Important Insurance Terms

Physical Damage - Collision : This coverage protects you in the event your business vehicle is damaged in an accident, either with another vehicle or any stationary object, such as a utility pole, a brick wall, or a building.

Physical Damage - Comprehensive : This coverage protects you in the event of damages to your business vehicle which were not caused by collision. Some examples are: vandalism, fire, theft, or hail.

Uninsured or Underinsured Property Damage : This coverage provides protection for damages to your business auto caused by the negligent acts of a driver who has no insurance or not enough property damage coverage.

Uninsured or Underinsured Liability : This coverage protects you in case of bodily injury in an accident caused by a negligent driver with no liability insurance or less liability than you.

Hired or Non-Owned Auto : Provides coverage for any claims for bodily injury or property damage which you are obligated to pay during the use of a hired vehicle or a vehicle you don't own, which you use in your business.

Lease Gap Coverage : This provides coverage for vehicles you lease in your business. If the leased vehicle is completely destroyed in an accident, this coverage will pay the remaining balance on the lease if it is more than the actual cash value of the leased vehicle.

Liability - Business Use of Employee' Vehicles : This coverage is needed if employees use their own vehicles in your business. This coverage protects you from lawsuits which could arise due to property damage or injury caused by the business use of an employee's vehicle.