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Commercial Auto Insurance

Commercial Auto Insurance

Heartland Credit Union has partnered with Newtek Insurance Agency, LLC to provide you with the right insurance coverage at the right prices. Newtek offers insurance products in all fifty states.  Our programs are underwritten by multiple  carriers who have been afforded A.M. Best “A” ratings. Our Business Service Specialists are available to help you understand your exposure and provide you with advice on the most economical way to protect your business.


Why You Need Commercial Auto Insurance

Automobile policies cover your liability for bodily injury and property damage arising out of the use of a covered auto.  The policy can also cover damage to your own vehicles and other related types of loss.

Common Coverage on an automobile policy may include all or some of the following coverage options.

  • Liability covers your company’s legal liability for bodily injury and for damage to the property of a third party.  Injury to your company’s employees is excluded but covered by Workers Compensation insurance.
  • Physical damage Collision coverage insures damage to your vehicles from collision or overturning.  Comprehensive coverage responds to other types of damage such as fire, theft, or vandalism.
  • Uninsured motorists provides coverage under your policy if you are in an accident with an uninsured motorist.
  • Underinsured motorists provides coverage if you are involved in an accident with a motorist with insufficient liability insurance. When the responsible driver has state’s minimum requirements but not enough to cover a serious injury your policy will step in and bring the available coverage to the stated limit in your policy.
  • “No-fault” Many states have enacted no-fault lawsto limit litigation by having each party to the accident collect from their own policy.  The protection afforded under no-fault benefits varies considerably from state to state.
  • Medical payments coverageallows for a nominal sum to pay medical bills for customers and others injured while passengers in your company’s car without having to prove liability. The limit can vary, but usually starts at $2,000 and can go higher.

Even firms that do not own automobiles should have coverage for non-owned and hired automobile liability to protect against losses when employees use personal or rental vehicles on business.

Rental Cars

Some auto insurers offer an endorsement that extends the auto liability coverage to include liability assumed under car rental agreements.  This endorsement is worth exploring. Auto insurers may also be willing to add coverage for physical damage to rental vehicles. With this coverage, your employees would not have to purchase the expensive collision damage waiver every time they rent a car. In some states, such as Illinois, car rental companies are now required to absorb physical damage losses to their vehicles.

Long Term Leased Vehicles

Insurers will normally insure vehicles leased to your company under a long-term lease as if your company owned the vehicle.

Request an insurance quote today

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