Commercial Auto Liability Insurance Miami FL
Secure your business vehicles with commercial auto liability insurance from the highest-ranking US insurance carriers.
get a free
What is Commercial Auto Liability Insurance?
Commercial auto insurance comprises liability, comprehensive coverage, and collision risks to a business. Simply put, commercial auto liability insurance helps companies to cover costs in the event of car wreckage or vehicle loss. Any organization that owns that hires employees as drivers or owns vehicles possesses a financial interest in the employment of those vehicles. Hence, auto insurance safeguards that interest and applies to the commercial auto liability that may arise after theft, wrecks, and other problems associated with company cars. Without an exhaustive insurance policy, your business may be left alone to deal with the repairs, resulting in a severe financial strain.
Which Businesses Require Commercial Auto Insurance in Florida?
Any company in Florida that uses automobiles for commercial purposes would benefit from commercial auto insurance Miami, whether it’s a single vehicle or a collection of cars under business ownership. A commercial auto policy shields you and your vehicle if you were to come across an accident while completing work-related tasks. Any vehicle owned by you that is used solely for commercial purposes needs to be covered by commercial auto insurance, whether it’s a pick-up truck, a refrigerator truck, a crane, or a whole fleet of flatbed trucks, tractors, vans, and cars.
What Does Commercial Auto Liability Insurance Cover?
The best commercial auto insurance covers all the costs pertaining to accidents involving company-owned vehicles. These costs comprise medical bills, legal expenses in case you’re sued, and vehicle damage. Some insurance companies also provide coverage for vehicle vandalism, theft, and other types of damage to the property. The insured entity has the option of adding additional types of coverage they deem necessary for their vehicles, such as security from a collision. Furthermore, personal injury protection insurance (PIP) is another useful add-on that caters to medical payments after an accident. Other forms of coverage include comprehensive physical damage coverage, combined single limit, bodily injury liability coverage, and more.
Why is Commercial Auto Insurance Integral For Businesses?
The absence of auto insurance Florida can lead businesses towards legal and financial turmoil. In Florida, if you’re a business that owns vehicles for commercial use, then it is vital for you to have auto insurance, even if you don’t have other types of commercial insurance. The reason for this is that if your vehicle ends up in an accident, you could be liable to a costly settlement or lawsuit. Not only would you be required to pay for harm to another individual’s vehicle, but you’d also have to pay for their medical bills, pain, lost wages, and other such costs.
What is the Difference Between Commercial and Personal Auto Insurance?
As discussed above, general liability insurance is required for coverage from third-party injuries, damages, personal liability, and advertising injuries. In contrast, professional liability insurance protects from disputes arising from the standard of professional services. While the two types may sound the same, it is vital to understand their differences.
What Additional Coverage Options Are Available in a Commercial Vehicle Insurance Policy?
Operating a business is like navigating through a maze while being blindfolded. Several things need to be checked and maintained while running a business, but with the right type of support and assistance, navigating around this challenging maze can be a little less burdensome.
What is Commercial Auto Insurance?
Commercial auto insurance is used to ensure the protection of business-owned vehicles. This policy protects a business’s auto vehicles from damage by covering any medical or legal costs required due to an accident, collision, weather, or theft. business-owned vehicles include food trucks, company cars, and commercial vans. It offers coverage and reparations for damage caused to the business-owned vehicle, injuries sustained by the employee while using the car, and damage to a property or another person.
One can employ an auto insurance Florida policy when they use a business-owned vehicle to provide business services to a broad audience.Below are a few examples to help you better understand where you can employ an auto-commercial insurance liability in your business to scale out maximum benefits for your business.
Coverage Options For Auto Commercial Liability Insurance
Commercial auto liability insurance can provide reparations for collision damage, physical damage, liability damage, and damage to the vehicle and looks out for all the medical expenses involved for the injured.
The coverage provided by this insurance policy can be divided into two broad domains, including physical damage coverage and liability coverage.
Physical damage coverage involves collision loss coverage and comprehensive loss coverage. Collision loss coverage ensures any damage caused by an accident. At the same time, comprehensive loss coverage protects from damage caused by theft, weather, or any cause other than collision.
Liability coverage is further divided into property damage and bodily injury coverage. Property damage coverage protects someone else’s property from damage caused by your side. In comparison, bodily injury coverage protects its customers by handling medical expenses or looking out for physical injuries from any injury. Other coverage options include combined single limit, medical pay coverage, personal injury protection, uninsured motorist coverage, and underinsured motorist coverage.
