Many companies carry the right liability insurance for their daily operations but are unaware of other coverage needs for their business. For companies that rely on their employees to run various errands around town or they travel extensively for the company, new liability issues arise. Whether it just picking up the office lunch or traveling for a sales show, these concerns are best addressed through a hired non owned auto insurance policy.
Commercial auto coverage protects business vehicle for things like:
- Accident-related medical expenses
- Property damage
- Auto liability for the other vehicle
- Damage protection from theft, vandalism or severe weather
Because this only covers vehicles registered to the business, an employee operating their own vehicle while on company time or for company business is not going to be eligible for assistance. With a hired and non owned policy, this gap in coverage is fixed.
Adding on hired non owned auto insurance can involve employee vehicles or rental vehicles. This coverage extends to chauffeur or leased vehicle situations as well. Often times, this coverage can be bundled with an existing commercial policy, yet it can also be written as a stand-alone plan. Either way, every company should take the extra step to protect their business from the liabilities associated with hired and non owned auto operations.