Commercial Auto Insurance

Since commercial automobile Insurance coverage varies, Silverline Insurance will discuss your business with you and help you determine the proper amount of coverage for all your commercial needs.

Keep your mind on the road, not on your insurance coverage.

Many business owners are surprised to learn that certain vehicle types and those used for various business purposes are NOT covered under their personal automobile insurance. Vehicles used to conduct a service, transport goods, haul tools and equipment, or are owned by a corporation or partnership require a separate commercial policy to protect against liability, collision, personal injury, etc. Our commercial auto coverage does just that with the flexibility to accommodate companies with one vehicle or one hundred! Let Silverline Insurance take care of managing your risks and protecting your assets so you can keep your mind on other matters . . . like the road.

The In’s and Outs of Commercial Insurance

Commercial insurance is insurance that protects businesses. It covers them against losses, arising from things like damage to property or injury to employees, and is a term commonly used to label core business insurance coverages like public liability and employers’ liability.

A commercial policy will cover your business for all areas where your vehicles operate. Commercial coverage has the advantage of fully covering you whether you are using your vehicles for business or personal use. If you earn money from using your vehicle in any way, you need commercial auto insurance. The most common types of commercial insurance are property, liability, and workers’ compensation.

Commercial auto liability insurance is necessary for any business owner who owns, leases, or rents any vehicles, and has employees who drive company owned, leased, or rented vehicles. If your employees drive their own vehicles while conducting business for your company, and if you or your employees drive company cars for both business and personal use, this type of coverage will protect you as well. In fact, it is required in most states.

Mandatory Coverage Requirements for New York

In New York, commercial auto insurance requires the same minimum coverage that personal insurance requires. Those coverages in New York State include $10,000 in property damage liability, $25,000 in bodily injury for an individual, $50,000 in bodily injury for two or more people, and $50,000 in death coverage for an individual. Although the minimums are the same, your personal insurance will not cover your use of a vehicle for commercial purposes. In this case, you need commercial auto insurance coverage. Some policies do require carrying higher limits depending on the types of vehicles listed on the policy.

Commercial auto insurance provides broader coverage than regular vehicle insurance, including liability and the cost of hiring replacement vehicles in the case of a damaged vehicle being in the shop.

<strong>What Does Commercial Auto Insurance Cover?</strong>

What Does Commercial Auto Insurance Cover?

Coverage Highlights include:

  • Policies issued on a Symbol 7 basis (Symbol 1 considered case-by-case)
  • Liability up to $1 million combined single limits
  • State-specific mandatory coverages (personal injury protection/no fault; uninsured/underinsured motorists)
  • Physical damage coverage for commercial vehicles up to $250,000; private passenger vehicles up to $100,000
  • Towing eligibility for vehicles less than 10,000 pounds
  • Automatic physical damage coverage for newly acquired vehicles
  • Insured when required by contract endorsement, and Business Auto Broad Form Endorsement to extend coverage and limits.

Extra Commercial Auto Insurance Coverages

Additional, optional add-ons include:

  • Additional transportation expense (not rental)
  • Air bag coverage
  • Amended duties in the event of an accident, claim, suit, or loss
  • Amended fellow employee exclusion
  • Bodily injury redefined
  • Electronic equipment – broadened
  • Extra expense – broadened
  • Glass repair
  • Hired auto physical damage
  • Lessors as insureds
  • Limited personal property
  • Supplementary payments – expanded
  • Unintentional failure to disclose hazards

Whatever your individual business needs are, at Silverline Insurance, we will ensure you get the best-in-class and most appropriate coverage for your business. Our Ten Guiding Principles will ensure your satisfaction with our team, our services, and the coverage we can provide for you and your business. Quality is key, and here at Silverline Insurance, we take quality seriously. In fact, “Quality in, Quality Out” is our number one principle.

Silverline Insurance “Better, By Design”

While most insurance products are similar in price and function, insurance providers are very different when it comes to structuring a policy that actually covers you.

There’s no such thing as a one-size-fits-all insurance policy when it comes to your business.

We’re your neighbors. We protect businesses and people we know and care about, and that means we always look for ways to protect you better, including carefully choosing the insurance companies we represent, to be both affordable and responsive.

Contact us, and let our insurance professionals help you protect what you care about most.

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