What is Contractors’ Commercial Auto Insurance?

Contractors’ commercial auto insurance protects against physical and liability damage caused by business-related trucks, vans, or passenger vehicles.

Who needs it?

A business-owned vehicle used for:

• Commuting to and from a job site
• Transporting business-related tools and equipment
• Transporting clientele and employee personnel

What’s the difference between Personal and Commercial Auto insurance?

Primarily it’s the type of coverage provided. Commercial auto policies can provide broader coverages with higher limits for increased risk exposure, whereas personal auto policies typically do not cover vehicles used for commercial purposes. As a contractor, many project owners will require you to obtain a contractors’ commercial auto policy for the following reasons:

Limits – Commercial projects that require limits up to $1,000,000 (CSL) or higher.
Coverage – General liability policies will not cover a vehicle-related claim on a job site.
Forms – Additional insured, waiver of subrogation, primary wording, and hired & non-owned auto availability on a commercial policy.

How am I Covered?

Bodily Injury – Provides coverage for bodily injury or death resulting from an at-fault accident and, in most cases, provides your legal defense.
Combined Single Limit – A standard liability policy that offers separate limits applies to bodily injury claims or property damage. A combined single limits policy has the same dollar amount of coverage per covered occurrence for bodily injury or property damage, one person or multiple individuals.
Med Pay – Provides coverage for injury-related medical expenses incurred by an insured driver and passengers of a covered vehicle accident.
Comprehensive – Provides coverage for damage caused by theft, vandalism, flood, fire, and other covered perils.
Collision – Provides coverage for damage to your vehicle when it collides with other vehicles or objects.

What if I Rent a Vehicle?

A commercial policy can provide hired & non-owned auto coverage extending your liability and physical damage coverage to a vehicle you rent or borrow. You may also extend liability coverage to an employee’s vehicle while used on the job.

What if I Break Down?

By selecting the roadside assistance option, the carrier will reimburse you up to the limits for your roadside expenses. Most carriers will even dispatch a towing service directly, so you will not have to pay out of pocket at the time of service.

What are my Payment Options?

Our programs offer various payment options when purchasing your commercial auto policy.

Full Payment Option – Pay the premium with one payment.
Direct Bill Option – Pay the monthly premium to the carrier directly.
Financing Option – Pay the monthly premium through a finance company.

Why go with Fairbanks Insurance Brokers?

Our extensive track record shows no job is too big or too small when fulfilling the complex insurance demands required to bid on a project.