BUSINESS AUTO INSURANCE EXPERTISE 

HOW DO I KNOW IF I NEED COMMERCIAL AUTO INSURANCE? 

Deciding whether your business needs commercial auto insurance largely depends on the type of vehicles your employees use and how those vehicles are used to complete work-related tasks. Other factors to consider are:

• The ownership of the vehicles being used for business
• The type of use for the work vehicles such as transportation of people, goods, etc.
• The limits needed to adequately cover the business’ risks.

IS COMMERCIAL AUTO INSURANCE REQUIRED BY LAW? WHAT IS THE PENALTY FOR NOT HAVING BUSINESS AUTO COVERAGE? 

Federal law requires businesses to have commercial auto insurance if a company’s vehicle is being used to complete work-related tasks across multiple states. States also maintain their own auto insurance regulation. Check with our team at Biscayne Risk & Insurance Group to make sure you know about the requirements in your state.

Businesses that do not comply with state or federal insurance requirements could be subjected to fines and penalties from state law enforcement or the Federal Motor Carrier Safety Administration. The fines and penalties can vary depending on the violation and the number of infractions. It’s important to always be in compliance to avoid any disruptions to your business operations.

WHAT ARE SOME NOTABLE AUTO RISKS?

It’s estimated that around 6 million car accidents happen every year in the United States. That’s 6 million reasons to make sure your vehicles are adequately insured. These are the most common type of accidents:

Windshield damage – Spending a lot of time on the road means that there’s a higher chance an accident could happen. Windshield damage is one of the most common types of accidents. It’s not unusual for a dump truck carrying gravel to hit a bump and send a rock flying down and hitting your windshield. However, it’s an easy fix when you have comprehensive coverage for your work vehicles.

Rear-end crash – You’ll want to have collision insurance when your work vehicle is involved in an accident where you hit the back of another vehicle.

Parked vehicle damage – Collision coverage is a good option for covering knicks, scrapes, and other damage that can happen to your vehicle when it is parked. However, a hit-and-run would most likely fall under uninsured motorist coverage. If you’re not sure which coverage you need, feel free to reach out to a team member by clicking here.

Hail damage – Weather damage can be just as unexpected as other vehicle accidents. If your vehicle incurs hail damage you should have no problem repairing it with comprehensive business auto insurance coverage.

Car crash involving one vehicle – This involves your vehicle veering off the road, hitting a tree, or rolling over. In these instances, it could be a mechanical failure. If not, collision coverage will be needed to repair the damage to your vehicle.

Multi-vehicle crash – A multi-car crash can occur on interstate or less populated roadways. It happens when one vehicle slams into the back of another and a chain reaction occurs in which multiple vehicles hit each other. This can be a difficult situation for pointing out the cause of the crash, but collision coverage can be a big help in this situation.

Vehicle theft – No one wants to walk outside and discover that their vehicle has been stolen. However, if you have comprehensive coverage, you will most likely receive the amount of the vehicle’s value (minus the deductible). This coverage will have you back on the road and continuing the operation of your business sooner rather than later.

WHAT IS NEEDED TO OBTAIN BUSINESS AUTO COVERAGE AND WHAT DOES IT COVER?

It’s easy to get business auto coverage from Biscayne Risk & Insurance Group. Simply contact us to get started. One of our team members will help you obtain the right policies that give your business the best protection.

Business auto insurance covers:

Liability insurance – Pays for fees related to injuries and damage to property if an employee is at fault. This also includes money for legal expenses if litigation becomes necessary.

Collision insurance – Pays for damage to your company’s vehicle if an accident occurs.

Comprehensive insurance – Pays for damage to a company’s business when theft occurs, weather damage, vandalism, or fire.

Uninsured motorists coverage – Pays for damages related to injuries or property damage of employees when an accident occurs and is caused by another driver that does not have insurance.

Underinsured motorist coverage –  Pays for damages related to injuries or property damage of employees when an accident occurs and is caused by another driver that does not have adequate insurance.

HOW DO I GET BUSINESS AUTO INSURANCE IN FLORIDA? 

It’s recommended and sometimes required (state laws differ) to have business auto insurance for any car, truck, van, or other vehicles that you will use for work purposes. Some states require business auto insurance whether it’s a personal vehicle that you use for work purposes or a dedicated work vehicle. These types of businesses will benefit from having business auto insurance: home car wash business, car rental, auto repair, limousines, food trucks, delivery services, moving companies, taxis, trucking services, locksmiths, child care services, religious service vehicles, beach services, etc.

HOW MUCH DOES BUSINESS AUTO INSURANCE COST? 

The cost of business auto insurance is determined by several factors:

• History of claims
• Number of vehicles that need coverage
• Vehicle stats (make, model, and year)
• Cost of a new vehicle
• Driving record of employee drivers
• Vehicle’s intended purpose and use

Contact our team at Biscayne Risk & Insurance Group to learn more about what our business auto insurance may cost your business. We can also supply you with a quote!