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What is Commercial Auto Insurance?

Commercial auto insurance, sometimes known as business auto insurance or commercial vehicle insurance, is quite similar in function to your personal auto insurance policy. It covers the cost of repairing or replacing your commercial vehicle against damages that occur in an accident. Most personal insurance policies exclude vehicles that have been or are being used for commercial or business purposes.

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American Insurance Brokers offers commercial vehicle insurance policies in addition to personal auto insurance. A commercial auto insurance policy provides critical coverage to your company. At a minimum it should offer liability protection for bodily injury and property damage relative to the ownership, maintenance, and operation of automobiles used in the course of doing business.

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What Kind of Business Auto Insurance Should My Business Carry?

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Policies for commercial vehicles always establish a definition for "commercial use." You should familiarize yourself with this definition and discuss any questions with your AIB insurance agent. If you're uncertain whether your auto qualifies as a business vehicle, it's usually better to be safe than sorry. The relatively small investment in a commercial vehicle insurance policy is worth being protected in the event of an accident.

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Florida has very specific laws regarding commercial auto insurance. Policies must cover attorney fees, court costs, and settlements for injuries. Additionally, in South Florida and Miami, businesses may also need "non-owned and hired" auto liability coverage for vehicles your employees use or that you rent or borrow.

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How to Lower Commercial Vehicle Insurance Premiums

There are several things that South Florida and Miami business owners can do to keep the costs of business auto insurance down.

• Carry a higher deductible. By assuming a small part of the risk, you can lower your business's insurance rates.

• Hire good drivers with solid driving records.

• Location can determine your insurance rates. Businesses in areas at high risk for theft also have higher premiums.

• Choose your vehicles carefully. Check with your agent to see which automobiles have the best safety ratings and lowest premiums.

• Consider fleet status. If your business owns more than 5 vehicles you may be eligible for volume discounts or special insurance rates.

We will also consult with you to demonstrate how ongoing maintenance programs and participation in driver training can help to reduce accidents and potential losses.

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American Insurance Brokers: The Wise Choice for Commercial Auto Insurance​

Don't continue to guess about whether your business vehicles are adequately insured. Let an AIB agent help you protect your company's assets. Call or stop by any of our Miami or South Florida offices today to speak with one of our friendly and experienced agents about your business auto insurance needs. We have access to a range of policies and can find coverage to fit every budget.