You as the named insured and anyone else using a covered auto with your permission are covered (there are some limitations).

Bodily injury and property damages cover your legal liability for bodily injury to others or damage to property of others arising out of your activities involving autos.  

Medical payments provide coverage for all occupants of the auto for reasonable medical expenses that result from an accident.  Payment is made regardless of the legal liability.  Broader provisions apply to named insureds.

Uninsured and underinsured motorist coverage provides damages you are legally entitled to receive from an uninsured or hit and run motorist.

Physical damage covers against collision and comprehensive damage to your autos scheduled on your policy.

Collision Coverage covers collision with another object, upset and overturn.

Comprehensive Coverage includes but is not limited to fire, lightning, explosion, bird or animal, glass breakage, theft, fire, earthquake, windstorm, hail, vandalism, malicious mischief and flood.

Non-owned and hired coverage protects your legal liability for bodily injury to others or property damage caused by an accident in a non-owned or hired automobile.

Your deductible is what you pay before the insurance company begins paying.

Warning - Make sure you report all vehicles you purchase.  If you use your vehicles in the "garage business, livery or to haul for hire", or "trucking business", you may have no insurance.

You must name your employees on your policy.