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Commercial Auto Insurance

Commercial auto insurance may help provide crucial financial protection for companies that use vehicles. This highly customizable insurance can help your business meet applicable state and federal regulations and satisfy your lienholders’ auto insurance requirements.

Contact Allgood Insurance in Winston-Salem, North Carolina, to learn more about your commercial auto insurance options and get a personalized quote.

Is Commercial Auto Insurance Required in North Carolina?

Yes, all North Carolina businesses that use vehicles as part of their operations must have auto liability insurance coverage that meets the state’s minimum requirements, including the following:

  • Bodily injury liability insurance may help cover third-party accident-related injuries up to the policy’s dollar limit.
  • Property damage liability insurance may help cover third-party accident-related damages up to the policy’s dollar limit.
  • Uninsured/underinsured motorist insurance may help cover the other party’s legal liability for your driver’s injuries or property damage if the other party doesn’t have insurance or their coverage won’t fully cover your driver’s damages.
  • Personal injury protection (PIP) insurance may help pay for medical expenses after an accident, regardless of fault.

If you finance vehicles, your lienholder typically requires full coverage insurance, which may include the following:

  • Collision insurance may help pay to replace or repair the covered vehicle after hitting another car or object.
  • Comprehensive insurance may help pay to replace or repair the covered vehicle after a noncollision-related accident or incident, such as hitting an animal on the road, fire or theft.
  • Guaranteed asset protection (GAP) insurance may help pay off the insured vehicle if it is a total loss after a covered accident or incident.

You may further customize your commercial auto insurance with optional coverages and endorsements, which may include the following depending on the insurer:

  • Auto glass coverage
  • Roadside assistance
  • Towing coverage
  • Rental reimbursement
  • Medical payments (MedPay)
  • Cargo insurance

Hired and Non-Owned Insurance

If your company borrows, rents or leases vehicles, you may need hired and non-owned auto (HNOA) insurance to provide appropriate coverage. HNOA policies may also work well for businesses if owners or employees use personal vehicles to conduct business.

HNOA policies may help cover a company’s legal liability for third-party damages and injuries if a driver causes an accident while driving a borrowed, personal, rented or leased vehicle for business purposes.

HNOA insurance is a form of liability insurance. It doesn’t cover accident-related injuries suffered by the company driver or passengers. It also doesn’t cover damage to the borrowed, personal, rented or leased vehicle. Discuss your circumstances with your agent to ensure your vehicles and drivers are sufficiently protected with adequate insurance.

Contact Us

Contact Allgood Insurance today to build your company’s commercial auto insurance plan and start comparing quotes.

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