Commercial Auto
Coverage for your business vehicles will continually allow you to transport goods, complete service appointments, and serve customers in the community. Commercial auto insurance helps cover individual vehicle use as well as specific risks that come from commercial vehicle use. This insurance policy will protect you from financial ruin, bodily injury, property damages, and other vehicle risks.
If you want to limit liabilities associated with business operations and driving, you will need to shop for different insurance coverages and policies. These policies will cover those driving the vehicles and the vehicles themselves.
Why You Need Auto Insurance
If you use vehicles, box trucks, or service vans for your business, you will need commercial auto insurance. While it is often a legal requirement, auto insurance is crucial to keeping your business in operation. If you are at fault for accidents, your business could be held liable for large financial obligations like hospital bills, disability payments, or vehicle replacement. Auto insurance keeps you from paying high amounts out of pocket or the suspension of your business license.
Commercial auto insurance provides coverage for all your employees who are operating vehicles. Commercial insurance will cover employees’ injuries and property and injuries for another party while on the job. Commercial coverage can cover bodily injury, vehicle replacement, property damage, personal injury, rental car payments, and more.
Who Can Benefit From Commercial Auto Insurance?
Any industry that is using a vehicle for work-related purposes should consider commercial auto insurance. Industries and businesses that can benefit from coverage include:
- Delivery services
- Contractors
- Construction industries
- Trucking companies
- Rideshare or transportation
- Landscapers
- Real estate companies
- Companies with traveling employees
- Small business owners
- Electricians, plumbers, or HVAC companies
Hear What Our Clients Have to Say
Types Of Coverage
Just like any other insurance policy, there are sub-levels that you may need to pay extra for. These different types of coverage cost more because it may require the insurance company to pay more if you get in a specific accident. Here are the common types of coverage that are under the umbrella of commercial auto insurance.
-
- Liability Insurance: Covers bodily injury and property damage that is caused by one of your drivers.
- Collision Coverage: Pays for repairs to the vehicle that was damaged in an accident. No matter who is at fault, collision coverage will help repair the vehicle.
- Uninsured/Underinsured Motorist Coverage: Protects your business vehicle from those who lack adequate insurance. This policy will pay for the damages and medical bills caused by an uninsured motorist.
- Medical Payments Coverage: Specifically covers injuries and medical expenses that resulted from an automobile accident.
- Cargo Coverage: Best for businesses transporting goods or products to other businesses. Cargo coverage will protect these products and help replace them if lost during transport.
Influences On Cost Of Commercial Auto Insurance
It is hard to pinpoint a price for commercial auto insurance as it will depend on the state you live in, the size of your business, and what premium you are willing to pay. Typically, customers can expect to pay anywhere from $500-600 a month. Some businesses have higher risks than others (electricians or contractors) which means it will cost more for an insurance company to cover. The more liability you have, the higher your monthly cost will be. The load of company vehicles can also impact your insurance coverage. If you have expensive products or a large amount of items, you could be paying more than another company that delivers food or flowers.
Bundle Policies
The best way to save money on any type of insurance is to bundle different policies and coverage types. If you seek multiple policies from one company, they may be more likely to give you a discount. If you bundle commercial auto insurance with others like general liability, workers’ compensation, or other enhanced coverages.
Bundling options together will help you qualify for additional benefits and give companies the option to provide you with a lower rate. Because you are spending more money to have multiple policies with an insurance company, they are more likely to take the risk of insuring your company.
Working With An Insurance Broker
Tower Insurance Brokers works with many insurance companies in Idaho and nationwide to help you find the best option for your business. While some insurance options claim to offer the best coverage, you may need a niche offering that some large companies don’t offer. Our experts will help you find a company that covers vehicles, property, products, and drivers all together. Tower Insurance Brokers helps all industries to have peace of mind and find the best insurance bundle for longevity.