Commercial Auto Insurance


Commercial Auto Insurance Information

Fort Mill Commercial Auto Insurance

Commercial or Business Auto insurance is critical protection for your business. This coverage is different from your standard auto coverage. The Coleman Agency will assist you with making sure that your policy protects your business, employees, and other interests.

The minimum state coverage limits below were compiled by the Property Casualty Insurers Association of America, a trade group. States vary on their requirement and most states require higher limits for vehicles carrying passengers, certain cargo and materials, vehicle gross weight. Always consult your state's commercial guidelines for final verification.

In North Carolina, you must have at least: (higher limits are absolutely recommended)

  • $30,000 bodily injury liability coverage per person
  • $60,000 bodily injury liability coverage per accident
  • $25,000 property damage liability protection
  • Passenger carriers: 1-15; $1,500,000 (CSL) or 16+; $5,000,000 (CSL)
  • Taxis: 100/300/50
  • Property Carriers GVW 26,000 lbs. or less 100/300/50 (or higher amount may be required by federal law)
  • GVW over 26,000 lbs.; $750,000 CSL
  • *Other guidelines may exist for your specific business. Always consult your state's website for new updated requirements.

In South Carolina, you must have at least: (higher limits are absolutely recommended)

  • $25,000 bodily injury liability coverage per person
  • $50,000 bodily injury liability coverage per accident
  • $25,000 property damage liability protection
  • Interstate passenger carrier seating capacity: 1-15: $1,500,00 CSL 16+: $5,000,000 CSL
  • Intrastate seating capacity: 1-7 25/50/25; 8-15: 25/100/25; 16+: 25/300/25
  • Freight under 10,000 lbs. Non-Hazardous: $500,000 CSL or Hazardous: $5,000,000
  • Freight over 10,000 lbs. Non-Hazardous: $750,000 CSL or Hazardous: $5,000,000
  • Interstate GVW 10,000 or greater $1,000,000 - $5,000,000
  • Interstate GVW less than 10,000 Property $300,000 - $5,000,0000
  • *Other guidelines may exist for your specific business. Always consult your state's website for new updated requirements.

A commercial auto insurance policy always has liability coverage. This pays for injuries and property damages caused by the driver in at fault accident. Some states require additional insurance coverages, such as, uninsured motorist coverage and personal injury protection (PIP). If a vehicle(s) is financed, most lenders require business owners to carry collision and comprehensive coverage.

Here are common types of coverage:

  • Bodily Injury Liability Coverage – This pays for someone else's injury or death resulting from an accident you cause. This includes your legal defense if you're sued.
  • Property Damage Liability Coverage — This covers damage you cause to someone else's property, such as a car or fence.
  • Personal Injury Protection — Thispays medical expenses for the driver and passengers of your vehicle, no matter who was at fault.
  • Uninsured & Underinsured Motorist Coverage — This pays for your injuries in case you're hit by a driver who has no liability insurance or not enough.
  • Collision Coverage — This pays for damage to your vehicle if you hit an object such as another car, fence or building, if the vehicle rolls over. It can also pay for damage to your vehicle if you're hit by someone else, or you can make a claim against the other driver's liability insurance.
  • Comprehensive Insurance — This pays for the theft of your car or damage from vandalism, a crash with an animal, flood, fire, explosions and weather such as hail.
  • Other types of Commercial Auto Coverage. A business insurance agent can help you identify special coverage you may need. For example, if your office manager stops by an office supply store and gets into an accident, your business could be liable for damages. A Non-Owned Auto Liability Endorsement can provide the necessary coverage.

What Is The Importance Of Understanding The Symbols With Commercial Auto Coverage?

Understanding the proper symbols can be important to the coverage as they convey liability, physical damage and medical payment protection.

  • Symbol 1 – Any Auto is the most comprehensive coverage. Symbol 1 dictates that coverage is provided for any auto used for business operations; including vehicles the insured owns, doesn't own, and hires for their day-to-day operations.
  • Symbol 2 – Owned Auto covers only the vehicles owned by the business.
  • Symbol 3 – Owned Private Passenger Vehicles provides coverage only for private passenger autos and excludes coverage for trucks, busses and other similar vehicles.
  • Symbol 4 – Owned Autos, Not Private Passenger provides coverage for trucks and busses that would not be covered under symbol 3.
  • Symbol 5 – Owned Autos – PIP Coverage Personal injury protection is not a necessary coverage in all states or on every owned vehicle in particular states, however in states where it is mandatory (no-fault states) this symbol is added to provide the necessary PIP for those vehicles.
  • Symbol 7 – Specified Auto Coverage is the most commonly used symbol on commercial or business auto policies. The coverage is based on the vehicles VIN information and only those vehicles listed on the policy.
  • Symbol 8 – Hired Auto Coverage provides coverage for vehicles leased, rented, borrowed or hired for business use. This is common coverage when a business needs to rent a vehicle to deliver goods or services. This coverage does not coverage vehicles that are rented, leased, borrowed or hired from a family member or anyone associated with your organization.
  • Symbol 9 – Non-Owned Auto Coverage provides protection to fill the gap with symbol 8 coverage for those non owned, leased, borrowed vehicles, but are used for business. An example would be if an employee is going to drop some mail off at the post office while they are going to lunch (driving their own vehicle) and the employee causes an at fault accident. In this example, the business will likely be named as a negligent party of the lawsuit if the employees actions caused the at fault accident.

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