Commercial Auto Insurance Georgia

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commercial insurance georgia

Commercial Auto Insurance in GA - How Much is it?

A growing fleet of vehicles and its increasing prices and value has contributed to the commercial auto industry’s growth in recent years. According to IBISWorld, the industry has had a 5.9% increase in its annual growth from 2014 to 2019, resulting in its total revenue of $46 billion.

What is Commercial Auto Insurance in Georgia

Commercial auto insurance provides coverage to vehicles used in business operations. As insurance business, it covers not only the vehicles but as well as the drivers and the passengers. Business owners policy may include commercial car insurance for one or more vehicles, depending on its coverage. You may look for an insurance company that offers flexible terms that suit your needs.

Business owners must get Georgia commercial car insurance for any vehicles used for business because the personal auto insurance policy does not cover the commercial vehicle. In case of accidents, property damage, injuries, and other related costs are covered by vehicle insurance, helping your business save money. Besides that, commercial car insurance is significantly essential; it is required by law for every business.

There are three parts to every commercial auto insurance coverage.

  • Physical damage insurance. This business commercial insurance covers collision and comprehensive protection.
  • Liability insurance. General liability insurance includes bodily injury or property insurance, unprotected motorist, underinsured motorist, professional liability coverage and property damage coverage.
  • Other coverage. Protecting your business with other coverages like insurance umbrella, homeowners insurance, workers compensation, insurance renters, personal insurance, and collision coverage to cover medical fees, rental reimbursement, towing and labor, lease gap, or auto loan coverage.

What is Covered in a Commercial Auto Insurance Policy

Georgia commercial auto insurance protects various coverages for cars, trucks, vans, and other types of vehicles used by your company. Besides from financial protection, commercial auto insurance protects business owners and employee benefits in case of a mishap on the road. Equipment and merchandise inside the car while in transit are also covered. 

Collision Insurance

In Georgia, regardless of who’s at fault, collision insurance pays for the vehicle’s damage resulting from a collision with another vehicle. Collision insurance is required if your vehicle is leased or financed. 

Comprehensive Insurance

Comprehensive insurance pays for the vehicle’s damage caused by other factors, such as theft, vandalism, flood, earthquakes, fire, or damage from a bird or any animal.

Liability Insurance

General liability commercial insurance pays for insurance workers compensation, bodily injuries and any commercial property destruction to another party if you are liable in an accident. General liability insurance pays all medical expenses and missed wages, all legal expenses if a lawsuit is filed due to an accident.

Uninsured Motorist Coverage

It is a collision coverage wherein it would pay for injuries or commercial property damage if a collision happened between you and the uninsured driver or unknown driver.

Underinsured Motorist Coverage

Defends you against accidents wherein the driver at-fault does not carry general liability coverage to pay for your bills. But if you reside in a no-fault state, each of you will be responsible for your own medical bills, or your insurance commercial auto will cover you.

Options & add-ons

Besides the basic components of this policy, you can customize your commercial vehicle insurance with these coverages.

Roadside Assistance

Protects you from other problems that are not handled under auto insurance commercial auto policy. Roadside policy coverage includes being locked out of your car, dead batteries, and flat tires.

New Vehicle Replacement Cost Coverage

It pays for the cost of replacement of your vehicle with a new or similar vehicle. This policy also covers gap coverage if you owe any amount above your car’s real cash value.

Hired Auto Physical Damage with Loss of Use Coverage

This policy covers general and crash damage to a rented or leased vehicle, the same with contractual commitments to the leasing or rental company.

Auto Loan or Lease Coverage

This type of business insurance pays the remaining outstanding amount on the loan or lease and the vehicle’s actual cash value in case your car is total damage after an accident.

Expanded Towing

Expanded towing covers what is not covered by your regular business auto policy. It also provides towing coverage, jump-starts, and minor roadside servicing.

Rental Reimbursement 

It pays for a rental vehicle up to your coverage limits, so you have transportation subsequent to a mishap.

Medical Fees or Personal Injury Protection Insurance

This insurance business provides coverage for medical payments if your health care insurance or your passenger’s policy does not cover medical costs.

Best Commercial Auto Insurance Cover

According to the National Association of Insurance Commissioners (NAIC) report, the commercial car insurance industry had a total of $40.5 billion in written premiums in 2018. About 42.6% of the total US market comprises the 10 largest insurance groups. Here are the top 10 commercial vehicle insurance providers by premium and market share based on the NAIC’s report.

1. Progressive

The Progressive Group of Insurance Companies provides auto liability insurance and motorcycle/specialty RV insurance in the US. It writes more than 13 million auto policies every year.

2. Travelers

Travelers’ Commercial Auto Policy offers personal, business, and specialty insurance in North America and Europe through agents and brokers. They offer general liability, physical damage, and underinsured and uninsured motorist coverage claims.

3. Liberty Mutual

Liberty Mutual provides a commercial vehicle insurance policy that includes risk control tools.

4. Nationwide Corp

Nationwide is an insurance and financial services company based in Ohio that provides domestic property commercial and casualty insurance, personal injury, personal retirement savings, asset management, life, insurance, and strategic investments.

5. Berkshire Hathaway

Berkshire Hathaway is based in Omaha, a holding business that owns more than 60 subsidiaries. Both of its subsidiaries Berkshire Hathaway GUARD and Gateway Underwriters Agency, offer commercial auto insurance.

6. The Old Republic

The Old Republic Insurance Group specializes in the property and casualty market claims. Six of its 15 specialty companies offer commercial auto coverage insurance.

7. Zurich Insurance

Zurich Insurance Group specialty lines offers business insurance policy that comes with automotive, corporate accident, and business travel. It also provides both conventional and non-conventional motor insurance, which also comes with deductible programs.

