Florida State has six of the most deadly highways in the U.S. as reported by NHTSA. 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. A commercial auto insurance policy for your box trucks, trailers, and other business vehicles is fundamental. A commercial auto policy covers all liabilities and injuries related to an unforeseen accident. It cushions your business venture from going bankrupt as a result of expensive lawsuits.
With the advancement of technology and the introduction of digital spaces, it is now possible to obtain commercial auto insurance online. 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.
No matter what type of business you set up, there is a high probability that your customers will be spread in different counties in Florida. Thus a commercial vehicle is paramount in running the daily operations of your business. Commercial auto insurance will cover all the unique risks of your business vehicles.
This policy 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.
In Florida, all businesses that have vehicles require a commercial auto insurance policy. Some of the businesses that need this indispensable policy include:
If you own a business that transports goods, makes deliveries, or provides other services, you need commercial vehicle insurance Florida. Regardless of the type and size of your business, this insurance is intrinsic to help pay off all liabilities after an accident.
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.
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.
Construction companies who own a single truck or a fleet o vehicles also need business auto insurance Florida. This policy will cover your vehicles as you transport materials or equipment to various job sites.
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.
Transportation services companies such as taxis, ride-sharing, or limo services must protect drivers, passengers, and vehicles from unfortunate accidents.
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.
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. Also, 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.
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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
Consumer protection–They conduct investigations of disputes or complaints that may arise between insurance companies and policyholders and take the necessary action against all providers who don't obey the regulations
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
Business car insurance Florida comprises numerous components that cover distinctive aspects of your business's vehicle operations. The components of this insurance include:
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.
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.
In average circumstances, the at-fault driver must pay for all damages in an accident. But in some instances, the responsible driver for the accident might not be insured or have inadequate coverage; in this case, your insurance policy will chip in and pay for all damages and liabilities. Also, this coverage will pay for all damages if your vehicle is involved in a hit-and-run incident.
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.
Pays for all damages on your insured commercial vehicle not caused by collision events. It covers various perils, such as falling objects, fire, vandalism, or natural disasters. You must check the events your insurance company covers, as some companies exclude some events.
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.
This add-on is essential if your employees use their vehicles to deliver supplies or run work-related errands. 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 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.
In addition to the intrinsic components of Florida business auto insurance, there are multiple add-ons you can consider to ensure you have the best coverage for your unique needs. These add-ons can include:
After a collision or fire accident, your vehicle must be repaired or replaced. As you await the repair and replacement of the vehicle, you can decide to rent a replacement vehicle. This coverage ensures you refrain from using your business or personal savings to rent a replacement vehicle.
This coverage will assist if your insured vehicle becomes disabled or breaks down. It will pay for battery jump-starts, fuel delivery, or towing services.
If you have leased business vehicles, lease gap coverage is integral. It will cover the difference between the cash value of your leased vehicle and the remaining amount owed on your lease if the vehicle is damaged or stolen.
This add-on will extend the coverage of your standard policy. It will cover tools, equipment, and accessories in your insured vehicle. This policy will cover repair and replacement costs if such items are damaged or stolen.
Suppose your business uses specific electronic devices like communication or GPS systems. In that case, this add-on will offer coverage for the replacement or repair if such items are damaged or stolen.
Umbrella liability insurance will offer extra liability coverage beyond your underlying policy's limits. It will safeguard your business from large claims and expensive lawsuits that your primary policy might not be able to cover.
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, number of vehicles, and vehicle usage.
Insurance companies will also provide lower insurance premiums for drivers with a good track record in driving. Installing safety measures on your vehicle, such as safety equipment and vehicle tracking systems, can allow you to enjoy the cheapest commercial auto insurance in Florida.
Here is a comparison of commercial auto insurance Florida prices from some of the top-rated companies for a $1 million auto liability coverage:
| Cost per Month | Cost per Year | Best for | |
|---|---|---|---|
| NEXT | $13 | $156 | Best overall; Fastest commercial auto insurance |
| The Hartford | $15 | $180 | Commercial auto insurance policies with unique benefits for AARP members |
| CoverWallet | $17 | $204 | Comparing commercial auto insurance quotes online |
| Tivly | $21 | $252 | Comparing commercial auto insurance quotes over the phone |
| Thimble | $23 | $276 | Businesses in the hunt for on-demand policies |
| Hiscox | $26 | $312 | Commercial auto insurance with automatic renewal |
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When looking for a Florida commercial auto insurance company to work with, ensure you check the strengths and weaknesses of each provider. Read on to discover the pros, cons, and average costs of the following companies:
Best overall
Issues an online proof of insurance instantly
Fastest 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
Couldn’t find any
NEXT is a company that values a digital approach when securing commercial auto insurance policies. When you want commercial auto insurance, you will get upfront costs from their website. NEXT has been verified by AM Best rating and has a score of A- and approved by Better Business Bureau thus will offer the best commercial auto insurance Florida. Other policies you can purchase from this company include general liability, workers' compensation insurance, cyber liability insurance, and more.
