If you’ve looked through your Business auto policy, you’ve probably noticed on the dec pages that certain numbers, or ‘symbols’, indicate your auto liability coverage.
The most common symbols are 1, 7, 8, and 9, but in-all they run 1-9. Below is a very brief explanation of the different symbols…
|Symbol 1||Covers your liability for any auto. It’s the symbol that provides the broadest coverage and provides the most benefit to the insured.|
|Symbol 2||Covers your liability for any owned auto. Regardless of whether or not the auto is listed on the policy, if the business owns the car, there’s liability coverage.|
|Symbol 3 & 4||Indicates liability coverage for ‘owned private passenger autos’, and Symbol 4 applies to ‘other than private passengers autos’. Symbols 3 and 4 are pretty uncommon and relate mostly to niche industries.|
|Symbol 5 & 6||Applies to states that enforce ‘no-fault’ law, and likewise, symbol 6 applies to states that require compulsory uninsured motorist coverage. Since Texas doesn’t uphold these statutes, both symbol 5 and 6 aren’t relevant in Texas.|
|Symbol 7||Indicates liability coverage for autos specifically listed on the policy. If you have symbol 7, you need to tell your agent whenever you buy a car, otherwise it won’t be listed on the policy, and a liability claim may not be covered.|
|Symbol 8||Indicates ‘hired auto’ coverage. If, as a business owner, you or your employees hire a rental car, symbol 8 indicates that you have liability coverage.|
|Symbol 9||Indicates ‘non-owned auto’. If your employees use their car for work purposes, cause a wreck and injure people, you’re covered for that liability.
(At our agency, we’ve personally seen million dollar claims picked-up by this very valuable coverage)