Commercial Auto Insurance

Do I need Commercial Auto Insurance

Posted on by Brad Smith

We all know the difference between a truck and a car. Right? 

Car, truck or other. The Volkswagon Thing test our standards.
The Thing; Car, Truck or ??

For most of my life, that was a straight forward question. Along comes the SUV and, more recently, the crossover, the once black and white responses it a lot grayer.

Here’s the good news. 

Has your insurance agent ever asked if you needed, car or truck insurance? Probably not. 

Since Cars, Trucks, and SUV’s are all insured by the same policy, there is no need to ask. However, You will be asked to provide your vehicles VIN. This will give the insurance company the information they need.

Delivery Trucks are considered commercial vehicles. Some can be difficult to insure.
Delivery Trucks considered Commercial

Who needs a Commercial Insurance Policy?

Business Autos cannot be adequately protected with a Personal Auto Policy. A commercial policy of some form must cover these vehicles.

Who decides whether my vehicle needs commercial auto coverage?  

Theoretically, any vehicle can be used for a business purpose. This requires extra effort from insurance carriers and agents as the work to provide adequate coverage.

I like to tackle that question from the other side. Who decides that a Personal Policy does NOT cover my vehicle?

Accurately communicating how you utilize your vehicle is critical. It allows your agent to confirm or deny that coverage exists for your situation.  

Business Auto Insurance also Covers Personal Use

The Commercial Auto Policy is more flexible than Personal Coverage. While protecting your car at work, it can also safeguard automobiles during personal use. While Personal Auto covers only personal use of your auto.  

If you use your vehicle in your business or profession, you may need Business Auto Insurance. In many cases, the need for Commercial Auto Insurance is obvious. Taxis, Tow Trucks, Delivery Vehicles, Cable Installers, Lawn Care providers are just a few examples.  

What you say may be more important than what you drive. 

How important is it for you to have your Company’s name, a business logo, or your phone number on your vehicle? I want my brand information anywhere and everywhere that I can afford to have it. While that may be great for business, it is also the first place I go to assist individuals regarding the need for commercial insurance. When vehicles have advertisements, there is little doubt. The question of commercial insurance or personal insurance is almost always resolved. If you’re driving a car with a business name or logo on it, you will almost always need a Commercial Auto Policy.

I occasionally drive my personal vehicle in work-related activities for my employer. Do I need Commercial Auto Insurance?

Remember, Business Auto Insurance is more flexible because it covers both commercial and personal use of your auto. Personal Auto Insurance covers your vehicle only when it is being used for personal activities. 

Check with your agent before using your car or truck for any use other than personal.

Performing job-related duties while driving your car does not mean you need to run out and buy a Commercial Auto Policy. Your employer may have a more cost-effective solution. If you are asked to use your personal vehicle for work-related activities, you should first determine if the business has Hired & Non-Owned Auto Coverage in place. This coverage picks up what your personal auto policy coverage excludes. If you would like additional information on Commercial Insurance Policies or want to learn more about Hired & Non-Owned coverage, contact a TruePoint Commercial Specialist at (912) 330-1265.

Commercial Insurance

Posted on by Brad Smith


Commercial insurance is defined as:

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Define Commercial Insurance

The definition of business insurance will likely vary depending on who you ask. The explanation may even change depending on how you ask it. It goes by a lot of names. You may hear it called many things. Business insurance, commercial business insurance or property & casualty commercial insurance.

TruePoint insurance defines commercial insurance as:

Insurance coverage for businesses that provides protection against a broad range of P&C claims. The term commercial insurance is used to describe several insurance policies. To determine which you need, you should, first, determine the risk faced by your company. A commercial insurance policy should also provide defense cost in the event of a lawsuit. This protection should be available regardless of the legal merit of the case.

TruePoint doe commercial insurance call us to speak with a business insurance specialist
we are insuringky.com

What should your Business Insurance Policy look like?

We stated the definition of commercial insurance might change. The truth is, it will change. The answer will vary based on who you ask, and maybe how you ask. Who you are will also alter the definition……… What type of business do you own? Do you have employees? Do you use vehicles in your business? Do you own buildings or other property? Do you need commercial insurance? These questions are just the beginning of defining your unique commercial insurance needs.

Property and Casualty Insurance

The term commercial insurance policy defines a vast range of coverages. Each offers a vehicle that provides specific protection to your business.

We can start by breaking insurance into one of three categories, Property, Casualty or both. The property will relate to (buildings, furniture, inventories, vehicles, and equipment.) The Casualty coverages protect against liability claims. Coverages include General Liability, Workers Compensation, Professional Liability, and many others. Most small businesses will find the third option most attractive. A Business Owners Policy or a BOP.

