Commercial Auto Insurance

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Commercial Auto Insurance in New Mexico, Utah, and Texas

Your business doesn’t have a fleet of vehicles, so you don’t need to worry about commercial auto insurance, right? Nope!

If you use a vehicle for work purposes – even if it’s something as small as taking your car to pick up lunch for your employees at your office – you need commercial auto insurance in New Mexico, Utah and Texas.

Commercial Auto Insurance provides for bodily injury liability and property damage while operating a company automobile, and medical payments or Personal Injury Protection (PIP) for the driver and passengers of the policyholder’s car.

This type of business insurance covers a variety of vehicles and is also referred to as commercial car insurance, truck insurance, or fleet insurance. The team at Elemental Risk Management will help you find the best coverage you need for your business.

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What Kind of Protection Will A Commercial Auto Policy Give Your Business?

Liability Coverage

Commercial auto insurance protects your company from having to pay if a vehicle used for work purposes causes bodily injury and/or property damage, up to your policy limits.

Personal Injury Coverage

What happens if the driver or passengers get injured during an accident? Your commercial auto policy will pay for medical expenses if your health care insurance – or your passengers’

Collision Coverage

This will pay for damage to your vehicle if you hit another vehicle, another vehicle hits you or your vehicle rolls over, regardless of who is at fault. Additional collision coverage may be required if your vehicle is financed or leased.

Comprehensive Coverage

This is also known as “other than collision,” your comprehensive coverage is an important protection for damage to your vehicle or loss due to causes other than collision. This can include weather, theft and vandalism.

What are the Liability Requirements for Commercial Auto Insurance in New Mexico?

Liability Requirements For Commercial Auto Insurance

Business owners should be aware that all their vehicles are covered by commercial auto insurance in New Mexico.

The minimum requirement is $10,000 property damage liability per accident and 50K bodily injury liability for each person involved with an accident up to a maximum of 25k which must cover it's full value including medical expenses related damages caused from accidents on public roads where there could not have been fault found due lack of protection afforded under current laws. For more info, check out mvd.newmexico.gov.

Even if your company is not required to hold a high amount of liability insurance, it is a very smart to have high limits. Jury awards for accidents involving injuries caused by company vehicles tend to be higher than awards for cases involving personal vehicles.

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If you own a business and need commercial auto insurance, Elemental Risk Management can provide the best coverage for your needs.

Before considering auto insurance for your business it is important to know what options are available and how they will protect your business.

You should consider getting quotes from multiple carriers before making a decision on which one to go with because different companies offer different prices and benefits depending on their policies. The more information you have about the various options at hand the better able you will be able to find an affordable plan that protects against financial loss resulting from accidents involving company vehicles or injuries sustained by employees while carrying out.

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