Whether your business is large or small, it needs Minnesota commercial auto insurance if automobile use is part of its daily operations. The amount and types of coverage your business needs will vary based on the amount of risk that commercial car use exposes you business to. Obviously, if your business owns or leases a fleet of cars for 25 sales people, insurance needs will be greater than if it leases a car for each of its two top executives. But in both scenarios, basic commercial coverage is essential. Here’s what minimum coverage usually includes.
Liability protects your business from losses due to injuries to people or property that your vehicle may cause. Make sure that the policy includes adequate coverage for the cost of legal defense.
This coverage protects your business from losses due to fire, vandalism, theft and other damage to the vehicle or its contents. Since company cars are often used to transport computers, sales samples and other expensive equipment, adequate comprehensive coverage is important for risk management.
For businesses that use late model automobiles as part of their corporate identity, collision coverage is especially important. It ensures that the vehicle will be repaired and able to retain its new look and maximum value even after damage resulting from a fender bender with another vehicle or a miscalculated back up into fence post.
Transporting a disabled auto to a dealership for repairs can be expensive. This coverage can help ensure that the car can be towed to the repair facility of your choice rather than just the closest shop.
Rental vehicle coverage
If you or your employees use rental cars frequently, the costs this coverage can save your company can be substantial. Since damage cause while using the rental car will be covered, there will be no need to buy optional, and expensive, additional insurance at the rental counter.
State insurance laws
The State of Minnesota requires liability coverage, as well as personal injury protection
(PIP, or ‘no fault’ coverage), uninsured motorist protection and underinsured motorist protection.
Minnesota commercial auto insurance can be purchased as a stand alone policy or as part of a comprehensive business insurance package which includes coverage for buildings, equipment, furniture and other business property.
Faribo Insurance agents will be happy to evaluate your coverage needs. With offices in Faribault, MN…Hastings, MN…or Lakeville, MN we are conveniently located. Please call us at 888-923-0430, email us or use our Quick Quote Insurance Insurance form to receive a custom quote today.