Whether your Little Rock business delivers pizzas, your Fayetteville company transports construction equipment, or you own a Fort Smith taxi service, finding a commercial vehicle insurance policy that meets your Arkansas business needs is a must.
Before you search for commercial vehicle insurance quotes, however, there are several factors to consider.
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Economic Impact of Commercial Vehicles on Arkansas
From trucking to taxis, to delivery services and towing needs, commercial vehicles help keep the economy of Arkansas humming along.
- According to the American Trucking Associations, more than 6,295 trucking companies are located in Arkansas.
- According to 2005 data from the American Transportation Research Institute, the Arkansas trucking industry provided 86,056 jobs, one out of 13 in the state.
- Total trucking industry wages paid in Arkansas exceeded $2.5 billion, with an average annual trucking industry salary of $29,238.
- Trucks transported 89.04 percent of total manufactured tonnage in the state, 499,729 tons per day, with more than 86 percent of communities depending exclusively on trucks to move their goods.
- The trucking industry in Arkansas paid approximately $475 million in federal and state roadway taxes and fees. The industry paid 48.2 percent of all taxes and fees owed by Arkansas motorists, despite trucks representing only 14.1 percent of vehicle miles traveled in the state.
What is Commercial Vehicle Insurance?
Commercial vehicle insurance provides protection for any vehicle designated for business use against both property damage and liability, much like traditional car insurance. With a commercial policy, however, the limits are often much higher and the level of protection greater. If you use your car, truck or van for business purposes, you need commercial vehicle insurance, as your personal insurance plan will not cover any damage sustained by your car or fleet that is used for commercial operations in Arkansas.
What Does Commercial Vehicle Insurance Cover in AR?
Most Arkansas insurance providers offer the following coverage options for your commercial vehicle insurance policy:
- Liability coverage: Can help pay for damages or injuries your commercial vehicle causes other people.
- Personal injury coverage: Can help pay for treatment your employed drivers or passengers require following injuries, including medical expenses and lost wages.
- Collision coverage: Can help pay for costs associated with an accident, regardless of who is at fault.
- Comprehensive coverage: Can help pay for damage caused by fire, severe weather events, theft or vandalism.
- Medical payments coverage: Can help pay for the cost of hospitalization, treatment and funeral expenses.
- Uninsured and under-insured motorist coverage: Can help pay for costs, should your commercial vehicle be involved in a collision with an uninsured motorist.
- Non-owned auto coverage: Can help protect you when you or your employees drive a rented or borrowed vehicle.
- Loading and unloading liability coverage: Can help pay for damages or injuries caused by the movement of cargo.
Some of these coverage features are mandatory, such as liability coverage, whereas some are optional. It's important to review Arkansas state law to determine what types of coverage options you need.
Am I Required to Carry Commercial Vehicle Insurance in AR?
If your Arkansas business hauls hazardous waste or transports people, state law requires you to obtain commercial vehicle insurance with minimum standards.
You may also be required to get commercial coverage if your vehicles:
- Carry heavy equipment
- Tow other vehicles
- Deliver goods such as pizza, flowers, newspapers or any form of wholesale or retail products
- Are in trucking and freight transportation
Some situations and certain occupations may be covered under standard auto policies, but you should always ask a qualified insurance agent if your vehicle use warrants a commercial policy.
What Will My Commercial Vehicle Insurance Quote Look Like?
As there are many types, sizes and uses of commercial vehicles, it is difficult to estimate your insurance quote without a few details. Most Arkansas insurance companies take several factors into consideration when calculating your premium quote, including:
- The size of your business
- The types of vehicles
- The number of vehicles you need to insure
- Your risks
- The amount of coverage you need
- The driving records of your employees
Typically, passenger vehicles such as taxis will find lower quotes than semi-tractor trailer vehicles. You will also find lower quotes if your business delivers newspapers, rather than toxic waste.
If you employ people who have bad driving records, you will find higher quotes than someone with a staff of claims-free drivers. It's a good idea to conduct traffic background checks on all of your insured drivers in order to secure the lowest quotes.
How Much Commercial Vehicle Insurance Should I Buy?
Determining how much insurance to carry is important. The first step is to identify your business's level of risk. If you use your company car to attend board meetings across town, your risk is considerably lower than the trucking company down the road.
More than 80 percent of personal injury lawsuits stem from car accidents. If your business transports heavy equipment or other goods that pose higher risks, such as hazardous materials, it may be a good idea to purchase an umbrella insurance policy over and above your commercial vehicle insurance to help protect your company from being sued following an accident.
If your business employs several vehicles, you may want to consider fleet insurance, which is less expensive than finding individual policies for each car, van or truck.
Where Can I Find Commercial Vehicle Insurance in Arkansas?
You have worked hard to build and grow your Arkansas business, and you want to be sure your interests are protected with a comprehensive commercial vehicle insurance policy.
Knowledgeable, independent insurance agents in the Trusted Choice network are always available to answer your questions, suggest coverage options best suited for your business, and even assist you in filing a claim. These agents have years of experience working with Arkansas insurance companies, enabling them to find you a number of quotes with the best coverage options at the most affordable rates. Contact a Trusted Choice agent near you to find out how you can be protected with a commercial vehicle insurance policy that meets your needs and budget.