If you are shopping for your business auto insurance consider getting quote from Hartford. With a broad form auto endorsement you are getting:
Coverage |
Who Benefits Most |
Claim Scenario |
| Loan Gap Coverage – When a financed vehicle is declared a total loss and your insured’s outstanding loan balance is greater than the actual cost value of the vehicle, The Hartford will pay the difference between the outstanding loan balance and the actual cash value of the vehicle. This is a new coverage! | Any small business owner that finances company vehicles | Like many small business owners, Jane financed the Ford F350 truck she uses for her gardening business. Just a year after purchase, her employee totaled the vehicle on the highway between customer sites. Due to the steep depreciation in vehicle value, particularly in the first year of ownership, the truck was worth less than the amount Jane still owed to the bank for it. As a Hartford insured, Jane’s differential between ACV and her outstanding balance is covered. |
| Because the form already contains Lease Gap Coverage, your customers are covered whether they purchase or lease a vehicle | Any small business that leases company vehicles. Many professional service firms including doctors, lawyers, accountants, architects and engineers lease expensive vehicles for the partners. | Same claim scenario but with a leased vehicle |
| Electronic Equipment Coverage – provides coverage for installed electronic equipment that is:
• Permanently installed and powered by the vehicle’s electrical system • Necessary for the normal operations or monitoring of operating systems • Used to transmit or receive audio, visual or data signals This is an expanded coverage! We no longer require that this equipment be OEM or dealer installed. |
Any small business owner that has permanently installed navigation systems in their vehicles. Florists, furniture stores, etc. would use the navigation systems for finding customer locations with ease. Contractors often use these systems to track work crews during the day. Logistical information allows for better coordination of jobs. Better coordination of jobs results in more work added each day, contributing to the bottom line. |
GPS systems help many small business owners navigate their work day. In some cases a small business owner’s vehicle might have additional use on the weekend transporting family members. Permanently installed DVD players are a great addition when there are young family members in the household. Theft or damage as a result of an accident presents a loss potential. Many commercial auto policies carry a $1,000 deductible. |
| Hired Auto Physical Damage – If Comprehensive, Specified Causes of Loss or Collision coverages are provided, then The Hartford extends Physical Damage Coverage to hired autos. If your customer rents a vehicle and the vehicle is damaged, The Hartford provides coverage in excess of the driver’s personal auto policy up to the Hired Auto Physical Damage limit. This is an expanded coverage! The Hired Auto Physical Damage limit has been increased from $50,000 to $100,000. | Any small business that rents vehicles on an “as needed” basis instead of purchasing or leasing them. By renting, the small business owner can bypass costs associated with owned vehicles such as licensing and registration fees. Contractors often rent heavy power units on an “as needed” basis. | As the owner of a small plumbing business, Frank often needs to add or decrease his staff to meet his roster of projects. He’s also found that by renting heavy power units to enhance his fleet during peak periods of work, he can take on extra business without the carrying costs of a power unit he might use less than 50% of the time. During a busy September, he extends his fleet with a rented extra heavy truck that enables him to take on a larger than normal project. His employee, Bill, has a serious collision. The available collectible insurance for the expensive heavy power unit doesn’t meet the total physical damage loss cost. Because Frank is a Hartford commercial policyholder, he’s covered by The Hartford’s new, and complimentary, Broad Form Endorsement, so his hired auto physical damage is covered up to $100,000. |
| Hybrid Payment Coverage – If a non-hybrid auto is a total loss, and if replaced by a hybrid auto, The Hartford will pay an additional 10% of the actual cash value, up to a maximum of $2,500. The damaged vehicle must be replaced within 60 days to qualify for the hybrid payment. This is a new coverage! |
Any insured that would appreciate the environmentally friendly, fuel efficient aspects associated with driving a hybrid vehicle. | A home energy efficiency consultant drives a midsize SUV. He knows that the vehicle does not represent his business’s mission very well but needs the space of an SUV to carry his gear. The Hybrid model of his SUV would have cost him an additional $2,000. The SUV is totaled in an accident. Because this business owner carries a Hartford auto policy, he would receive an additional 10% of the actual cash value – up to $2,500 if he replaces his totaled SUV with a Hybrid. |