Any business where employees are operating company-owned vehicles (and sometimes personal vehicles) needs commercial auto insurance. Whether your company has vehicles involved in deliveries, construction, or something as simple as moving workers between different branches, a commercial auto insurance policy is needed to protect yourself against liability claims and loss of vehicles in the event of an accident.
Commercial auto insurance policies can be quite complex, especially if your business operates a large fleet of vehicles in different capacities. Most policies aren’t blanket coverage either. You need to know when and where your business is protected. This is why it’s crucial to speak with a qualified insurance agent before purchasing a policy.
We’ve evaluated some of the top-rated commercial auto insurance companies to see which offered the best coverage for different types of businesses. In this post, we’ll look at what a commercial auto insurance policy is, some of the best insurance companies, and how their policies can be tailored to your business’s needs.
What To Look for in Commercial Auto Insurance Carriers
If you’ve purchased an auto insurance policy for your personal vehicle, you’re probably familiar with most of the terms involved. At a minimum, drivers must carry liability insurance which is broken down into individual bodily injury, total bodily injury, and property damage coverage. A minimum coverage of $20,000 for individual bodily injury, $60,000 for total bodily injury, and $25,000 for property damage are known as a 20/60/25 liability limit.
Bodily Injury Coverage
If one of your drivers receives a citation for an accident, bodily injury coverage pays the medical bills, funeral costs, legal fees, and lost income for the other parties injured. States set a minimum level of coverage that your insurance company must pay out to each injured person and the total amount to be paid out to all injured parties, the first two numbers in the liability limit. You can purchase more coverage to protect yourself if those costs exceed the minimum liability limit.
Property Damage Coverage
This type of coverage pays for any property damage if one of your drivers is at fault in an accident. This could cover damage to another vehicle or a one-car accident involving a fence or a building. It does not cover your vehicle, though.
One way that commercial auto insurance policies differ from personal vehicle insurance is combined single limit liability, with all of these limits rolled into one. A commercial policy could have a million-dollar limit, which would pay for medical bills and any kind of property damage caused by your driver.
Collision and Comprehensive Coverage
If you want to protect your fleet of vehicles, you’ll need collision and comprehensive coverage. The state does not mandate it, but lenders require it on any vehicle you’ve financed. Collision coverage pays to fix any physical or mechanical damage done to your vehicle when your driver is at fault in an accident. Comprehensive coverage pays for any damage incurred when the vehicle is not on the road — theft, fire, hail damage, etc.
Top Commercial Auto Insurance Companies
There are dozens of commercial auto insurance companies offering policies to businesses large and small, and each of them has their pros and cons. These are some of the very best auto commercial auto insurance companies and where they excel.
InsurA is one of the best commercial auto insurance companies in Ohio.
InsurA offers all the best insurance types: liability, comprehensive, collision, and uninsured motorist, along with less common options like loading/unloading coverage should a worker get injured processing your cargo. InsurA’s knowledgable agents will help craft the policy with the coverage you need.
Progressive is consistently ranked as one of the best commercial auto insurance companies, largely due to their market share. They operate in all 50 states and have more commercial customers than just about any other insurance company. Progressive also has a wider array of insurance options, such as coverage for employees that drive their own vehicles, known as ENOL coverage, and policies with unlimited driving range — ideal for long-haul truckers.
Businesses that operate across state lines can expect a very smooth claims process. However, they will only insure 20 vehicles, so they’re not the best option for businesses with a large fleet.
Like Progressive, State Farm is available in all 50 states and has several commercial insurance options available, including ENOL and rideshare coverage. State Farm also has one of the highest customer satisfaction ratings in the business and an easy-to-use claims filing app. To get a quote, though, customers need to speak with a State Farm agent, which makes shopping for the best price a little more challenging.
Nationwide is another company known for its top-notch customer service. They also offer some of the most varied policies, including zero deductible options. Nationwide is not available in every state, though; policies aren’t sold in Massachusetts or Louisiana. Even if their coverage protects your drivers in other states, you’re less likely to have frictionless claims experience if an accident occurs in a state where Nationwide isn’t operating. They also don’t sell policies to cover semi-trucks; they’re better suited for businesses that aren’t involved in heavy cargo transportation.
Many business owners aren’t familiar with Next as they don’t have the massive customer base of Progressive, State Farm, or Nationwide, but they are establishing themselves as one of the best commercial auto insurance providers for small businesses. Unlike some of the legacy insurance companies, Next offers an excellent online shopping experience that allows business owners to customize their policies to fit their needs and keep premiums low.
The downside to that simplicity is they don’t offer as many types of insurance, so they aren’t as well-suited to larger businesses with complex insurance needs.
Get Insured with InsurA
Unlike personal auto insurance, where you might only need to choose a deductible and liability limit, commercial policies are more complex. Every business is different, and each has specific needs that should be assessed by a qualified insurance agent.
InsurA offers commercial auto insurance coverage throughout the state, but if you’re looking for car insurance companies in Columbus, Ohio our office is located in Reynoldsburg, just a short drive away. To learn more about Insura’s commercial auto insurance plan, contact our team at 614-500-4147 or online today!