It is critical for everyone to protect their most important assets. For businesses, this includes their commercial vehicles. If you run a business, your vehicles are among your most valuable assets. That is why you need to find the right commercial auto insurance from a reputable Denver insurance agency. There are several different types of commercial car insurance policies that you can purchase. It is critical to know the differences between them.
The lowest form of coverage is called liability only. A liability-only policy’s biggest advantage is that it is the cheapest option. This usually provides your commercial driver with the minimum amount of coverage that you need to keep the car on the road.
The downside is that it provides limited coverage. If you have a liability-only insurance policy and your driver is blamed for the accident, this insurance policy will pay to fix the car of the other driver but will not replace your vehicle. This makes this policy a major risk.
The next level of coverage is called collision insurance. This is one of the most common types of car insurance. If your driver is blamed for an accident, a collision insurance policy will pay to fix both vehicles. Therefore, this provides a higher degree of protection in exchange for a slightly more expensive insurance policy.
The coverage of this type of policy is not absolute. Most collision insurance policies will not pay for cars that might be damaged in natural disasters. This is something you might want to consider depending on where your business is located. Should it happen though, just get in touch with these professionals who specialize in auto repair in Downriver, Michigan, and you’ll be fine.
Finally, the highest level of commercial car insurance is called comprehensive coverage. This is also referred to as the “Act of God” coverage because it provides complete protection. If your business has a vehicle that is picked up and swept away by a tornado, it is covered. If your vehicle is lost in a flood, it is covered by the policy. This type of policy is meant to protect commercial vehicles against everything except intentional damage.
Find The Right Commercial Auto Insurance Policy
These are a few of the most common commercial auto insurance policies. They all have their benefits and drawbacks and while some companies might have slight differences between their policies, these are the largest categories. If you run a business, you need to protect your vehicles with a commercial vehicle insurance policy.