Combined single limit is an overall combined limit comprising both the property damage and physical injury coverage.
Medical pay coverage is exclusively designed to handle all the expenses related to medical fees, funeral fees, etc., for everyone involved in the accident.
Uninsured motorist coverage pays for reparations caused when a vehicle is damaged or a person is injured by an uninsured driver.
Underinsured motorist coverage insures coverage of your medical bills when the accident is caused by a person who doesn’t have insurance to cover your costs.
Rental car reimbursement assists you in financing the cost of a rental car if your insured business vehicle is not functioning due to an issue covered by the policy.
Gap protection. Gap insurance funds you to fill in the gap of your loan or lease amount, when it is more than the value of your work vehicle.
Roadside assistance insurance can cover the cost of a tow, jump start, and other services if the insured vehicle you use for business has stopped functioning due to some mechanical issue like a flat tire or a battery failure.
New vehicle replacement might assist with covering the cost of a new, equivalent car if your work vehicle is damaged and unable to function anymore.
Understanding How An Auto-Commercial Vehicle Policy Works
The commercial auto insurance policy works similarly to the conventional personal auto insurance policy. The only difference is that the auto insurance policy is designed for business use and works by managing company vehicles, delivery trucks, and cars. Other than that, it ensures company vehicles and the safety of others’ properties in case an employee of the company is involved in an accident.
This insurance policy provides additional coverage for your work vehicles by paying for vehicle repairing or buying a new car if you attain bonus coverages like comprehensive and collision insurance.
Why You Need An Auto-Commercial Vehicle Insurance
If you don’t have commercial vehicle insurance, your business will be responsible for covering accidents and automobile damages affecting your work vehicles. Suppose you or a worker suffers injuries in a collision involving a company vehicle without insurance. In that case, you may be liable for expenses such as medical care and legal costs. Moreover, catering to the injuries and damages sustained by passengers of other vehicles will also be your obligation.
Commercial auto liability insurance provides collision and comprehensive protection, which aid in financing the repair or replacement of your company automobile in situations like car crashes, burglary, theft, fires, floods, adverse conditions, and animal accidents. Finding the best commercial auto insurance company that suits your business’s needs and demands is crucial to running a successful business. With the help of our richly experienced and skilled insurance experts, possessing a diverse skill set in the field, GGA Insurance Group works with companies to provide them with perfectly tailored auto-commercial liability insurance policy terms for their business!
How Can Commercial Auto Insurance Help You Protect Your Employees?
Generally, businesses pursue worker’s compensation policies to safeguard the interest of employees but the same can be done through commercial vehicle insurance as well. If your employees are engaged with the use of company vehicles on a regular basis, you can add them to your vehicle auto policy.
In addition, you can also list them as permissive users. This category is suitable for those employees who don’t drive business vehicles daily but are required to complete vehicle-related tasks from time from time to time. It is vital to understand that workers commuting to and from the business premises in their own vehicles do not come under the protection of auto insurance policy. In case your employees use their vehicles for business, you can list them under non-owned vehicle under the commercial policy to. This way the insurance company will cover their expenses if they get into an accident while working.
What is the Importance of Keeping a Clean Driving Record For Business Auto Insurance?
A clean driving record can be your key to save some bucks from your commercial vehicle insurance premium. While arriving at the premium cost for a business, insurance companies consider the driving record of their drivers. The greater the frequency of accidents and misconduct, the greater will be the total insurance cost. To avoid this, you can encourage your employees to practice safe driving regulations or enroll in a driver training program. Some companies even award bonuses to drivers with clean driving records to incentivize safe driving behavior. This way you can boast a stellar driving record, decrease accident statistics, and enjoy low insurance prices.
speak to our experts today
Contact our GGA team today for your no-obligation analysis & consultation.
Types of Businesses That Can or Can’t Apply For Commercial Auto Insurance
There are numerous businesses whose operations consist of the use of vehicles such as uber drivers, taxi drivers, delivery drivers, or independent contractors. Lets look at which of these professions can opt for auto insurance.
Ride-sharing apps, namely Uber or Lyft can apply for commercial auto liability insurance. However, the cost of insurance for all such apps or businesses varies from the other. Some common factors that an insurance company takes into account are age, model, and the body of your vehicle, its claims history, and driving records.
