Business Auto - Commercial Vehicle Insurance Coverage Solutions
To obtain a quote for Commercial Vehicle Insurance (Business Auto Coverage)....
A Business Auto Policy can be customized to meet the specific needs of your business. It is important to review your coverage regularly to ensure that it is up-to-date and provides adequate protection for your business.
To get a Business Auto Policy Quoted, we need to complete an Acord Application which will ask for the following information.
- Schedules of Drivers (Name, Address, Gender, Marital Status, DOB, State Licensed, DL#, Year Licensed, Years Experience, Vehicle Used, and Accident/Ticket Information).
- Schedules of Autos (year, make, model, VIN/SN, date purchased, value)
Our detailed Commercial Vehicle Insurance (Business Auto) Application process...
Please note that the following is a comprehensive application process, distinct from the initial quote request at the top of the page. The quote request is a preliminary step to initiate conversation, while the below link is a detailed application which is essential for proceeding with your coverage options.
Providing this information now, if you have the time, will expedite the entire process. Completing this detailed application is beneficial for a swift and efficient assessment of your needs, regardless of whether you've opted for a direct conversation initially. We appreciate your effort in filling out this application to help us serve you better and faster.
As always, we will need your loss history, so please note that included in the Indio portal below you will find a “Loss Runs Request” document and a “No Known Loss Letter” document should these be applicable to you, then they are needed!
Any questions please let us know, services@iwp.agency.
Please complete, sign, and submit back to our office these documents via our secure online Indio portal, linked provided below.
Understanding Commercial Auto Insurance Coverage
Here are the basics of a Business Auto Policy
A Business Auto Policy...
Business Auto Insurance Policy (BAP) provides coverage for a company's use of cars, trucks, vans, and other vehicles in the course of carrying out its business. Coverage for vehicles can be for those owned by the company, hired by the company, or employee-owned vehicles used for business purposes. Here, we'll dive into the details and technicalities of the coverages typically outlined in the Insurance Services Office (ISO) Commercial Lines Auto Policy, with a focus on standards commonly applied in Texas.
1. Liability Coverage
This is the foundation of the BAP, protecting the insured against legal liabilities resulting from accidents causing bodily injury or property damage to third parties. It comprises:
Bodily Injury Liability: Covers costs related to injuries or death that your vehicles cause to someone else.
Property Damage Liability: Covers damages your vehicles cause to someone else's property.
2. Physical Damage Coverage
Physical Damage Coverage is divided into three main parts:
Comprehensive Coverage: This pays for damage to your vehicle from theft, vandalism, flood, fire, and other covered perils, except collision.
Collision Coverage: This pays for damage to your vehicle when it hits, or is hit by, another vehicle or object.
Specified Perils Coverage: Covers losses from perils listed in the policy, such as fire, hail, or vandalism.
3. Medical Payments/Personal Injury Protection (PIP)
Covers medical expenses for the driver and passengers in your vehicle incurred due to an accident, regardless of fault. PIP may also cover other costs like rehabilitation, lost earnings, and funeral expenses.
4. Uninsured/Underinsured Motorist Coverage
Provides protection when an at-fault driver has no insurance, or insufficient insurance, to cover the bodily injury or property damage they caused to you or your passengers/vehicle.
5. Coverage Extensions and Endorsements
Several endorsements can be added to customize the BAP to the business's needs, including:
Hired Auto Coverage: Extends liability coverage to vehicles rented or hired by the business.
Non-Owned Auto Coverage: Extends liability coverage to vehicles not owned by the business but used for business purposes, such as an employee's personal car.
Towing and Labor Costs Coverage: Covers the cost of towing and labor due to a breakdown.
6. Conditions and Exclusions
Policies include specific conditions under which coverage is provided and detail exclusions, or scenarios where coverage does not apply. It is crucial to understand these to know the limits of the policy.
7. Limits of Insurance
Each coverage section specifies a limit, which is the maximum amount the insurer will pay for a covered loss. These limits can be per accident, per person, or total per policy period, depending on the coverage type.
Understanding the ISO Commercial Lines Policy in Texas
The ISO framework serves as a model, with Texas policies tailored to meet state-specific regulations and requirements. Insurers in Texas adapt the ISO forms to comply with Texas Department of Insurance guidelines, ensuring that coverage meets or exceeds state legal requirements. It's essential for businesses to consult with an insurance professional to understand how these adaptations might affect their coverage.