Many of Michigan's 886,000 small businesses need commercial auto insurance. However, personal auto insurance doesn't cover most commercial vehicles because of their higher risk than personal automobiles.
When one of the vehicles owned by your company is involved in an accident, Michigan commercial auto insurance covers a range of costs. Furthermore, it protects you if your vehicle is stolen or vandalized or if it is damaged by hail or a fallen tree.
Michigan businesses are encouraged to get the right insurance coverage that prioritizes commercial auto insurance that also offers competitive rates. This would allow you to get sufficient coverage at a relatively lower cost than other insurance and financial services options.
Learn more about commercial vehicle insurance, covered perils, and medical payments when acquiring commercial auto insurance for your business by reading on.
Commercial insurance policies in Michigan must have a minimum residual liability limit of $50,000 per person, $100,000 per accident, and $25,000 for property damage (i.e., 50/100/25). Depending on the types of cars specified on your policy or the underwriting standards of your insurer, you might need to carry larger amounts.
All car owners are required by Michigan law to acquire mandatory no-fault insurance, which consists of three main coverages:
Michigan surety bond insurance isn't the only type of insurance you can get. It's also important to explore other options to discover policies that cover all your bases:
Legal fees and other costs are covered by commercial auto insurance if a company vehicle is involved in an accident. In Michigan, it is necessary for all commercial vehicles.
However, people in Michigan continue to suffer work-related injuries while not having adequate insurance from their employers. Here are recent figures on vehicle accidents and commercial auto insurance in Michigan.
Below are some of the frequently asked questions regarding commercial auto insurance:
You can choose between combined single and split limits for your liability policy's payment limits. Maximum Bodily Injury Payment per Person; Split Limits specify the maximum amount your insurance provider will pay for each of these three items.
Your insurer will pursue the driver in case of an uninsured or underinsured driver to recover the costs incurred. Although doing so can be difficult and expensive, it is important to know the possibility.
The officer delivering your ticket will specify a time frame for you, which may range from a few days to a few weeks. You could receive fines and costs for failing to show evidence of insurance if you're discovered driving without insurance.
Commercial auto insurance remains in demand among small and large businesses. But never settle for the first quote that you receive. In addition to the bond amount and primary and interest rates, you want to make sure you get comprehensive coverage that secures your business's future.
Review your options so you can secure smart long-term business solutions. Read our Assured Standard blogs for information about surety bonds and bond insurance policies.
