlement is inadequate.
Lienholders typically require full coverage auto insurance, which may include collision, comprehensive and GAP coverage.
Your agent may also recommend the following endorsements or policies:
- Underinsured motorist (UIM) coverage
- Hired or non-owned automobile (HNOA) coverage
- Towing coverage
- Rental reimbursement coverage
Contact First Community Insurance & Annuity Center to compare personalized commercial auto insurance quotes.