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Florida State has five of the most deadly highways in the U.S. You must be aware of the high accident rates in this state if you drive a business vehicle.
Despite the high rate of accidents, you can protect your company from the damaging effects of such unfortunate occurrences. An fl commercial auto insurance policy for your box trucks, trailers, and other business vehicles is fundamental.
This article will provide an overview of the critical components of Florida commercial auto insurance and review some leading insurance providers and brokers offering the best deals.
What is Commercial Auto Insurance?
It’s a policy that will cover property damage or bodily injury that your owned, non-owned, or hired vehicles may cause.
It also covers any injuries that underinsured motorists cause. Having good coverage on your side provides the needed security your business requires in case of an unexpected incident.
Who Requires Commercial Auto Insurance?
In Florida, all businesses that have vehicles require a commercial auto insurance policy. Some of the businesses that need this indispensable policy include:
Business Owners
If you own a business that transports goods, makes deliveries, or provides other services, you need the best commercial auto insurance in florida. Regardless of the type and size of your business, this insurance is intrinsic to help pay off all liabilities after an accident.
Commercial Truck Drivers
Trucking companies that haul goods in Florida must also have valid insurance coverage. Accidents are unpredictable whether you operate locally or across state lines, you need insurance coverage to pay for vehicle repairs and any third-party claims.
Delivery Services
Suppose you operate a food delivery service, courier service, or any business that needs regular transportation of goods from one area to another. In that case, you will require commercial car insurance Florida for all your delivery cars.
Contractors
Plumbers, landscapers, or electricians often use vehicles to transport equipment or tools to the job sites. A good policy is fundamental to safeguard your vehicles from any potential liabilities.
Auto Accident Statistics in Florida
There were 1,050 accidents per day on average in Florida for the 2022 reporting period done by the Florida Department of Highway Safety and Motor Vehicles. There were also 9 fatalities and 668 injuries every day on average.
Florida is classified as a no-fault state, and each driver must have personal injury protection cover; this ensures that all medical costs for passengers, drivers, or employees’ injuries are covered without considering the driver responsible for the accident.
Florida Commercial Auto Insurance Requirements
All vehicles in Florida must carry a minimum auto liability insurance coverage limit. The limits are:
- $10,000 for personal injury protection
- $10,000 for property damage liabilities
A Florida commercial auto insurance company can suggest you obtain a higher liability coverage limit based on the number of vehicles you own and the nature of operations.
In addition, you must include personal injury protection (PIP) coverage to cover all medical costs. PIP is classified as a compulsory part of your vehicle insurance requirements.
Depending on the kind of vehicles and how they are operated, semi-trucks and other vehicles that have a unique U.S. Department of Transportation of Florida serial number can be subject to additional liability coverage requirements.
Who Regulates Commercial Vehicle Insurance in Florida?
Florida Office of Insurance Regulation (OIR) regulates commercial auto insurance in this state. This agency oversees and regulates various brokers and companies. They perform several roles, such as:
- Licensing and compliance–Ensure that all insurance providers and brokers in Florida meet the minimum requirements stipulated by the state laws. They help to eliminate all unlicensed insurance operators in the state
- Rate review–They critically review all rates imposed on policyholders to ensure they are reasonable
- Financial regulation–Ensure that providers or brokers have sufficient funds to cater for a company’s financial obligations. They check financial statements and implement measures to protect all policyholders
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Components of Florida Commercial Auto Insurance
Business car insurance Florida comprises numerous components that cover distinctive aspects of your business’s vehicle operations. The components of this insurance include:
Liability Coverage
This is a compulsory component that every business vehicle must possess. It offers coverage for property damage and bodily injury that your company might be legally responsible for after an accident involving your vehicles. It helps to pay for medical costs, settlements, or property repairs.
Personal Injury Protection (PIP)
This is another mandatory coverage for your motor vehicles in Florida. It offers coverage for all hospital bills, lost income, or the driver or passengers’ funeral costs. This coverage does not consider who is at fault during the accident, which means it will provide coverage even though your driver caused the accident.
Collision Coverage
If your business vehicle hits a physical object or vehicle, the collision coverage will cover repair and replacement costs. However, this policy will not cover incidents like fire or vandalism on your car.
Comprehensive Coverage
Pays for all damages on your insured commercial vehicle not caused by collision events. It covers various riks, such as falling objects, fire, vandalism, or natural disasters. You must check the events your insurance company covers, as some companies exclude some events.
