Commercial auto insurance is nearly always necessary if you operate a vehicle as a part of your business. The process of operating vehicles can be dangerous. There are many instances in which a person can suffer injury after an accident. 
To get improved financial protection, you may wish to add additional coverage. Medical payments coverage can help.
Know What Your Policy Covers
The first step is to learn what your current commercial auto insurance policy covers. Most will offer coverage for vehicle damage. They can also include coverage for liability risks. This covers costs related to another party’s injuries.
Still, for your drivers and passengers, it pays to have an add-on coverage that might not come standard. For example, medical payments coverage helps. It can pay for injury-related costs to you. It can also cover such losses to your employees.
What You Should Know
Medical payment coverage is a bit different than other policies. Here are a few things to know about this type of commercial auto insurance protection.
- It does not factor in fault. This means you can obtain benefits even if you or your driver caused the accident.
- It covers most of your own medical bills related to the incident. This includes hospital bills and ambulance coverage.
- If a death occurs, it may help cover funeral costs.
- It should work as an addition to your current coverage. Most policies will require your health insurance to pay for losses first. Then, workers’ compensation insurance may cover some of the loss. After this, your medical payments kick in.
- This type of coverage tends to be less expensive. It may be more affordable than a basic health insurance policy. If your employees lack health insurance, this policy can be critically valuable to you. It may pay their medical bills in full. However, don't use it as a substitute to strong medical coverage.
It is important to realize risks are high. Medical losses can be very expensive. This happens even when accidents are smaller. This is why added coverage is sometimes necessary.
All policies like this have limits. Most will have limits up to a specific dollar value. Some businesses may not need medical payments. If you have a commercial auto policy and ample health insurance, it may not be necessary.
However, verify this with your insurance agent. Be sure you know what your current policy covers. Discuss losses others had recently. Do you have enough protection? If not, a medical payments policy can be an inexpensive way to protect your company. Talk to an agent today at 708.423.2350.
Also Read: 3 Indicators You Need Commercial Auto Insurance and Not a Personal Policy