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Tailored Automobile Coverage
for your Business
AUTOMOBILE COVERAGE
Common coverages include individual rated commercial vehicles, businesses requiring fleet coverages of at least 5 vehicles, or Alberta SPF4 Garage policies.
It’s important to understand that personal auto insurance differs from commercial auto insurance. Personal auto insurance excludes damages to a vehicle used for business purposes.
HOW IT WORKS
Commercial Auto Insurance covers expenses resulting from injuries or damages in the event of an accident involving a business vehicle’s operations. This may include costs for repairs or replacement depending on the policy.
In most cases, if a vehicle is registered under a business name or if there’s an entire fleet of vehicles, it should be covered by a commercial auto policy. Additionally, all employees who use the vehicle for business purposes need to be listed as drivers under the policy.
Vehicles requiring higher than standard automobile limits, including and up to $5,000,000 liability, or considered a heavy vehicle, will also be required to purchase a commercial auto policy.
Third Party Liability (TPL): coverage will provide protection in instances where you are responsible or at-fault for an accident
Direct Compensation Property Damage (DCPD): offers you protection both when you are partly responsible for an accident and when you are not at fault in an accident. Streamlines the claims process to allow you to contact your insurer rather dealing with the third parties provider.
Accident Benefits: Offers coverage for medical expenses irrespective of fault.
Collision or Upset: coverage protects against damage to your vehicle resulting from collisions with other vehicles or objects subject to a deductible
Comprehensive: provides coverage for damage to your vehicle from losses other than collisions or upsets, such as Fire, Theft, Vandalism, subject to a deductible.
Additional coverages specific to automobile policies in Alberta include, Optional Glass Coverage (OGC), Loss of Use Coverage, Waiver of Depreciation, and more.
**note: Mandatory & Optional coverages apply to policies underwritten by MIC directly.
Individual Rated Vehicles: those vehicles used for business purposes which do not qualify under personal auto insurance.
Fleet Rated Vehicles: those businesses with owned and operated vehicles with at least 5 or more vehicles are eligible to receive policies classified as a fleet, subject to underwriting application approvals. Fleet policies allow for competitive pricing advantages opposed to individually rated vehicles.
Garage Policies: businesses are eligible for a garage policy, subject to underwriting approval, during the time that they are responsible for a customer’s vehicle in their care, custody, and control.
FOR BROKERS
#200, 2457 Broadmoor Blvd
Sherwood Park, Alberta
T8H 0Y6
Main Office
Phone: 780-467-1500
Fax: 780-467-0004
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