The business auto policy provides a variety of auto-related coverages that can be tailored to suit a company's automobile insurance needs. The standard policy can include both liability and physical damage insurance.
- Commercial auto policies require the policyholder to specify which vehicles will be covered by the policy and for which specific coverages.
- All vehicles owned by the business are known as "owned autos" within the policy.
- Personal autos owned by employees but used in the conduct of business are known as "non-owned autos" in the policy.
- Autos leased, hired, rented or borrowed by the policyholder are known as "hired autos" in the policy.
- Policyholders can elect to insure their vehicles for loss or damage as a result of covered causes.
- Liability insurance protects the policyholder from claims for bodily injury or property damage to third parties arising out of the use of a covered automobile by an employee or other covered person as defined by the policy.
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