Posted on: April 14, 2015 by titan-goodrich
Many Virginia business owners mistakenly believe that a basic Business Owner’s Policy (BOP) or general business property insurance policy will cover all their assets. However, there are a number of limits to the types of property these policies will cover. Neither a BOP nor commercial property insurance policies will protect business owned and non-owned vehicles, their owner or their operators, for example. Instead, business owners must secure additional business auto insurance in Virginia to meet these needs.
Almost all Virginia businesses have liability exposures in regards to vehicles used for business purposes, especially contractors who frequently use a vast variety of vehicles from work trucks to specialty machines. The right business auto policy offers financial protection to the policy holder and endorsed drivers in the event of an accident. While some contractors own a fleet of vehicles available to their employees for transportation, others allow employees to use their own personal vehicles for company business. Even when the vehicle is not directly owned by the firm, employers can face auto liability exposures from non-owned autos, which their employees regularly use in performance of their job duties. As such, there are two basic types of business auto insurance policies, business owned auto and business non-owned hired auto coverage.
Both owned and non-owned auto insurance offer various property and liability coverage to the owners and operators of each vehicle. Standard Virginia business auto coverage will offer bodily injury and property liability coverage, along with medical payment coverage, uninsured/ underinsured motorist coverage to help employers protect themselves from costly expenses should their employees be at fault for an accident. Furthermore, collision and comprehensive coverage will cover the costs of repairs or replacement for business owned vehicles. For employers looking to simply protect themselves against accountability for their own negligence in association with the operation and use of a vehicle fro business purposes, Hired & Non-Owned Auto Liability can do just that. This coverage protects against claims against your business if an employee has an accident while using their own vehicle for business purposes.
Whatever your operation’s auto exposures are, Goodrich & Watson can help. Our Virginia business insurance specialists will conduct a review of your operation and the type of vehicle use you have to provide the appropriate Business Automobile insurance coverage to protect against the risks you face. We work with firms throughout the great state of Virginia to ensure that their assets and employees are fully protected. To learn more about our Virginia insurance agency and all our offerings, contact us today at (888) 829-5004.