What Is Hired And Non-Owned Auto Insurance?

Hired and non-owned auto insurance is an important type of coverage for businesses. It is an insurance policy that provides coverage for vehicles that are rented or borrowed for business purposes. This type of coverage is also referred to as non-owned auto insurance or hired vehicle insurance. The coverage provides financial protection for businesses in the event that an accident occurs while driving a rented or borrowed vehicle. This type of coverage is essential for businesses that rely on rented or borrowed vehicles for their operations.

Hired and non-owned auto insurance can be purchased as a standalone policy or as an endorsement to a business auto policy. The coverage provides protection for the business in the event that an accident occurs while driving a rented or borrowed vehicle. The coverage may include liability coverage, physical damage coverage, and uninsured/underinsured motorist coverage. The coverage may also include medical payments coverage and coverage for rental reimbursement.

Reasons To Purchase Hired And Non-Owned Auto Insurance

There are several reasons why businesses should consider purchasing hired and non-owned auto insurance. This type of coverage is essential for businesses that rely on rented or borrowed vehicles for their operations. The coverage provides financial protection for businesses in the event of an accident or other loss. The coverage may also protect the business from financial losses resulting from claims made by third parties.

Another reason to purchase hired and non-owned auto insurance is to protect the business from liability. Liability coverage protects businesses from being held liable for damages caused by an accident that occurs while driving a rented or borrowed vehicle. The coverage may also provide protection for the business in the event of a claim made by a third party. Liability coverage is an important protection for businesses that rely on rented or borrowed vehicles.

How To Purchase Hired And Non-Owned Auto Insurance

Businesses can purchase hired and non-owned auto insurance from an insurance agent or broker. The coverage can be purchased as a standalone policy or as an endorsement to a business auto policy. The coverage can be tailored to meet the specific needs of the business. The coverage can include liability coverage, physical damage coverage, and uninsured/underinsured motorist coverage. The coverage may also include medical payments coverage and coverage for rental reimbursement.

When purchasing hired and non-owned auto insurance, businesses should compare the coverage and premiums offered by different insurance providers. The coverage should be tailored to meet the specific needs of the business. It is important to understand the coverage and any exclusions or limitations that may apply. Businesses should also make sure that the coverage is adequate to protect the business from financial losses in the event of an accident or other loss.

Conclusion

Hired and non-owned auto insurance is an important type of coverage for businesses that rely on rented or borrowed vehicles for their operations. The coverage provides financial protection for businesses in the event of an accident or other loss. Businesses can purchase hired and non-owned auto insurance from an insurance agent or broker. The coverage should be tailored to meet the specific needs of the business. It is important to understand the coverage and any exclusions or limitations that may apply.