Perhaps one of the most important considerations when buying a business auto policy is to check the auto symbols. These symbols define when and if vehicles are covered under your business auto policy. Here is a list of the covered auto symbols.
Covered Auto Symbols
- Any auto
- All owned autos
- Owned Private Passenger autos
- Owned autos other than PP
- All Owned Autos – No-Fault
- Owned Autos Subject to U.M.
- Autos Specified on Schedule
- Non-Owned Autos
Make sure you are aware of the symbols on your policy in case you buy or lease a new vehicle.
AUTO LIABILITY – Covers against Bodily Injury and Property Damage for which the insured may become liable.
MEDICAL PAYMENTS – Covers payment for injury to the insured and/or passengers in the insured automobile when a loss occurs.
UNINSURED AND UNDERINSURED MOTORIST – Pays damages for Bodily Injury caused by drivers of uninsured vehicles, when such drivers are legally liable for injury to the insured and/or passengers.
COMPREHENSIVE COVERAGE – Provides coverage for your vehicle for damage other than collision.
COLLISION COVERAGE – Provides coverage for loss or damage in excess of the deductible to an insured vehicle.
SPECIFIED CAUSES OF LOSS – Provides coverage for your vehicle for damage resulting from fire, lightning, explosion, theft, windstorm hail, earthquake, flood mischief, vandalism, sinking, burning, collision or derailment while transported on a conveyance. (this coverage would be in lieu of Comprehensive)
HIRED AUTO COVERAGE – Covers liability only, for your company while driving a leased, hired, rented, or borrowed vehicle.
NON-OWNED AUTO COVERAGE“ Covers bodily injury and property damage for your company while vehicles are used by employees for your business use.
NON-OWNED PHYSICAL DAMAGE – Covers property damage to vehicles you rent or hire for your business.
ON-HOOK LIABILITY – Covers customers cars while under the operation of tow truck type automobiles while towing vehicles and while transporting vehicles on crane, dolly attached to such tow truck, or on the bed of an auto carrier type truck. Safety Chain warranty – towed vehicle must chained to tow truck at all times. .
RENTAL CAR COVERAGE – Includes coverage to rent a vehicle in the event of a covered loss.
TOWING – Covers cost to tow an insured vehicle.
Driver Other Car Coverage – Unlike your personal auto insurance policy, business auto insurance does not cover you when you drive vehicles not owned by the business or listed on the business auto insurance policy. If you are a business owner and have your personal use vehicle insured on your business auto policy and don’t have personal auto insurance, you need to add DOC Broad Form coverage to your business auto policy. With DOC you are then covered if you drive a vehicle not covered or listed on you business auto policy, such as a friend or relatives vehicle.
Trailer Interchange Liability – Insurance coverage for truckers who frequently trade trailers under an agreement that makes them responsible for any damage to a trailer in their care or custody. It covers the insured’s liability for damage to a trailer not belonging to the insured.
Pollution – If you transport chemicals, paints, or other solvents your auto policy does not provide coverage for spilling these chemicals even in the event of an auto accident. Most policies will only pay pollution clean up expense for chemicals and fluids that are used as part of the vehicles engine. Oil, gas, transmission fluid etc. If you were hauling a few cans of paint and were involved in an accident and the paint spilled into a waterway there would be no coverage for the clean up or contamination. You would need to buy a separate pollution policy to cover this exposure.