What do we consider when comparing Commercial Insurance vs HNOA. Both types of insurance are easily intertwined and one is confused for the other. So what are the differences between both, and how do you know the one you need?
Keep reading to learn more.
Commercial Insurance vs HNOA
Does Your Business Need Commercial Insurance?
Commercial auto insurance covers your business’s automobiles, trucks, and other vehicles. Policies may consist of:
Medical expenses associated with collision-related injuries
Auto responsibility if you damage another person’s car
Physical destruction results from theft, vandalism, collisions, and storms.
Uninsured motorists who cause accidents and don’t have insurance
If you use a company vehicle to transport tools, materials, or commodities or meet clients, you must have this coverage. Almost all states require commercial auto insurance for vehicles owned by businesses.
Does Your Business Need HNOA?
HNOA covers the liability expenses for accidents involving vehicles that your firm uses for business but does not own. This includes vehicles your business leases and personal vehicles used by your staff for work-related chores.
For instance, a driver may sue your business if one of your employees gets into an accident on a corporate errand. HNOA insurance might pay for these expenses.
Many companies rent vehicles for delivery and passenger transportation. If an accident occurs while driving one of these rental automobiles, HNOA insurance can also cover those responsibility expenses.
Does Your Business Need None of Them?
If you drive your own vehicle for work, your auto insurance policy might not be able to protect you. Remember, these policies frequently do not cover commercial driving.
READ Also: Travel insurance
Hence, you would be personally responsible for costs if you get into in an accident while transporting or moving products. Check what is covered because every personal policy is different.
With the breakdown above, you should be able to tell them apart and determine what’s best for you and your business.