Commercial Auto Insurance

The difference between commercial auto and personal auto insurance comes down to a vehicle’s use, not its ownership. Commercial auto insurance covers autos used for business purposes, whether they’re owned by the business or an individual. Personal auto insurance covers autos used for personal purposes. If you use your personal vehicle for business purposes, you must have commercial auto coverage.

Commercial auto covers any vehicles that are designed for use on public roads. Cars, trucks, trailers, vans, and other vehicles can be covered by a commercial auto policy. You also have options for your scope of coverage, ranging from covering only autos your business owns, to covering all autos used for business – even though your business doesn’t own, hire, or lease. Commercial auto generally does not cover mobile equipment like a backhoe. These are covered by your equipment insurance policy.

HNOA insurance covers vehicles that are used for business purposes but not owned by your business – for example, employees’ personal vehicles or vehicles that are leased, rented, or borrowed. It typically focuses on liability for damages caused by the insured vehicle. You might need HNOA if your employees use their own cars for work.

In the event of an accident, your commercial auto insurance policy may cover:

• Liability for bodily injury and property damage caused by your vehicle – often with a combined single limit for both
• Medical and personal injury protection (PIP) for injuries to the driver and passengers of the insured vehicle
• Collision coverage pays for damage to the insured vehicle caused by a collision
• Comprehensive coverage also pays for damage caused by incidents like flood, fire, and theft
• Uninsured motorist coverage pays for injuries and sometimes vehicle damage if you’re hit by an uninsured driver

Your insurance agent can help make sure your commercial auto policy has the coverage you need.

Every year, thousands of construction workers are injured on the job. Even if your employees know how to work safely, incentives like finishing quickly can lead them to make unsafe choices.

That’s why every business needs a safety program with documented policies and procedures, regular training, incident reporting, and an investment in safe equipment.

In addition to the invaluable outcome of saving lives, a safety program also benefits your business by:

• Increasing productivity
• Improving employee morale and reducing turnover
• Strengthening your company’s reputation
• Reducing your legal liability
• Improving your claims experience, reducing insurance costs over time

Controlling insurance spend is a top priority for contractors. The best way to control costs is to get a thorough, accurate, and real-time view of your business’s risk.

How?

By partnering with construction experts to assess your risk and collect data using fleet management technology.

This information helps you improve safety, streamline maintenance, and boost efficiency. It also qualifies you for discounts based on safe operator behavior – and it’s only available from Leif.

Check out our Controlling Insurance Cost Guide