Other than for commuting purposes, if your business leases or owns trucks, semi-trucks, vans, buses, motor coaches, taxis, box trucks, or tractor trailers for tasks relative to your company, then you’ll need commercial vehicle insurance. This important coverage provides liability and physical damage protection for these vehicles since they are exposed to greater risk than your personal vehicle(s). Who needs commercial vehicle insurance? Taxi and livery drivers, truckers and transportation carriers, delivery services, sales teams, realtors, travel and tour agencies, to name a few. Now that we’ve defined who and why this type of policy is necessary, you might be thinking, “Exactly what does commercial vehicle insurance cover?” One question with an easy answer is where to go for this type of policy: Grillo & Associates, the leading brokerage for commercial vehicle insurance in New York as well as in 18 other states. Here’s what you need to know.

Types of Commercial Vehicle Coverage

Bodily Injury Liability (BIL):

When you are held responsible for causing a car accident, this coverage will pay for the medical costs of anyone else who was injured in the incident. Coverages include their emergency services, and medical bills, and even compensate them for the pay they will as a result of their injuries. This policy will also contribute towards paying for your legal defense team should you be sued by the injured party/parties for damages.

Property Damage Liability (PDL):

When you are considered the liable party for having caused an accident, this policy pays out your financial responsibility to the extent of its coverage. For New Yorkers, $10,000 of coverage is required by law. PDLs usually include coverages for:

  • Repairs to the other party’s vehicle.
  • Repair or replacement of damaged or destroyed property including residences, places of business, fencing, mailboxes, and lampposts.
  • Legal fees.
  • Injured party’s lost wages
  • Additional expenses as a result of the accident.

Medical Payments or Personal Injury Protection (PIP):

This coverage also absorbs some or potentially most of the injured party’s medical bills up to your auto insurance policy’s cap. When the no-fault limit has been reached, then the responsibility will be upon the other party and their health insurance carrier. Note: this coverage is activated regardless of who is held to be at fault, however it limits when the other party/parties can file personal injury claims.

Remember, Grillo & Associates is licensed to write commercial vehicle insurance in New York as well as in 18 other states. Our team invites you to consult with our professionals to determine if your business requires any or all of the following additional coverages:

  • Collision
  • Comprehension
  • Uninsured Motorist Coverage
  • Underinsured Motorist Coverage
  • Additional Expense
  • Employer’s Non-Ownership Liability
  • Hired Auto Liability Coverage
  • Hired Auto Physical Damage

Most business owners are focused on running their businesses and may overlook the importance of obtaining the right insurance coverages in the right amounts until it is too late. Do not allow a distracted moment that causes an accident to shutter your business. It is very important to discuss your policy requirements with Grillo & Associates sooner than later. We’re not only the top agents for commercial vehicle insurance in New York, but in 18 other states as well. Give us a call today at 800-772-0627!