Commercial Auto Coverage

(IRCA) Individually Rated Commercial Auto Insurance.

On Point.

Commercial Auto coverage ensures that any vehicles used by your business, occasionally or full-time, and the employees who drive them, are protected.

When you operate a business that is critically dependent on automobiles, you might not have considered all the coverage your vehicles need. Perhaps your family’s daily driver is used for afternoon deliveries. Are your client home visits happening with your employees’ vehicles? Breakdowns and accidents can suddenly shine a headlight on gaps in your commercial coverage.

Reviewing your commercial auto use situation against the options offered by IRCA (Individually Rated Commercial Automobiles) or Fleet Insurance to develop a sound coverage strategy to meet your businesses use needs.

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Does your business have more than 5 work vehicles, or employee cars?

You need Fleet Commercial Auto Insurance
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Commercial Automobile Coverage Typically Covers You Against the Following Claims:

Collision

Pays for vehicle loss or damage resulting from an accident.

Comprehensive

Non-collision vehicle damage from weather, theft, vandalism or hitting an animal.

Liability

Covers the cost of injuries caused to others in the event of an accident where the business vehicle is at fault.

Other vehicle coverages, like cargo, medical, gap and hired vehicle coverage, will all be considered in our comprehensive review to provide your business with the correct IRCA coverage.

Which business are you?

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How is the Cost of Commercial Auto Insurance Calculated?

The cost of your commercial auto coverage is largely determined by your specific business needs and circumstances, as well as your business claims history and insurance past. Your commercial auto insurance costs will be assessed on several factors, including:

Type & Number of Vehicles
Use of Vehicles
Driving History of Employees
Industry or Business Type

Claims History
Past traffic violations
Fleet or individual vehicles

What Does Commercial Auto Insurance Cover?

Commercial auto insurance, whether fleet or individual, may cover several different risks and exposures while on the go, including:

Repairs and replacements for business vehicles due to insured damage
Towing and labour costs for disabled vehicles
Theft and vandalism to vehicles

Commercial auto liability
Loss of use / Rental vehicle coverage
Coverage for travelling into the United States (purchased separately)

Your Excalibur Insurance broker is your go to for navigating tips and suggestions to look at your whole business picture and help reduce your premiums.

Can You Give Me a Few Examples of Commercial Auto Coverage in Action?

1

Your flower delivery van skids into the front of a neighbour’s shop on ice. Your fleet insurance helps repair the neighbours store as well as covering your rental of a new van while your van is being repaired.

2

Your employee is involved in an accident while driving to meet a client. An uninsured driver hits them on route. Your commercial auto insurance helps cover medical expenses, loss of work and repairs your employee’s vehicle.

3

You run a bread delivery company. Overnight your fleet of delivery vans are vandalized and their tires are slashed. Fleet insurance helps cover costly repairs to the fleet and provide rental vans while yours are in the repair shop.

Frequently Asked Commercial Auto Coverage Questions

No two businesses are the same, and as such, their coverage needs can vary. These frequently asked questions help you navigate the Commercial Auto coverage highway more easily.

Excalibur Insurance can help you secure a Commercial Umbrella solution to best meet your needs. Schedule a consultation with us today.

How do I know if my business is underinsured?
If the coverage limits on your commercial auto policy are too low to cover the full cost of a potential claim, you might be underinsured. To determine if you’re underinsured, consider the value of your vehicles, the potential damage they could cause to others in an accident, and whether your coverage adequately reflects your business needs. It’s a good idea to regularly review your policy with a broker to ensure you’re adequately covered.
How is IRCA Vehicle Insurance different than Fleet Insurance?
While IRCA, or Individually Rated Commercial Auto insurance, is a type of Commercial Auto insurance, it functions similarly to a personal auto insurance plan, as each vehicle is rated for its risk factor based on its individual demographics. Those include insurance and claims history, driving record, coverage options and limits, etc. Individually Rated Commercial Auto insurance plans are distinct from Fleet Insurance. Some providers may offer one form of Commercial Auto insurance but not the other.
Do individually rated vehicles used for personal and business use need a separate commercial policy?
Commercial vehicle policies might cover personal use. An IRCA policy is essential when you use your vehicle to transport materials, goods, merchandise, or tools. It’s also important if you deliver items to clients’ homes or stores. Don’t rely on your personal insurance to cover it and risk being stranded; get the facts.

Excalibur Insurance can help you find Commercial Auto insurance solutions if you are not sure what you need, or which plan would suit your business better.

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What if my Business Needs Additional Types of Insurance?

Business owners can extend their existing coverage with a Commercial Umbrella Insurance policy. This will extend existing maximum policy limits, allowing your insurance company to cover you for more expensive or extensive lawsuits.

If your business is exposed to additional liability risks beyond what a general liability insurance policy can cover, you can acquire separate liability policies. Speak with your Excalibur Insurance broker about developing the best coverage package tailored to your unique business needs.