Are automobiles owned by my company covered in my commercial policy? If not, is the auto insurance different?

Your business and your home are your biggest investments, and you can protect them with insurance policies. However, it can be confusing what is covered under your commercial policy. If you are in NE Arkansas, GTW Insurance can help you understand the best way to cover yourself in case of accidents.

Regular liability insurance will cover claims of injury or property damage caused by an employee of your business. It will also cover accidents, such as if someone falls down while on your property.

While commercial liability insurance is not mandatory, it will protect your assets so that injured parties cannot claim them for damages. You could theoretically lose your business if you choose not to protect it.  Also, Arkansas has something called “modified comparative fault.” People trying to sue your business will need to prove that they are less than 50% at fault for the damages.

Automobiles Owned and Used by your Insurance

Arkansas also has a specific requirement that anyone using a personal automobile for work purposes must carry minimum automobile insurance. If you are using your personal car or truck for work, you should probably obtain a commercial automobile insurance policy.

Rates and coverage will vary, and you will need to make sure that your insurance policy covers you based on your circumstances. Besides reading the policy, it is important to discuss with your agent exactly what the vehicle will be used for.

The Arkansas Insurance Department regulates all insurance policies sold in the state, to help protect you and your consumers. If you need help figuring out whether you have enough coverage, or want to compare your various options, you can call GTW Insurance, which serves NE Arkansas.

Does Umbrella Insurance Cover Property?

Umbrella insurance is just that, and extra policy that is going to help cover any issues that your typical policy might not cover. For those that are interested in looking at an umbrella policy, it might be helpful to first understand what an umbrella policy is. For those that live in the NE Arkansas area, the agents with GTW Insurance can help you to find out just what type of umbrella policy you might need.

An umbrella policy is an insurance policy that is used to help beef up or make an existing policy better. It covers a wide range of things from your car to your home, to your personal property and more. Since an umbrella policy is not typically applied to any one policy, it is simply an extra measure of safety to make sure that if something does happen, you have insurance to help you cover the cost. Anyone can take out an umbrella policy and it can be applied to nearly any different situation that you might imagine.

The real issue that you want to worry about is the size of the umbrella policy that you have. If you are accident prone for instance and you do not want to take out an extra or a larger car insurance policy to cover, you can take out an umbrella policy to help cover any issue you might come across. This type of policy is going to give you extra insurance coverage on top of what you are already paying for. Do all people need an umbrella policy, not necessarily, but if you are traveling out of the country or doing something else out of the ordinary, you may want one. For those in the NE Arkansas area, the agents with GTW Insurance can help.