Business Auto
Recommended Limits of Coverage:
| Owned Auto Liability |
$1,000,000 |
| Non Owned Auto Liability |
$1,000,000 |
| Hired Auto Liability |
$1,000,000 |
| Uninsured Motorists Liability |
$1,000,000 |
| Underinsured Motorists Liability |
$1,000,000 |
| Collision |
Actual Cash Value |
| Other Than Collision |
Actual Cash Value |
| Hired Car Physical Damage |
$30,000 |
All owned autos titled to the tech company should be covered under a Business Auto policy for liability, uninsured motorist, underinsured motorists, collision, and other than collision (formerly known as comprehensive).
Even if your company doesn't have any vehicles titled in its name, you should still carry coverage for Non Owned / Hired Auto Liability which can be endorsed onto your General Liability policy for a charge of approximately $180 per year.
Non Owned Auto Liability protects your company if it is "shotgunned" into a lawsuit resulting from an auto accident involving a vehicle owned by one of your employees (thus it is non owned by your company) if he or she was using it for company business.
Hired Auto Liability protects your company in the event that it is sued resulting from an auto accident arising out of the use of a leased or rental vehicle by one of your employees while on company business.
Hired Car Physical Damage provides your company with a coverage similar to collision and comprehensive in the event that a vehicle you rent or leased is damaged. The additional premium to add this coverage is approximately $250 per year.
Coverages for Non Owned / Hire Auto Liability and Hired Car Physical Damage can also be added to your Business Owners policy.
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THE POLICY LANGUAGE REFERENCED IN THE COVERAGE DESCRIPTIONS AND THE OPINIONS IN THE COMMENTARY IS MERELY A SUMMARY FOR ILLUSTRATIVE PURPOSES ONLY AND IN NO WAY IS A STATEMENT OF COVERAGE AS ONLY THE ACTUAL POLICY ITSELF CONTAINS ALL OF THE COVERAGES, EXCLUSIONS, DEFINITIONS, AND CONDITIONS. A SPECIMEN POLICY FORM WILL BE PROVIDED FOR YOUR REVIEW UPON REQUEST.
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