Medical Payments Coverage
Pays for the hospital bills of the passengers, drivers, or employees in the vehicle when the accident occurred. It will cover all medical expenses regardless of who is at fault for the accident. You will be compensated for all ambulance, surgery, or medication fees.
Non-Owned Auto Coverage
This coverage will offer protection if an accident occurs when using such vehicles. It can cover damages or legal fees that result from an accident that involves all non-owned vehicles.
Hired Auto Coverage
Hired auto coverage will apply if your company rents or leases cars for business purposes. It will offer liability coverage if an accident occurs when using these rented or leased vehicles.
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Florida Commercial Auto Insurance Cost
Premiums for a $1 million auto liability coverage is $29 per month or $348 per year. The cost of Florida commercial auto insurance will vary depending on various factors, such as’
- Coverage limits
- Deductibles
- Vehicle type
- Business operation
- Track record in driving
- Number of vehicles
- Vehicle usage.
Best Florida Commercial Auto Insurance Companies
NEXT
NEXT is a company that values a digital approach when securing fl commercial auto insurance policies. NEXT has been verified by AM Best rating and has a score of A- and approved by Better Business Bureau.
Other policies you can purchase from this company include general liability, workers’ compensation insurance, cyber liability insurance, and more.
Average cost: $13 per month
Our rating: 10/10
Pros
- Best overall
- Issues an online proof of insurance instantly
- Fastest fl commercial auto insurance
- Great customer service and reputation
- Excellent rates
- Outstanding value for money
- Get a 10% discount if you buy two or more policies
Cons
- Couldn’t find any
The Hartford
The Hartford’s Due to their reliability, AM Best rates them at A- which guarantees they can handle all claims on time and professionally.
In addition to your commercial auto insurance, you can include other policies such as business owner’s policy, workers’ compensation, cyber liability, tools and equipment insurance, and more.
Average cost: $15 per month
Our rating: 10/10
Pros
- You can file for your fl commercial auto insurance online
- Seniors who are members of AARP can enjoy unique benefits
- An experienced insurer who has been offering products for many years
Cons
- Has an online quoting tool but you may need to speak with an agent
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CoverWallet
CoverWallet works with top insurance players, such as Hiscox, Markel, and Progressive. You will not incur any broker fees when purchasing commercial auto insurance from this brokerage firm. You can also select a provider who perfectly aligns with your budget, costs, and needs.
Average cost: $17 per month
Our rating: 10/10
Pros
- You can request fl commercial auto insurance quotes without necessarily being forced to purchase a policy.
- Freedom to select from several top providers
- Acquire low-cost insurance policies that fit your budget
- Their policies are very flexible
Cons
- Other parties underwrite their policies
Tivly
Tivly has built something unique for small businesses. They act as an intermediary between reputable providers and business owners. On this marketplace, you are connected with your ideal carrier, who can comfortably offer policies per your budgeted costs and unique risks.
You can also learn more about various insurance policies through their online resources.
Average cost: $21 per month
Our rating: 9/10
Pros
- An insurance marketplace with more than 200 insurance carriers
- They have an impressive match-making process that connects you with an ideal provider
Cons
- Relies on third-party insurance policies
Thimble
Thimble is known for offering short-term policies for many industries. Their policies have so many add-ons, which ensures you get comprehensive coverage.
They offer other indispensable policies such as workers’ compensation, property insurance, professional liability, and cyber liability insurance.
Average cost: $23 per month
Our rating: 9/10
Pros
- Offers on-demand and long-term coverage options
- Small enterprises can enjoy so much flexibility in their coverage
- Educate businesses on how to manage policies using their online resources
Cons
- Their customer support team is not accessible through a call
Hiscox
Hiscox is an excellent choice for fl commercial auto insurance. They tailor your policy to include several components, add-ons, and sufficient policy limits.
They also offer incredible insurance policies such as tools and equipment insurance, cyber liability, BOP, cargo insurance, workers’ compensation insurance, and general liability insurance.
Average cost: $26 per month
Our rating: 9/10
Pros
- An experienced company with an excellent ability to settle even high claims
- Offers multiple discounts on their insurance products
- Obtain worldwide coverage for your business vehicles that operate across the state lines
Cons
- Some of their policies are restricted to certain states
