HUNTSVILLE, Ala. (WAFF) – The purpose to carry insurance is to protect one’s assets, whether it be personal or commercial.
In most cases, business owners will form an LLC or corporation to protect their personal assets from commercial risk, but just forming an LLC or corporation is not going to protect your personal assets.
Commercial Insurance Specialist with Redstone Insurance Services, Charles Ashcraft, said Commercial Auto Policies are more important than people realize. The right coverage can make a huge difference in what comes out of your pocket in a bad situation. He explained the importance of commercial auto insurance.
Auto risks that you might not be aware of:
- Are covered if you are using your personal vehicle for work? You have now exposed your personal assets for a claim that was made through your business that your personal insurance will not cover.
- Are you covered if you rent a vehicle for just a day? This depends on the current coverage symbol listed on the commercial auto policy.
- Are you covered if you borrow your neighbor’s truck because your work truck is in the shop? This depends on the current coverage symbol listed on the commercial auto policy.
- Are you covered if your employee wrecks their personal vehicle while on the clock or performing an act for the business? This depends on the current coverage symbol listed on the commercial auto policy.
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