Small and large businesses in Louisiana require commercial auto insurance to cushion themselves against mishaps or accidents when using their vehicles. Typically, commercial vehicles are exposed to higher risks than personal vehicles and require unique coverage and limits. There are so many components that you can include on your commercial auto insurance to make it more suitable for your enterprise’s needs.
This article will discuss why commercial auto insurance Louisiana is indispensable, costs, coverage limits, add-ons, and carriers who offer the best policies.
Commercial auto insurance is a unique coverage designed for your business vehicles. This policy will reimburse you for all the expenses incurred in case your company vehicles are involved in an accident. All businesses in Louisiana must have this insurance policy.
All companies operating a commercial vehicle in Louisiana must have a valid policy. Commercial auto insurance Louisiana will cover all vehicles you own. If an accident occurs while you are running a work-related errand, this policy will cover you. Some of the companies that require this insurance include:
Food truck businesses
Mail delivery companies
And any other company that uses commercial vehicles for business errands
The leased or rented vehicles you operate can be covered by hired and non-owned auto insurance (HNOA), which can be included as an add-on or component to your standard policy. You need to discuss with your insurer if you need to use your personal vehicles to run various work-related errands.
Commercial auto insurance is fundamental for all businesses in Louisiana due to several reasons, such as:
Louisiana law requires that all commercial vehicles used for business purposes have valid commercial auto insurance. You can incur fines and penalties if you don't have an insurance cover. Thus it is essential to ensure you are compliant with the Louisiana law.
Commercial auto insurance chips in and reimburses the costs of repairing or replacing your company vehicle after an accident occurs. With ideal insurance coverage, you can mitigate the financial costs of your vehicle repairs and replacement. It can also help pay medical costs and any lawsuits your business may face after an accident.
Your business can incur financial consequences after your commercial vehicle gets into an accident. If you don't have good insurance coverage, you will be forced to use your business assets and savings to cater for those damages. Such an incident can lead to financial crippling of your business. A commercial auto insurance policy will ensure your business continues even after an accident.
Your commercial auto insurance will also protect all your workers in case of an accident. This policy will help cover all medical costs and lost income if your employees are involved in an accident. You can defend your business against common liability claims and legal action.
Louisiana fleet insurance will cover trailers, trucks, or vans. This policy will cover several perils depending on the vehicles your company uses. You must purchase extra coverage if your company deals with high-value equipment or operates large trucks.
Accidents can ruin your company; even a tiny incident can have serious financial repercussions for your company. However, if you have adequate coverage, you can rest easy in case of damage or an accident.
As per Louisiana government reports, the country recorded a high number of fatalities in 2021 with 997 deaths resulting from 914 highway crashes. The two main factors contributing to nationwide accidents were drunk driving and excessive speed.
Auto accidents are rising. Therefore, protecting your company from their effects is crucial. The first step to creating a safety net for your commercial vehicles is securing the right Louisiana commercial auto insurance.
Driving without insurance coverage in Louisiana will result in penalties such as:
You can be subjected to common fines when caught driving without commercial auto insurance. The fines will depend if it is a first, second, or third offense. For subsequent offenses, the fines are higher.
Driving without insurance can also lead to the suspension of your driving license. The length of the suspension period will depend on whether it is a first or consequent offense. To be on the safe hand, you need to have valid insurance coverage.
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All commercial vehicles must have minimum auto liability insurance coverage, whether vans, trucks, or trailers. The limits are crucial to help pay for injuries and liabilities from an unforeseen accident. Some of the commercial vehicle insurance Louisiana requirements include:
Each vehicle must carry a $15,000 coverage limit for bodily injury for each person involved in a company vehicle-related accident.
Each vehicle must possess a $30,000 coverage limit for bodily injury to cover an accident.
Each vehicle must have a $25,000 coverage limit for property damage
It would be best to discuss with your insurance carrier the ideal coverage limits for your company. The limits will depend on the number and types of vehicles you have and what types of goods you transport. Any commercial vehicle with a Department of Transportation & Development serial number is required to have extra liability coverage.
You can add various components to your commercial auto insurance to ensure you have the right coverage for your company vehicles. Here are key components that you can consider for your Louisiana commercial auto insurance:
Liability coverage–This component is crucial and will cover any damage you may cause to third parties. Typically it will pay all costs related to bodily injury or property damage.
Collision coverage–Will pay for all damages caused by collisions with stationary or moving vehicles or objects.
Comprehensive coverage–Covers other perils unrelated to collision events, such as vandalism, theft, or natural disasters.
Medical payments coverage–If your passengers, drivers, or employees are injured during an accident, this coverage will cater to all hospital bills, surgery costs, ambulance fees, or medication costs.
Uninsured/underinsured motorist–In some unfortunate circumstances, the other driver (who is at fault for the accident) may not have adequate coverage to pay for damages to your business vehicles or bodily injuries. This cover will chip in and cover all damages.
Personal injury protection–This coverage disregards who is at fault for the accident and reimburses you for medical costs or lost wages after an accident.
Hired and non-owned auto coverage–When operating your business, you don't need to own your business vehicles; you can rent, lease, or use your vehicles to operate your business. This coverage will offer protection for these vehicles.
In addition to fundamental components of commercial auto insurance, your business in Louisiana can include endorsements that can enhance your coverage. Here are vital add-ons available for your commercial auto insurance:
When your company vehicle is involved in an unfortunate accident, you must take it to the garage to repair or replace damaged parts. As you await your vehicle to get repaired, you can rent another vehicle. This coverage will cover the costs of renting a car.
