Recommended Limits of Coverage
Other than Collision Actual Cash Value
|Owned Auto Liability
|Non Owned Auto Liability
|Hired Auto Liability
|Uninsured Motorists Liability
|Underinsured Motorists Liability
|Actual cash value
|Hired Car Physical Damage
All owned autos titled to the tech company should be covered under a Business Auto policy for liability, uninsured motorist, underinsured motorists, collision, and things other than collision (formerly known as comprehensive).
Even if your company doesn’t have any vehicles titled in its name, you should still carry coverage for Non-owned/Hired Auto Liability, which can be endorsed onto your General Liability policy for a charge of approximately $180 per year.
Non-owned Auto Liability protects your company if it is shotgunned into a lawsuit resulting from an auto accident involving a vehicle owned by one of your employees that was being used for company business.
Hired Auto Liability protects your company in the event that it is sued resulting from an auto accident arising out of the use of a leased or rental vehicle by one of your employees while on company business.
Hired Car Physical Damage provides your company with coverage similar to collision and comprehensive in the event that a vehicle you rent or lease is damaged. The additional premium to add this coverage is approximately $250 per year.
Coverage for Non-Owned/Hired Auto Liability and Hired Car Physical Damage can also be added to your Business Owners policy.