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Commercial Vehicle Insurance Tips

If your business owns or uses a car, truck, van, or other motorized vehicle, you need to purchase commercial vehicle insurance. All vehicles on the road are susceptible to collisions, theft, vandalism, or other forms of damage; should one of your vehicles be involved in an accident, commercial vehicle insurance will cover the cost of any injuries, property damage, or claims that your business would otherwise be held financially responsible for.

Why You Need Insurance

You may believe that your and your employees’ personal auto insurance is enough to protect your business in case of an accident. If you have a fleet of trucks or other vehicles that are registered to your business, they will not be covered by your personal auto insurance. Nor will your personal insurance cover your or your employees’ personal vehicle during the times it is used for business purposes.

  • Should your delivery driver be involved in an accident while delivering pizzas, their insurance company may refuse to pay and insist that your business be held liable for damages. If you don’t have commercial vehicle insurance, you could end up paying out of pocket.
  • According to the National Highway Traffic Administration (NHTA), 43,000 or more of Americans die due to severe car accidents and approximately 2.9 million people suffer from injuries every year.  The financial toll that a severe accident can take on your business is huge.

What Insurance Covers

Commercial auto insurance covers all of the vehicles in your business’s fleet. It covers the cost of property damage that can result from a collision, act of vandalism or other cause of damage. If an employee or a bystander is injured in an accident with one of your vehicles, their medical costs are also covered by your commercial vehicle insurance.

Some businesses, such as couriers, delivery companies, and manufacturers, primarily utilize a fleet of trucks. These businesses have the option to purchase commercial truck insurance. Around 500,000 commercial trucking accidents occur every year in the US, and about 5,000 of these are fatal (Legal Info). Under commercial truck insurance plans, businesses that utilize trucks of all sizes from big rigs to pickup trucks have coverage for their vehicles.

Get more questions answered in our Auto Insurance Buyer’s Guide.

Pricing

The price of commercial vehicle insurance varies depending on location, the size of the fleet, the type of vehicles covered, and the age of the vehicles. You can lower your premiums by setting a high deductible – but be sure that it isn’t more than you can afford to pay in the event of an emergency. As with private auto insurance, you can reduce your premiums if your drivers have good driving records and training.

Purchasing a commercial policy for your entire fleet of vehicles is a cost-effective way of providing coverage for your business’s assets. Be sure to shop around before settling on a particular commercial vehicle insurance policy. Many companies can bundle your commercial vehicle insurance into a business owner’s policy along with your property and liability insurance.

Check our buyer’s guide for more information on insurance pricing.

Get the coverage you need by properly assessing your vehicles, cargo, and drivers to be sure that you and your drivers are covered by the right insurance policy in the event of an accident.

If you're looking for commercial vehicle insurance you may want to consider purchasing fleet management software.