Commercial Auto Insurance- What Symbols/Endorsements Does Your Georgia Business Need?

As a business owner in Georgia, it is more important now more than ever to make sure your business auto insurance policy has the right coverage limits, endorsements, and symbols to not only make sure your business is properly protected-- but to make sure you aren't paying more than you need to. Million dollar liability claims are becoming the norm for auto accident liability lawsuits, which in turn is driving premiums up for business owner on their commercial auto policies. 

Due to the rise in high dollar claims and high dollar premiums, we wanted to review the commercial auto insurance symbols so that Georgia business owners can review their policies to make sure their operations are properly covered and that they aren't paying for anything they don't need:

Part 1- Commercial Auto Liability Symbols

1. Symbol 1-- "Any Auto". This is the most comprehensive coverage symbol for business auto policies. Symbol 1 dictates that the policy will cover autos that the insured owns, doesn't own, or hires/leases. With the broad and added exposure for the insurance company covering vehicles that they are unaware of, this symbol will be the most costly of all of the commercial auto symbols. 
2. Symbol 2 -- "Owned Autos Only". As the name suggests, this covers autos that are owned by the insured. No liability coverage for any other vehicles. 
3. Symbol 3 -- "Owned Private Passenger Autos". This is the same as symbols 2 except it only applies to private passenger autos, like a sedan. This does not extend coverage to trucks, vans, etc. This may be a good option for a business that just has outside salesmen or staff that use smaller, private passenger vehicles exclusively.
4. Symbol 4 -- "Owned Autos, Not Private Passenger". As the name suggests, this is just like symbol 3 except it only extends liability to owned, non-private passenger vehicles like trucks, vans, busses, etc. 
5. Symbol 5 -- "Owned Autos, PIP Coverage". This symbol is not applicable to most Georgia businesses as PIP (Personal Injury Protection) is only a feature in "no fault states".
6. Symbol 6 -- "Owned Autos, Uninsured Motorist Coverage". This is never going to be a mandatory coverage, but will extend uninsured motorist coverage over owned autos within a business.
7. Symbols 7 -- "Scheduled Autos". This is the most common of the commercial auto insurance symbols because it is the most cost effective. This symbols dictates that liability coverage on the business auto policy will only extend to autos specifically listed on the policy. 
8. Symbol 8 -- "Hired Auto Coverage". This symbols extends liability on your commercial auto policy to vehicles you may hire, borrow, or lease for use in your business. It does not apply if you hire, borrow, or rent from an employee or a family member-- only from another business.
9. Symbol 9 -- "Non-Owned Auto Coverage". This coverage fills the gaps in symbol 8 by providing liability coverage to vehicles hired, borrowed, or leased to your business by a family member or employee. BUT liability only applies if the vehicle is being used for business purposes. 

Part 2- Physical Damage Coverage Symbols

1. Symbol 1 -- "Owned Autos Only". Provides physical damage coverage to autos owned by your business. 
2. Symbol 2 -- "Owned Private Passenger Autos Only". The same as physical damage symbol 1 except it only applies to private passenger autos. 
3. Symbol 3 -- "Owned Autos Other Than Private Passenger". The same as symbol 1 except private passenger autos are excluded.
4. Symbol 4 -- "Scheduled Autos". Covers all autos specifically listed on the policy for physical damage.
5. Symbol 5 -- "Hired Autos". Covers all auto exposures outlined in Part 1 symbol 8 for physical damage. For businesses that frequently rent/lease vehicles, this would be a great option to prevent buying separate insurance from the leasing company.  

As a Georgia business owner, it is important to note that sometimes you will engage in contracts that requires you to purchase coverage that is not applicable to your business OR you may enter into contracts that require less than what your business actually needs. This is very common with contractors in Georgia and is one of the main reasons it is important to review your business coverage needs and provide contract requirements to your independent insurance broker. 

The Roberts Insurance Group is a Georgia Insurance Broker specializing in commercial and personal insurance for our clients throughout the state of Georgia. We help our clients lower their cost of insurance with our superior claim and risk management expertise and our extensive carrier access. We are in the business of building relationships with our clients to help them grow and succeed. Contact us today to see what we can do for your family or business.

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