The benefit of the BOP is that it packages the general liability and commercial property. The packaging allows for more efficient and effective coverages. As it relates to Kentucky Business Insurance, BOP’s provide more coverage at less cost.

Knowing the coverages you need is more than half the battle

Business insurance is written in five major coverage lines. These lines are identified and briefly described below:

Commercial General Liability Insurance (or CGL) Protects when actions of the insured or an employee lead to property damage or bodily

injury of another. The policy should also provide coverage in the event the business must defend itself in a court of law.

Commercial Property Insurance The primary target of this coverage is owned and possibly leased buildings. In this section, you will also find coverages for the business personal property. This includes furniture, inventory, tools, some equipment and more.

Commercial Auto Often referred to a Business Auto it covers vehicles that are owned or leased by the company. As a personal auto policy does, the Commercial starts as liability coverage. Comprehensive and collision coverages can be added, as well as other additional items. A good example of a valuable add-on is a coverage know as hired or non-owned. It provides protection to an employee or volunteer autos during work-related activities.

Inland Marine Insurance One use is equipment or mobile equipment operated off-site known as commercial floaters. There are many more coverages that fall into this section.

Workers Compensation used to provide financial remuneration to employees injured while performing work-related activities.

There are many more coverages, most of which fall under one or more of the primary lines above. A few examples include:

  • More specialized liability coverages include:
  • Professional Liability or Errors and Omissions (E&O)
  • Garage Liability a form of CGL for auto garages, shop, dealers and more
  • Directors’ and Officers’
  • The property section contains many optional coverages and endorsements. What if any of it do you need? Including items such as
  • business interruption (aka business income),
  • earthquake coverage
  • flood insurance
  • water backup
  • utility disruption,
  • equipment breakdown and many more.
  • Trucking insurance is an example of a specific form of commercial auto insurance. Another form that we often see business auto insurance is referred to as hired and non-owned.
  • inland marine is our all other buckets. Below are just a few examples.
  • Bailee’s Coverage– Property of others under your temporary care. Think about a Dry Cleaner. Do they have coverage clothing? That’s Bailees.
  • Builder’s Risk- Insurance while a building or home is under construction.
  • Cameras
  • Communication equipment and towers
  • Computer Coverage
  • Contractors Equipment
  • Commercial Floaters
  • Property In Transit

Identifying risk and understanding coverages

For centuries mankind has solved problems by finding solutions or answers to our questions. While it’s great to have a trusted resource or go to for every issue, there are times in life where we are on our own. When this happens, logic and common sense will go a long way.

If I don’t own a building do I need property coverage?

You might. Do you have an inventory or equipment that should be insured? Even if you don’t own a building, you still might need to insure one.

Does your lease require you to insure the building?

My business is family owned and operated; everyone that works here is related to the owner, me, the owner.

Do I need workers compensation insurance?

Kentucky business owners have the right to reject workers compensation coverage. If they’re not business owners, the state workers compensation commission will expect everyone to have insurance. Workers Compensation can be complex. That’s why we request clients to speak with an attorney before waiving any coverage. Learn more at Kentucky Workers Comp.

Why do I need CGL and E&O insurance?

It is possible. Some professions should have both. The coverages cover two different sets of risk. Why E&O or professional liability is typically associated with professional services, it also provides protection in the event of incomplete or shoddy work. Something that your CGL will not cover. Learn more.

Questions, feel free to reach out to a TruePoint agent. You can reach us at (502) 410-5089.

No-Fault Insurance

Posted on by Brad Smith
Insurance term, definition, deductible, insurance deductibe, what is a deductible,

How auto accidents are resolved vary by State

State auto insurance systems fall into one of two general approaches.  The majority (38 states) operate under Tort laws.  Tort law enables wronged parties the ability to seek compensation from the people or parties responsible.  

The remaining 12 states use an approach that is referred to as the No-Fault insurance system.  No-Fault does not mean that no one is at fault.  Providing additional insights into the no-fault system is more of a challenge.  In its purest form, no-fault insurance means that regardless of fault, each party or their insurance company are responsible for the loss.  A more accurate representation is that each party is required to cover their own losses up to a threshold.  The system was initially adopted by 22 states under the premise of reducing litigation cost and ultimately the over cost to consumers.

Kentucky operates under a no-fault insurance system.  The Kentucky no-fault process is sometimes referred to as a choice no-fault insurance system. Kentucky no-fault system applies to both personal vehicles as well as business vehicles written on a commercial insurance policy.    

