Commercial auto insurance is a type of insurance that provides coverage for vehicles used for business purposes. This includes cars, vans, trucks, and other vehicles that are used to transport goods or people as part of a business. Commercial auto insurance policies typically provide liability coverage, which pays for damages or injuries that a policyholder’s vehicle causes to other people or property. They also may include additional coverage options such as collision, comprehensive coverage, medical payments, and uninsured motorist coverage. It can be customized according to the need and nature of the business.
The coverage and premiums are generally higher than personal auto insurance as the vehicles are being used for commercial purposes and risk of an accident is greater. Commercial auto insurance also offers liability coverage for drivers and the company, in case they are found at fault in an accident.
Hired non-owned auto insurance is a type of liability insurance that provides coverage for damages or injuries that occur as a result of an accident involving a vehicle that a business does not own but is used by its employees or volunteers while conducting business. This type of insurance is often referred to as “hired auto” or “non-owned auto” coverage.
For example, if an employee of a company is in an accident while driving their personal vehicle on company business, the company may be held liable for any damages or injuries caused by the accident. Hired non-owned auto insurance provides coverage in this situation to protect the company from financial losses.
Hired non-owned auto insurance is typically purchased as an endorsement to a commercial auto insurance policy or as a standalone policy. It covers the liability for third party injury or damage caused by the employee who is using a non-owned auto for the company purpose. This type of policy is recommended for companies that do not own or lease their own vehicles, but whose employees frequently drive their own cars for business purposes.
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