Best for: Best overall; Fastest commercial auto insurance
Average cost: $13 per month
Our rating: 10/10
You can file for your 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
Has an online quoting tool but you may need to speak with an agent
The Hartford’s experience in customizing various policies for customers is unquestionable. They are a trusted company with enough finances to settle catastrophic events. 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.
Best for: Commercial auto insurance policies with unique benefits for AARP members
Average cost: $15 per month
Our rating: 10/10
You can request 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
Other parties underwrite their policies
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. Their policies are very flexible; you can update or change them anytime.
Best for: Comparing commercial auto insurance quotes online
Average cost: $17 per month
Our rating: 10/10
An insurance marketplace with more than 200 insurance carriers
They have an impressive match-making process that connects you with an ideal provider
You can easily compare quotes on the phone
Relies on third-party insurance policies
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. Call now to compare quotes over the phone.
Best for: Comparing commercial auto insurance quotes over the phone
Average cost: $21 per month
Our rating: 9/10
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
Their customer support team is not accessible through a call
Thimble is known for offering short-term policies for many industries. Their policies have so many add-ons, which ensures you get comprehensive coverage. For businesses looking for commercial auto insurance, this company can connect you with top providers in the market. However, they offer other indispensable policies such as workers' compensation, property insurance, professional liability, and cyber liability insurance.
Best for: Businesses in the hunt for on-demand policies
Average cost: $23 per month
Our rating: 9/10
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
Several add-ons available on the base policies
Some of their policies are restricted to certain states
Hiscox is another excellent choice for commercial auto insurance. They tailor your policy to include several components, add-ons, and sufficient policy limits. You don’t have to keep renewing your policy as they have an automatic renewal policy. They also offer incredible insurance policies such as tools and equipment insurance, cyber liability, BOP, cargo insurance, workers' compensation insurance, property insurance, and general liability insurance.
Best for: Commercial auto insurance with automatic renewal
Average cost: $26 per month
Our rating: 9/10
This place is an absolute joke of a company and should be ashamed of the way they conduct business. I was hurt on the job at the end of July and it took them just shy of 7 weeks to issue out a paycheck to me. Yes the amount was back dated but still. Not many have the luxury of not receiving a paycheck for almost 2 months. To top it all off, the original adjuster marked me down for the wrong state which caused a problem from the get go, I've had 3 different adjusters now since each one can't seem to figure out the simplicity of my claim. All my paperwork which includes, my job, house, and drs visits all are from the same state and city but yet some how I have been filed under a completely different state 1500 miles away. They do not answer your phone calls or emails no matter how many you leave. I've had to escalate my frustrations to the supervisors of each of these individuals in order to even get some kind of response. I've had more communication and information given to me about my claim from the customer service representatives then the actual adjusters.......... please tell me how that works?! A serious overhaul needs to happen here in order to serve your clients the way they deserve to be taken care of. 10/10 do not recommend this company to a single soul on earth
I have never had the displeasure of working with a more incompetent and disrespectful person in my life. I’m an injured worker and the adjuster that was assigned to my case was named Carrie Furgeson. In the past 6 weeks that I’ve been injured and out of work I have only been able to get ahold of her twice, not for lack of trying. I have left countless voicemails, countless emails, and she ignores them all. When I am finally able to get ahold of her I’m greeted with terrible customer service. She is rude, she talks over me and I’m hardly able to get a word in edgewise. She spelled my name wrong on my documents even after I spelled it for her properly countless times, this caused a whole new issue with my bank. I have bill collectors from the hospital calling me demanding payment and Carrie Furgeson won’t do a single thing to help, or to get them paid. All of my documentation is in Colorado, my job is in Colorado, my address is in Colorado, all my Dr offices and appointments have been in Colorado and Carrie still managed to hold my claim because she wasn’t sure what state she needed to file it under. It’s been 6 weeks since my Injury and my company still hasn’t received the wage paperwork to fill out so they can get me my correct wages. When she’s not ignoring me she’s answering my questions with “I don’t know” well I don’t know how she got this job, because apparently she doesn’t know anything about it. She is a disgusting morose individual inside and out and I genuinely wish her the worst in all of her future endeavors. I highly recommend you don’t use this company. Please if you are a business owner and your looking into this company please don’t use them. I’m sure they have the cheapest payment and that’s why companies use them in the first place, but you will be doing your employees a grave disservice by forcing them to venture into this absolute dumpster fire of a company. I would rate 0/5 if possible but 1 was the lowest I was allowed.
Their general liability insurance purchase process is simply the best online experience I've ever had in my life!
As long as they cover your line of business, you're literally covered! best rates, best coverage, best online experience, best professionals, can't be happier that I chose them!
It really can't get any better than this... wow
Not all those who wander are lost.
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