Commercial Auto Insurance in Denver
Every business that operates a vehicle as a component of the company’s business needs to have commercial auto insurance. Perhaps your sales representatives have vehicles. You may own a fleet of trucks for deliveries. No matter what type of vehicle you own, every time an employee gets behind the wheel, your company’s finances are at risk. With comprehensive commercial auto insurance in Colorado, you can reduce the financial risks you take on.
What Is Commercial Auto Insurance in Colorado?
Commercial auto insurance provides coverage for a business that uses a truck, car and other types of service vehicles in the general course of business. You may have one or two vehicles or an entire fleet of them. You may know the state of Colorado requires drivers to maintain a minimal amount of liability insurance.
Commercial drivers must also have this coverage. However, there’s much more your policy needs to protect than just claims made against you. Some of the individual types of coverage offered under these policies include:
- General liability insurance: This covers claims made against your business when an accident occurs and another person is hurt or suffers property loss. General liability insurance protects other people and their property, not your business.
- Property insurance: Much like a comprehensive auto insurance plan, this type of coverage protects the value of your vehicle from damage resulting from fires, theft, vandalism and windstorms.
- Physical damage: Much like a collision insurance policy, this component of your plan will protect you from damage related to wrecks or other collisions. (Sometimes, property and physical damage fall under the same category.)
- Medical expense: This component aids in protecting you from claims of injuries resulting from an accident.
- Uninsured and underinsured motorist: If your vehicle is involved in an accident that you are not held liable for, but the other party does not have or does not have enough liability insurance, this component can help to protect your losses.
A standard commercial auto insurance policy in Colorado can help you protect the value of the vehicle from loss while also mitigating your liability risks. Each policy should be customized to fit your organization’s unique needs.
Why Do You Need Commercial Auto Insurance in Colorado?
Imagine your employee getting into your company’s truck and being involved in an accident. The employee is OK, but he or she has done damage to another person’s vehicle. That other driver needs medical care, perhaps even long-term rehabilitation. Their vehicle is wrecked. And your company truck that you rely on for work purposes is damaged as well.
In these instances, commercial auto insurance can step in and provide some of the financial compensation you need to recoup your losses. Every incident and accident are different, but this type of commercial insurance can help you with losses related to:
- Repair costs for your vehicle or other vehicles
- Costs related to repairing or replacing other people’s lost property
- Coverage for medical bills including those of your driver, any passengers in the vehicle, and those hurt in other vehicles (generally, this includes coverage for doctor bills, surgical procedures, emergency transportation, rehabilitation and other services)
- Legal support such as coverage for attorney fees, court costs and settlements when a lawsuit is filed against you as a result of the accident
When Do You Need Commercial Auto Insurance?
There may be some instances when you do not need commercial auto insurance. However, if your business owns a vehicle that is used for business operations, you need it. This will include anything from passenger vehicles to tractor trailers and even the trailer pulled behind your company truck.
If your employees operate their own vehicles for business purposes, you may need to consider this type of policy carefully. Commercial auto insurance does not outright cover incidents in which an employee is hurt in his or her own car even while that individual is operating the vehicle as a part of business activities. Their personal auto insurance may cover it. However, you may still be legally responsible for these losses. Your general liability insurance may be amended to include this type of coverage if necessary. Otherwise, make sure that your employees check their personal auto insurance policy to ensure they have coverage for work-related accidents.
Getting a Custom Colorado Commercial Auto Insurance Policy
We make it easy for you to learn just how affordable commercial auto insurance can be for your business. At C&I Insurance, we offer complete commercial auto insurance plans for Colorado businesses. Contact us now for a free, no-obligation quote designed just for your company.