If your company owns a car, you will very likely need commercial auto insurance. Nearly every state requires commercial auto insurance coverage for business-owned vehicles.
Even when business auto insurance coverage isn’t required, it’s still a smart choice. Without it, you could end up paying thousands of dollars in medical bills and other costs.
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It’s always good to have insurance in case of accidents, even if it isn’t required contractually.
One of the most significant factors that affects your commercial auto insurance rate is the type of work that’s involved and type of vehicles owned in day to day operations.
Other things that affect the cost of contractors insurance are employees, coverage needs, vehicles, location and claims history.
At Coral Point Insurance we specialize in customizing your quote to match your specific business needs which allows us guarantee you the most accurate quote, with the best coverage at the greatest rate.
- General Liability (GL): often referred to as business liability insurance, is coverage that can protect you from a variety of claims including bodily injury, property damage, personal injury and others that can arise from your business operations. Typically needed before a contractor can begin work on a job
- Commercial Auto: Commercial auto insurance is liability and physical damage protection for vehicles, such as cars, trucks and vans, that are used for business. Commercial vehicles require a separate policy because they’re typically exposed to more risk than personal vehicles. You have the choice to cover attached equipment such as ladder racks and permanently attached tool boxes. Individual tools and materials usually aren’t covered under this policy.
Other coverages contractors might need
- Business Owners Policy (BOP): Packages contractors liability and coverage for personal property and commercial buildings into one policy.
- Workers’ Compensation: Protects if your employees become ill or injured while at work.