This add-on will offer coverage for road assistance and towing services. If your vehicle gets damaged on the road, this policy will cover services such as jump-starts, fuel delivery, and battery jump-starts.
Umbrella liability coverage will expand the liability limits of your commercial auto insurance policy. In case your business faces severe or expensive lawsuits, this coverage will offer relief for your business.
If you use or transport equipment and tools in your commercial vehicle, this coverage will cater to replacing or repairing these items in case of loss, theft, vandalism, and other covered perils.
If you have electronic devices in your commercial vehicles, such as mobile devices or GPS systems, you must cover them from damage. This coverage will shelter perils such as theft, fire, vandalism, electrical surge, and other covered perils.
Premiums are $31 per month or $372 per year for a $1 million auto liability coverage. Location, claims history, driving history, and annual revenues are some factors that affect costs. Here is a table showing the rates of the best companies in Lousiana for a $1 million auto liability insurance:
|Cost per Month||Cost per Year||Best for|
|NEXT||$15||$180||Best overall; Fastest commercial auto insurance|
|The Hartford||$19||$228||Businesses looking for a supportive company that offers insurance resources and tools|
|CoverWallet||$22||$264||Comparing commercial auto insurance quotes online|
|Tivly||$24||$288||Comparing commercial auto insurance quotes over the phone|
|Thimble||$26||$312||Businesses or contractors who want coverage for specific or one-time jobs|
|Hiscox||$28||$336||Businesses that require specialized coverage and address industry-specific needs|
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Many Louisiana insurance providers offer comprehensive commercial auto insurance. Since this country's collision rates are high, you need a company that caters to your unique needs. Here is a review of outstanding Louisiana commercial auto insurance providers. Read on to understand each carrier's pros, cons, and average costs.
Issues an online proof of insurance instantly
Fastest commercial auto insurance
Great customer service and reputation
Outstanding value for money
Get a 10% discount if you buy two or more policies
Couldn’t find any
NEXT was founded in 2016 and has fully adopted a digital platform. With this company, you register on their platform and acquire commercial auto insurance within minutes. All their policies are cost-effective, making it an ideal carrier for small businesses working on a limited budget. They also offer excellent customer support and a professional team who will guide you in securing the best insurance.
Best for: Best overall; Fastest commercial auto insurance
Average cost: $15 per month
Our rating: 10/10
Offers comprehensive and flexible coverage; you can include or remove insurance components
Have an experienced customer service team who will guide you in claims handling
Businesses that have adopted safety features can enjoy special discounts
This company may only offer the best deals if you have adopted vehicle safety measures or have a poor driving record
The Hartford is a leading provider of Louisiana fleet insurance policies. They have invested in a robust customer service team who assists clients in acquiring tailored policies. You can also access resources that are valuable to managing your policies. For drivers who have a good driving record and have installed robust security features, they will enjoy special discounts.
Best for: Businesses looking for a supportive company that offers insurance resources and tools
Average cost: $19 per month
Our rating: 10/10
Cooperates with accomplished insurance providers to offer competitive policies
Has created a user-friendly website that has an intuitive design
You can contrast commercial auto insurance quotes from different carriers using their comparison tool
It may not offer the best deals for large businesses with many vehicles.
CoverWallet is an insurance broker that works with multiple well-known insurance carriers. They provide a versatile platform that allows you to shop around your insurance policy from various providers. For commercial auto insurance, you can find many coverage options that offer your company vehicles the required coverage.
Best for: Comparing commercial auto insurance quotes online
Average cost: $22 per month
Our rating: 10/10
Allows you to customize your commercial auto insurance and make an ideal fit for your enterprise
Offers attractive discounts for drivers with good driving records
You can easily make insurance claims after a commercial vehicle accident
Tivly is still a new insurance player in the market and not well-recognized
Tivly is a marketplace for insurance policies. This company primarily targets low-risk and small businesses, and offers them multiple insurance products at friendly prices. They operate on a digital platform, and to obtain a commercial auto insurance quote, you must call their representative, who will send the quotes on your phone.
Best for: Comparing commercial auto insurance quotes over the phone
Average cost: $24 per month
Our rating: 9/10
They provide adaptable coverage that may be bought by the hour, days, weeks, or months making them an excellent choice for occasionally operating firms.
You can easily acquire an insurance policy and manage it entirely online
They also offer comprehensive coverage options for businesses that require long-term coverage.
Primarily target small businesses with few vehicles
Thimble is the best choice for contractors or freelancers who require on-demand coverage. They allow you to take insurance coverage for a one-time project. This company also has long-term policies dedicated to small businesses. However, Thimble does not sell to you commercial auto insurance, but they will refer you to an ideal provider.
Best for: Businesses or contractors who want coverage for specific or one-time jobs
Average cost: $26 per month
Our rating: 9/10
A reputable company with a great customer support team who will assist you in managing your commercial auto insurance professionally.
You can include as many coverage options for your business vehicles as possible.
Known for settling claims faster, as they have excellent financial stability
Couldn't find any
Hiscox offers the best coverage options for all business types. They allow you to adjust your policies to include components, add-ons, and coverage limits, offering you the best needs for your business. In addition to your commercial auto insurance, you can purchase other policies such as tools and equipment, cyber liability, commercial property, workers' compensation insurance, and more.
Best for: Businesses that require specialized coverage and address industry-specific needs
Average cost: $28 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