8. Auto-Owners

Auto-owners insurance provides business insurance, farm insurance, home insurance, car insurance, and life insurance.

9. Tokio Marine Group

Tokio Marine Group provides domestic life insurance, domestic non-life insurance, international insurance, general liability business insurance.

10. Chubb Ltd

Chubb commercial insurance covers commercial auto, business owner policy, cyber insurance, foreign casualty, management liability, railroad liability, and transactional risk.

Cheapest Car Insurance In Georgia

In Georgia, the rates can differ from insurance company to another. Although the minimum liability insurance is the cheapest way to get insurance, it does not include first-party coverages for your vehicle. The most affordable company for minimum liability auto insurance coverage in Georgia is the Georgia Farm Bureau. Their quote is less than half of the average rate in the state.

Drivers are required to get a minimum liability car insurance to operate in Georgia. However, it may differ depending on the value of your vehicle. The following are the minimum limits in Georgia.

  • Bodily injury liability/person: $25,000
  • Bodily injury liability/accident: $50,000
  • Property damage liability/accident: $25,000

Final Thoughts

If you are considering auto insurance coverage and business owners policy in Georgia, you must know the basic elements of a commercial auto insurance policy. The more you understand about it, the easier it is to compare commercial auto insurance quote and insurance terms to make an informed decision.

What are Covered By Florida Tow Truck Insurance?

The law requires commercial auto and tow truck owners and operators to have minimum liability coverage. As the company owner, you carry the responsibility for the safety of those working for you. You must ensure that they are protected. As much as possible, you should pursue other types of insurance for tow trucks coverage beyond the minimum required to protect your business and personnel against claims. 

You can ask for referrals to find a reliable and knowledgeable insurance agent you can work with. They must be able to explain to you the refinements of a Florida tow truck insurance policy especially those that your particular situation will need. Remember that owners can be held responsible if the company is the cause of physical damage or accident if the car you’ve towed is damaged, and for other instances. 

Your tow truck instance policy should have these specifics:

  • Liability Insurance – it provides coverage for bodily injury or property damage caused by your company to others. You need somewhere from $25,000 to $50,000 coverage in Florida to include pay legal fees which you may also be involved in the claims. 
  • Medical Payment Coverage – if your personnel or you are injured at work, this will cover the medical bills accrued. It is an important Florida tow truck insurance coverage. 
  • Physical Damage Coverage – This coverage is for truck damages. It doesn’t matter who is at fault, with this type of coverage, damages on your vehicle will be covered under this. 
  • Comprehensive Policies – it would also help if you have a comprehensive policy that will provide insurance for other damages not resulting from collisions. It may include events such as fires, natural disasters, or vandalism. 
  • Uninsured and underinsured motorist protection – not everyone is a responsible motorist. Get your company and your personnel protected against other motorists who are not insured or underinsured. 
  • Garage service protection – this type of coverage handles losses due to collisions, theft, fire, or vandalism in a covered garage location. 
  • On-hook insurance – this towing insurance is essential for any tow truck company. In case a vehicle that gets damaged while you are towing it, this will provide coverage for it.  

Depending on the policy or tow truck insurance quotes you choose, the amount of coverage that your Florida towing insurance provides also varies. It will also take into account the deductible amount in relation to your insurance policy. It is crucial that you evaluate the risk surrounding your business, your risk tolerance, and your capacity to pay for damages when choosing a policy for your business. 

Costs of Florida Tow Truck Insurance 

Considering the expenditures and the limited cash flow of your towing business, can you still afford a Florida tow truck insurance? It is not the question that you ask yourself as the owner, rather, you should ask if you can afford to not get such valuable coverage for your business. Before you say it’s too expensive or you cannot afford it, you should first have your trucks, driving records, and your employees evaluated. Your area of operation, type of operation, and your business location are also factors in determining the costs of your insurance premiums.   

How to Find the Best Rates on Tow Truck Insurance Florida

There are thousands of insurance companies offering various tow truck insurance Florida in varying coverage. You can compare rates with several companies to determine which has the most suitable towing insurance plans for your business. Connect with a reliable agent to plan out the coverage essential for you and what your business needs to mitigate all the risks.  

Understanding Commercial Towing Insurance Florida Requirements

Starting a business in Florida does have a lot of gains and advantages. The state is ripe with opportunities and there is a market for almost all types of industries. The economy in this part of the country continuously booms at any time of the year. It is one of the reasons why many businessmen are interested in operating a small business in any of its cities. But before you pursue this endeavor, you must first understand the unique economic and commercial set up in this place. You might be surprised to know that there are some  

If you are thinking about starting up a business in the state of Florida, it’s important to understand the economic standing of the state before you set up shop. Furthermore, you should understand the rules and regulations regarding Florida tow truck insurance quotes and policies. Likewise, understanding the requirements and economic data itself can further help you decide whether it is best for you to start your commercial auto business here.

Tow truck insurance Florida and all other commercial truck insurance needs in the state are regulated by the Florida Office of Insurance Regulation. A worker’s compensation coverage is one of the mandated insurance that they impose on organizations with employees working hourly or salaried workers. On the other hand, those with less than three employees are not required legally to have it. 

Wrap Up

All kinds of businesses in Florida are required in some way to secure their properties and employees through commercial insurance. Tow truck companies face many risks in their daily operation thus it is only right to have the best possible coverage for the equipment, employee as well as third party liabilities. Browse through thousands of tow truck insurance quotes to find the best towing coverage for your business. Make sure that your insurance coverage is enough to protect your company from any eventualities, lawsuits, or claims. Consult with your insurance agent on the best tow truck insurance for your situation and your business. Your agent should be able to explain to you all the ins-and-outs of truck insurance quotes before you decide to pursue their offers.

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