If your business requires frequent traveling, then a commercial auto insurance policy can offer you a peace of mind but will also make the safety of yourself, your business, employees, and automobiles a top priority. We’ve evaluated the best commercial auto insurance providers based on coverage, financial stability, customer satisfaction, and overall quality.
Next Insurance leverages AI technology to streamline the process to purchase insurance, track claims, and manage policies at no additional cost.
Coverwallet began its journey in New York City in 2015 operating under the Aon Insurance banner. At Coverwallet, you can access everything you need to keep your company well-protected at an unbeatable price.
With a 100-year history of insuring businesses, Hiscox is well-known across America and globally. With more than 500,000 small business customers, Hiscox is fully aware and trained in the unique risks a business can face.
Thimble provides business insurance that can be tailored to your business by the year, month, day, or even the job. At Thimble, the process to getting the right business insurance is simple, scalable, and flexible.
Commercial auto insurance, as the name suggests, covers a multitude of automobiles such as cars, vans, trucks, etc., used for commercial purposes. It not only protects your business against any unwanted damage but also covers instances that might not be typically covered in a personal auto insurance.
This insurance policy, specifically curated for your business, offers coverage for collision, liability damages, and medical bills if you or your employees have suffered or caused physical damage to others. You can add to your employees’ safety and your automobiles no matter if you have bought, rented, or even leased a vehicle.
If you own, rent, or lease vehicles for business purposes, you should consider liability coverage which will save you from financial losses or damages caused to others’ assets. You should consider commercial auto insurance if:
Even if your use your vehicle once a month for commercial purposes, commercial auto insurance can help protect you from landing in unwanted situations.
Commercial auto insurance provides you with the following coverages:
Commercial auto insurance coverage is applicable for any vehicles that you or your employees use for accomplishing business purposes, irrespective of the size. These vehicles include cars, box trucks, service utility trucks, vans, food trucks, fleets, and trailers. However, any vehicle that you are using for personal purposes might not be eligible for commercial auto insurance coverage. Personal purposes can be covered if the insurance provider offers dual auto insurance, which usually comes at a premium.
The cost of commercial auto insurance is affected by several factors including the value of vehicles, their number, and the business purposes. The median cost of commercial auto insurance is $1,704 per year or $142 per month. Also, 44% of small business owners pay less than $1,500 per year for this coverage, as opposed to 22% owners who pay over $3,000 per year.
The average insurance cost per commercial vehicle varies between $900 and $1,200. Besides, you can receive additional coverage for hired and non-owned auto liability, roadside assistance, rental reimbursement, etc., at additional prices.
Are you planning to buy a commercial auto insurance policy for the first time but are confused with a mammoth of options available in the market? If yes, here are the following factors that you should consider when investing in a reliable commercial auto insurance policy:
Many factors including your business’s locale, size of vehicles, and nature of your business play a huge role in determining the right coverage and the associated premium costs. So, weigh your choices and keep the aforementioned factors in mind while deciding for a reliable auto insurance coverage for commercial purposes.