The limit these businesses select, and the deductibles may also alter the final insurance cost. Meanwhile, rideshare insurance can be an excellent option in place of commercial auto insurance for such businesses. Rideshare insurance can be supplemented to your personal auto insurance or purchased separately and is also much more cost-effective.
Taxi drivers, too, can find ample coverage with the help of commercial auto insurance Florida. However, for them, the process is much more complicated. This is because of the various types of risks that are involved in taking your customer from one destination to another.
Once the customer is in your vehicle you fall under the commercial auto insurance of the company you’re working for. However, it is also expected of you to have a certain level of security through your personal policy before obtaining coverage from the company. An insurance company can help you figure this out in more detail.
The risks involved with the job of a delivery driver are significantly individual, making it hard to find suitable coverage for them under commercial auto insurance. Adjustments can be made, however, if an individual is working for a grocery store, restaurant, or another business of a similar type. In such cases, the owner of the business can buy hired and non-owned Florida commercial auto insurance for employees to keep them safe from commercial auto liability. If you’re a food or product delivery company, you can also communicate with your auto insurance agent about expanding your coverage terms.
Independent contractors can purchase commercial auto insurance Miami for protection from financial loss from an accident while driving a business vehicle for work purposes. Whether you’re a self-employed business or a company, all states require mandatory coverage of vehicles purchased for business so you may be able to reimburse someone in the event of an accident from such vehicles.
A personal auto insurance policy would fail to protect the self-employed if they use their personal vehicles for commercial purposes. If this is the case, then you can consider purchasing hired and non-owned auto insurance for some sort of protection from common lawsuits.
How Can GGA Insurance Group Help You Get Covered?
Getting the best commercial auto insurance is imperative for the smooth operation of functions such as client meetings, hauling equipment, and delivering services. Simply buying personal auto insurance could lead your business into a huge financial crisis.
GGA Insurance Group can help your business in Miami, Florida if you want to buy commercial auto insurance without spending a fortune. Our team of adept insurance agents can assist you with personalized services at market-competitive rates so that your business can be securely covered according to its unique needs and requirements. At GGA Insurance Group we have built trusted relationships with countless insurers of different types and sizes. We can tap into your distinct offerings so that you can explore a comprehensive spectrum of commercial auto insurance policy options. Contact us today and save money on your auto insurance policy without compromising the coverage.
Frequently asked questions
Florida commercial auto insurance is a mandatory obligation for all businesses in Florida. Not only that but all states except Virginia and New Hampshire demand auto insurance for commercial activities. As for states where it isn’t a legal requirement, business owners can still be held accountable for accidents and the damages they cause.
Each state has a different set of rules for minimum coverage in case of bodily injury or property damage liability. All-in-all you must have enough coverage to be able to compensate a third-party individual if you’re found liable for an accident. Failure to meet this amount can create excessive financial penalties for the business.
Adding auto insurance Florida after some time is effortlessly achievable with the help of our insurance agents. In contrast, if you wish to cancel your policy soon after buying it you may have to pay a greater amount for coverage after a while. Moreover, your business becomes prone to potential risks.
Commercial auto insurance Florida covers all cars that are used for commercial use such as cargo vans, limos, taxis, buses, SUVs, pickup trucks, light duty trucks, and other vehicles covering the same purpose. Their risk factor is determined by evaluating the number of miles they travel and how they’re used, to arrive at the coverage amount.
The first mandate of Florida law for commercial drivers is to have a $10,000 Personal Injury Protection to reimburse injury costs resulting from wrecks. Another requirement is to buy a $10,000 Property Damage Liability to cover the cost of property damage arising from accidents that were your fault.
While there is no objection to using your personal vehicle for work, it is vital to note that a personal auto policy would not be able to cover expenses originating from an accident while you were conducting work-related tasks. Hired and non-owned auto insurance poses as a remarkable alternative here.
Modern safety features can alleviate the chances of accidents and vehicle theft, making your business a low-risk client. This means that you will be allocated low insurance premiums, as a result. Some updates that can help you promote safety are GPS tracking, anti-theft systems, and airbags.
Increasing your deductible amount can result in lower monthly premiums. However, before doing so it is essential to find an equilibrium between risk and affordability. Too high of an amount can increase financial strains on the business. Contrastingly, extremely low deductibles can cause you to pay higher insurance premiums than needed.