Month: April 2023 How Does Commercial Auto Insurance Work? Posted on April 30, 2023April 30, 2023 by AgentInsure Owning a business comes with many extra responsibilities and costs that most people don’t think about when they think of owning a business. Some additional responsibilities include having the required licenses and insurance coverage for the state. Below, we will discuss what the state of Georgia requires for commercial auto insurance and how commercial auto insurance works. Commercial auto insurance limits Georgia has a financial responsibility law that requires businesses to have certain types of insurance, including commercial auto insurance. The financial responsibility law requires the following types of commercial auto insurance coverage: Bodily injury liability coverage – $25,000 for the death or injury of one person and $50,000 for the death or injury of two people. Property damage liability coverage – $25,000 limit for property damage to others in one incident. Uninsured motorist coverage – The insurer must offer uninsured motorists coverage as an option. How commercial auto insurance works When you get a commercial auto insurance policy, it covers you and anyone driving the vehicle or vehicles for business-related things. If the person driving a commercial car causes an accident, they can use your commercial insurance policy to file the claim. You or the business are responsible for the monthly premium, the deductible, and any cost after the policy’s limit runs out. On top of the required limits for commercial auto insurance, getting additional coverage, such as collision and comprehensive coverage, is a wise idea. If the vehicle is damaged or the driver is injured in an accident that they caused, you will not have to pay for the costs out of your pocket. Contact Peter Laczko Insurance Inc. If you need auto insurance for your business, give us a call or stop by Peter Laczko Insurance Inc. in Woodstock, GA.