Kentucky No-Fault Auto Insurance System

Posted on by Brad Smith

What you should consider when buying Auto Insurance in Kentucky

What is No-Fault Car Insurance

Sometime between the First and Second World War, Academia developed the concept of no-fault insurance.  Aimed at removing auto claims from the U.S. tort liability system, under a no-fault system, insurance companies could resolve customer claims, What is Kentucky No-fault insurance? Is Kentucky a no-fault state? Why no-car insurance?regardless of fault.  The theory behind this was that insurance companies would resolve disputes between themselves more efficiently.

For obvious reasons, this never took off.  Over time blended versions of the theory were developed that provided access to the tort system when predefined limits were exceeded.  Under this blended approach, no-fault insurance began to get positive support for the states.  So much so, that at one point almost half of the states had developed and instituted a no-fault system.

Of the twenty-four states that put a no-fault auto insurance systems in place, only twelve remain.  The states that continue to have a no-fault system are; Florida, Hawaii, Kansas, Kentucky, Massachusetts, Minnesota, New Jersey, New York, North Dakota, Pennsylvania, and Utah.

What Kentuckians need to know about no-fault insurance

You may have heard of PIP, or Personal Injury Protection Coverage.  By law, all Kentuckians are required to have a minimum of $10,000 PIP Coverage on motor vehicles (motorcycles are excluded.)  Often referred to as Basic PIP Coverage, this can be used for medical and other related costs for injuries sustained by individuals in the insured car, regardless of who is at fault.

Kentucky drivers by default, forgo tort rights as related to damages that occur while Return to TruePoint Home Pageoperating automobiles until certain minimums have been met.  While motorcycles operators and passengers are excluded from the PIP, it is optional.  Although PIP is optional, motorcycle operators should seriously consider carrying the optional Basic PIP Coverage.  Otherwise, they may find themselves in the difficult position of having no coverage and no rights to sue for damages as, by default, they have accepted the states standard tort limits.

Feel free to give us a call if you have additional questions related to Kentucky’s No-Fault Automobile Liability System.

USPS Contract Delivery Service Carriers

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Tired of overpriced insurance? We're helping drivers find great deals on Kentucky auto insurance. Dial (5020 410-5089 and let a TruePoint agent show you what we can do. Need cheap Georgia car insurance. Call TruePoint at (9120 330-1265.
Need help with your car insurance? TruePoint can help!

 

Neither Rain Nor Snow
The Greek historian Herodotus is credited with the saying, “Neither snow nor rain nor heat nor gloom of night stays these couriers from the swift completion of their appointed rounds.” His words were describing the dedicated work ethic of the Angarium, Royal mounted couriers in ancient Persia.
 
Rural letter carriers often struggle to find auto insurance coverage. However it's easy once you find the right agent. TruePoint Insurance can help.
USPS Rural Letter Carriers can get Auto insurance at an affordable price. It’s not as difficult as you might think.
Two thousand years later the famous words of Herodotus are now used to accurately describe another group of couriers, the US Postal Service. Granted lots have changed over two thousand years. Technological advancements and modern transportation systems have simplified the process of accurate and timely delivery of mail. However, not all advancements have made the life of mail couriers easier.
 
For most of us, buying auto insurance is a rather simple process. However, for independent or rural mail carriers, obtaining auto insurance is much more complicated. Finding an agent or broker that is willing to offer mail carrier insurance is a significant challenge. It gets worse; many times those that think they have coverage for their USPS vehicle find out when attempting to file a claim, that they have purchased a policy that does not cover the vehicle while on their route. 
 
The personal cars of rural letter carriers must be covered by a commercial or business policy.   More specifically mail carrier insurance.  While that doesn’t sound like it would create a big problem, it is.
This guy doesn't worry about mail carrier insurance, (rural letter carriers, contract carriers, star routes, etc) they do!
Reasonably prices auto insurance is available for Rural Letter Carriers.
The world we live in postal carriers must still brave the snow and rain.  But that’s not their biggest problem.  Getting through to an insurance agent that a standard personal auto policy will not provide coverage.  The same is true for the standard commercial auto insurance policy, USPS letter carries are not protected.
 
Still, the mail must go through. mail carrier insurance for USPS rural carriers presents a significant problem. However, the transfer of risk doesn’t have to be difficult, nor should rural delivery contractors worry if they have a policy that will provide adequate coverage in the event of an accident. Visit our website at www.insuringky.com or call and speak with a TruePoint agent for a quote that will provide you with USPS vehicle insurance.
 
 

TruePoint Insurance Group, LLC

6287 Taylorsville Rd. Fisherville, KY 40023

6287 Eagle Lake Dr Lawrenceburg, KY 40342

Pooler, Georgia Location to be announced soon

Kentucky and Indiana Rural Letter Carriers: (502) 410-5089

Georgia and South Carolina Rural Letter Carriers: (912) 330-1265