Your business has a lot riding on those tires!
If you or your employees use your vehicles for tasks related to your business, your personal car insurance could leave you underinsured. Commercial vehicles aren’t limited to industrial transportation. Any vehicle used to carry out business tasks is subject to more risks than a personal vehicle.
Don’t put your business and your employees at risk. Let the LoPriore team help you find the right commercial auto insurance policy to enjoy a smooth ride during the workday and after-hours.
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What is Massachusetts commercial auto insurance?
Commercial auto insurance is a policy that provides coverage for the vehicles associated with your business. This coverage protects your business from liability, bodily injury, or property damage caused by your vehicle. It also covers physical damage to your business vehicle. Any vehicle your business uses during the normal course of business operations should be protected with a commercial auto insurance policy.
Commercial auto insurance Massachusetts generally offers higher limits than personal auto insurance. Commercial vehicles tend to cost more than standard cars, and they typically have more expensive valuables inside them. The consequences of a damaged commercial vehicle are also worse than the damages caused by a crash involving standard cars.
Your company can benefit from working with commercial vehicle insurance companies in a number of ways. The most obvious benefit is that commercial car insurance protects your vehicles, but they can also protect the drivers of those vehicles.
Protecting drivers is just as crucial as protecting vehicles. Your standard auto insurance for commercial vehicles should cover costs associated with lawsuits from at-fault accidents. These lawsuits are expensive and eat into your profits, so it’s worth asking your insurance provider if coverage is included in the plan. The more protection you get from commercial vehicle insurance companies, the better for you, your business, your vehicles, and your staff.
Who in Massachusetts needs commercial auto insurance?
Any business that uses motorized vehicles to perform the functions of their business needs commercial auto insurance.
Whether or not you need commercial auto insurance comes down to a few simple questions. Do you have a vehicle registered in your company name? If so, then you will need a reputable commercial insurance service in MA. The car’s make and model doesn’t matter – whether it’s a sedan, van, or truck, you need commercial insurance if it is registered under your business.
Do you use your personal vehicle for business on occasion? If so, you could still need commercial insurance. Don’t think you can get away without insurance just because it’s not technically a business vehicle!
Even if you don’t have any vehicles, you could find you still need commercial insurance, Massachusetts. If you rent or borrow cars to use for your business, for example, you would need commercial insurance to protect it. Every vehicle associated with your business, even if you don’t own it, should have some kind of commercial vehicle insurance policy attached to it.
Why do I need commercial car insurance in MA?
A standard auto insurance policy excludes coverage for vehicles damaged while being used for business purposes. This means if there is an accident while taking care of business-related tasks, your standard policy won’t cover the claim. Then, you would be required to pay costs out-of-pocket.
Whether your own, rent, or lease a private passenger vehicle or a fleet of trucks and trailers, a commercial auto insurance policy will provide the coverage you need to keep you and your employees safely insured from accidents.
The sad truth is that accidents can – and do – happen at any moment. Accidents are more common in urban areas with plenty of traffic. If you do business in those kinds of places, you must maintain a company auto insurance plan. Collisions with commercial vehicles lead to expensive lawsuits, significantly if someone is seriously injured. Between just the legal fees and medical expenses, one crash could quickly become six-figures.
According to the Insurance Information Institute, only business auto insurance can offer the liability and coverage needed for expensive accidents. Even cheap commercial auto insurance should cover at least $500,000. This amount should be more than enough for a small business to deal with the costs associated with severe automobile accidents.
So, you need commercial insurance in Massachusetts in particular because standard car insurance won’t get the job done. Your personal auto insurance won’t cover something as costly as a business vehicle crash.
Commercial Vehicle Insurance Coverage Details in Massachusetts
Commercial vehicles aren’t limited to heavy-duty vehicles like dump trucks and semis. In fact, your daily driver could be considered a commercial vehicle. Any automobile being used to carry out regular tasks needs the extended coverage supplied by a commercial auto insurance policy. Commercial auto insurance is classified into 9 individual groups. The protection provided by your commercial policy is similar to your personal insurance coverage.
While you might think that commercial auto insurance in MA would cover everything involved with using commercial vehicles, that isn’t quite the case. Make sure you compare commercial insurance quotes to see what is really covered. Different policies have limitations that you need to keep in mind before buying.
Here are some of the things typically covered by commercial auto insurance:
- Physical damage to the company vehicle
- Liability for the physical injuries and property damage caused by a company vehicle
- Medical payments
- Coverage if uninsured drivers hit you
- Coverage if drivers are involved in a hit-and-run incident
- Glass and windshield replacement
- Hired auto liability for accidents involving rental vehicles or personal vehicles owned by staff (optional but available)
Here are some of the things commercial insurance in Massachusetts typically doesn’t cover:
- Mobile equipment
- Personal and business property in the vehicle
- Intentional property damage or bodily harm
- Completed operations/completed work
- Personal auto liability
- Rental reimbursement
Some of these things may be included in a more expensive and comprehensive plan. Talk to your insurance provider about what they include in policies.
Here are some of the things typically covered by commercial auto insurance:
Commercial Auto Classifications
All business vehicles are classified into 9 symbols known as Covered Auto Symbols. These classifications are used on standard ACCORD application forms.
