Many people think of real estate agents as people who are always on the lookout for new properties. However, this isn’t always the case. In fact, many real estate agents spend a lot of their time doing commercial auto insurance (CAI) work. What is CAI? Simply put, it’s insurance that real estate agents can carry to protect themselves and their clients from personal injury or property damage. It can cover things like car accidents, slip and falls, and more. If you’re a real estate agent and you don’t have CAI coverage, you may be at risk of losing some business. So, why not consider getting coverage today?
Do Real Estate Agents Need Commercial Auto Insurance?
Commercial auto insurance is a necessity for real estate agents. Not only do they need coverage when they’re driving their own vehicles, but they may also need coverage if they’re driving clients’ cars. In most cases, real estate agents are considered employees of the company that they’re working for. This means that many companies require commercial auto insurance for their agents.
Some real estate agencies will provide their agents with personal car insurance policies to cover them while they’re driving clients’ cars. However, this isn’t always an option or practical, so it’s important to have commercial auto insurance in case something happens while you’re on the job.
When you’re choosing commercial auto insurance, make sure to compare rates and coverage options to find the best policy for you and your business.
Who Needs Commercial Auto Insurance?
Commercial auto insurance is typically required by real estate agents and other professionals who regularly use their vehicles for business purposes. This coverage can help protect them if something happens to their vehicle while on duty, such as a collision.
What are the Different Types of Coverage?
There are a few types of commercial auto insurance coverage that agents may need.
The most common type of commercial auto insurance coverage an agent may need is liability protection. This protects the agent and their company from any legal fees or damages that may be incurred as a result of someone being injured in a car accident involving the agent’s company vehicle.
Another type of coverage agents may need is uninsured motorist coverage. This protects the agent and their company from being held liable for any personal injuries or damage caused to another person’s property as a result of an uninsured driver hitting either the agent’s company vehicle or someone else’s car on the Agent’s property.
Commercial auto insurance also typically includes coverage for property damage, which helps protect the agent and their business from any losses that may occur as a result of someone damaging theagent’s business while driving on Agent’s property.
How Much Does Commercial Auto Insurance Cost?
Commercial auto insurance is typically expensive. Rates vary depending on the carrier, location and coverage, but can be as much as three or four times more expensive than personal auto insurance. However, there are some situations where commercial auto insurance may be a better option for your business.
If you have a fleet of vehicles that you use to run your business, commercial auto insurance may be a good option because it covers losses caused by accidents involving those vehicles. It also provides liability protection if someone is injured while using one of your cars.
If you only use your personal car to drive to work and errands, personal auto insurance likely will cover you in case of an accident. However, if you use your car in your business, you’ll want to purchase commercial auto insurance to cover any potential losses.
What are the Different Exclusions from Commercial Auto Insurance?
Commercial auto insurance can protect you and your business from accidents while on the road. However, it’s important to understand the different exclusions that may apply to your particular situation. For example, a real estate agent wouldn’t need commercial auto insurance if they’re driving their personal car for work purposes.
In addition, some other professions that typically use their own vehicles for work purposes (such as lawyers) typically have additional protections in place through their employer. If you’re not sure whether or not commercial auto insurance is right for your business, speak with an insurance specialist at an accredited provider like State Farm.
Conclusion
Commercial auto insurance is an important product for any real estate agent. Not only does it protect you and your business from potential accidents, but it can also help protect the property you are representing. For example, if someone is injured while trespassing on your property, commercial auto insurance can help pay for the damages they cause. So whether you are a small-time agent or a full-time professional, make sure you have the right coverage to protect yourself and your business.