Commercial auto insurance isn’t just for industrial vehicles like semis or dump trucks. Businesses that use a car or truck to run errands, carry tools, or transport clients might need a commercial auto insurance policy. Commercial auto insurance is a vital component of a business’ comprehensive insurance coverage.
According to the Insurance Research Council, about 12% of drivers are uninsured. Uninsured motorist insurance is coverage that protects you if you’re involved in an accident with someone who does not have liability insurance. If the at-fault driver can’t afford to pay out of pocket for the damages that the insurance doesn’t cover, you’ll be left paying for them — unless you have uninsured motorist insurance.
Commercial Auto Insurance 101
Similar to personal car insurance, commercial auto insurance offers protection for any vehicle associated with business use. Commercial auto insurance provides a variety of coverages for cars, trucks, vans, and other vehicles used by your business. Commercial vehicles require a separate policy because they’re typically exposed to more risk than personal vehicles. The policy provides coverage for vehicles your business owns, leases, or hires. Coverage includes medical bills, lost wages, pain and suffering. In Florida, if a vehicle is used in tasks related to the operator’s occupation or business, other than commuting, a commercial auto policy is necessary.
Commercial auto insurance in Florida requires a minimum amount of coverage. State law requires a minimum of $10,000 in personal injury protection to pay for the medical expenses of your drivers and passengers, as well as a minimum of $10,000 for property damage liability. There are several options that you can add to your policy to create a more well-rounded coverage:
- Hired auto
- Non-owned coverage
- Medical payments
- Collision coverage
- Comprehensive coverage
- Uninsured motorist coverage
At Biscayne Risk & Insurance Group, we assess the risks associated with your work and business and recommend the best options for a complete and comprehensive insurance package.
How Uninsured Motorist Coverage Works
Uninsured motorist insurance pays for injuries and damages that result from an accident caused by a driver who is uninsured. It also protects you and your passengers if struck by a hit-and-run driver. Uninsured motorist insurance is an optional coverage in some states, but mandatory in others. Even if your state does not require uninsured motorist insurance, we strongly recommend adding it to your commercial auto insurance policy. It’s designed to fill in the financial gap between your costs and the other driver’s ability to pay.
If one of these uninsured drivers causes an accident that injures you or damages your property, there will not be any coverage to pay for the damages. An uninsured motorist policy can also protect you if the at-fault driver’s minimum liability insurance doesn’t offer enough coverage after an accident. Vehicle accidents can become increasingly costly, so the best way to prepare yourself and your business against financial distress is by having an extensive insurance policy in place.
Protect Your Business with Biscayne
For many businesses, their livelihood relies on transportation and the use of vehicles to get the job done. Without the appropriate insurance policy, an accident can be detrimental to your business’ wellbeing. Selecting commercial vehicle insurance coverage that meets your business’ specific needs is vital to protecting your business and income. Commercial auto insurance is necessary for Florida and with Biscayne Risk & Insurance Group, we can create the ideal plan for your business’ needs.
Whether you have one vehicle or an entire fleet, we help you protect your business and assets from additional exposures that commercial vehicles bring. Let Biscayne Risk & Insurance Group prepare your business for the unexpected. Contact us today to get started on curating the perfect coverage for your needs.