- Symbol 1: Any automobile used by the business regardless of ownership – Use: Liability coverage
- 2: All automobiles owned by the business (helpful for businesses possessing large fleets) – Use: Liability, Medical Payments, Uninsured Motorist and Physical Damage Coverages
- 3: All private passenger vehicles owned by the business (helpful for fleets with different types of autos) – Use: same as symbol 2 plus towing and labor coverage
- 4: All non-private passenger vehicles owned by the business (used for large working vehicles) – Use: same as symbol 2
- 5: All owned autos requiring no-fault coverage – Use: No-fault or PIP coverage
- 6: Autos used in states that require uninsured motorist coverage – Use: Uninsured motorist coverage
- 7: Autos specified on schedule (listed specifically in the policy) – Use: All available coverages
- 8: Hired vehicles not owned by the company (helpful for delivery vehicles and catering trucks) – Use: All policies except uninsured motorist
- 9: Vehicles that aren’t owned by the business – Use: Liability coverage
Standard Commercial Insurance Coverage
- Compulsory Bodily Injury: Coverage limits are $20,000 per person/$40,000 per accident for anyone injured by your auto in an accident which you are at fault. Coverage doesn’t extend to out-of-state, or your passengers.
- Personal Injury Protection (PIP): This provides no-fault coverage of up to $8,000 for lost wages, medical, hospital, and funeral expenses, or replacement services.
- Liability: This provides coverage for bodily injury and property damage when you or an employee is at fault. Replacement vehicles, legal fees, defense costs, and judgment awarded are also covered up to policy limits.
- Medical Payments: When bodily injury is caused by an accident, coverage includes medical and funeral expenses for injured parties or family members.
- Uninsured Motorists: When bodily injury occurs in an accident and an uninsured motorist is at fault, this coverage takes care of costs related to bodily injury.
- Underinsured Motorists: This optional coverage takes care of bodily injury costs beyond another motorist’s limits.
- Comprehensive Coverage: Events such as fire, theft, vandalism, and glass loss not caused by a collision are covered by comprehensive.
- Collision Coverage: This coverage covers the costs of damage in the event your vehicle is damaged from impact with another vehicle or other object.
- Loss of Use/Rental Reimbursement: In the event of a loss of a covered vehicle, this coverage will take care of the costs of a rental minus mileage or gas charges.
- Towing and Labor: When covered private passenger vehicles are disabled, towing and on-site labor costs are covered.
- Drive Other Car Coverage: This coverage protects employees who drive a company car but don’t own a personal vehicle.
- Hired and Non-owned Liability Coverage: Generally used for errands and rental situations, this coverage supplies liability for employees driving a car owned by someone else.
- Auto Loan/Lease Gap Coverage: This endorsement provides coverage for outstanding debts after the total loss of a vehicle that has been financed.
- Loss of Use Expenses: This supplies business owners with a customized choice of limits to apply to loss of use expenses.
- Dealer Physical Damage/Lot Coverage: This policy supplies coverage for damages to vehicles owned, financed, held for eventual sale, or in the temporary possession of your business.
- Garagekeepers Liability: The garage policy combines coverage for the distinctive liability risks faced by auto dealers.
- Truckers Coverage: This endorsement supplies coverage to carriers of hazardous substances and to motor carriers subject to regulation under the Motor Carrier Act of 1980.
How Much Do Commercial Auto Insurance in Massachusetts Cost?
One of the most challenging questions to answer when it comes to commercial insurance MA is, “How much will this cost?” We would love to give you a straight answer on the cost of auto insurance, but the fact is we can’t. It’s not that we’re trying to hide anything from you; it’s just that commercial auto insurance can be a complicated process at times. The cost of insurance depends on a number of factors, and it can change quickly.
The factors that affect the cost of commercial insurance include the make and model of vehicle, number of cars, desired level of coverage, what the vehicle is used for, how often and how far you drive, what your vehicle is used to transport, who drives the cars, and your previous insurance record.
One thing we can tell you about commercial insurance is that it is more expensive than standard car insurance. Commercial insurance is more costly because of the potential risks your business assumes when using vehicles to provide goods and services to customers. Commercial policies also have higher coverage limits than standard insurance. These policies protect your employees, as well. When you consider everything covered by a commercial insurance policy, it’s no wonder they are more expensive.
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Commercial Auto Insurance Frequently Asked Questions
A commercial auto insurance policy is necessary anytime a motorized vehicle is used for business operations.
Yes. Any vehicle with commercial marking or branding must have a commercial auto insurance policy.
Generally, commercial plates are not required. If your vehicle is a private passenger vehicle, you can purchase commercial auto insurance without having commercial plates.
Commercial auto insurance is more expensive than personal auto insurance. Indeed, it covers unique risks like multiple drivers, more time on the road, and increased liability. However, comparing rates and taking advantage of discounts through your local independent agent can help reduce costs.
Yes, commercial insurance covers personal vehicles.
Learn More About Commercial Auto Insurance in Massachusetts
A commercial auto insurance policy can protect you from significant financial loss that could destroy your business. To learn more about customized commercial auto insurance that fits your lifestyle and budget, get in touch today. Our experienced agents are happy to answer your questions or provide you with a quick quote for the insurance policy you need.
Get a Quote for Commercial Automobile Insurance in MA
Get in touch with the insurance professionals at LoPriore Insurance Agency to learn more about commercial insurance and how it could benefit you and your business. LoPriore Insurance Agency is proud to be a Trusted Choice agent. We make it our mission to provide personalized services at competitive prices to our clients.
Our team of dedicated and friendly professionals will spend time with you to learn more about what you need from us. When we get a better understanding of what you need, we can give you an insurance policy that covers those needs. We believe you shouldn’t pay for more coverage than you need. That’s why we tailor our services to you.
LoPriore offers auto liability insurance, which helps cover the costs associated with property damage and physical injury caused by accidents involving company cars and hired drivers. We also provide collision coverage, comprehensive coverage, and coverage for medical payments depending on your needs.
No business – or business vehicle – is too big or too small for us. We take care of your vehicles, no matter your industry. Call our office today or send us an email to learn more about what our insurance policies can do for you and your Massachusetts business.
Have any Question? Ask us anything, we’d love to answer!