Owning a business is a tough job. Many times, you play more than one role during your day-to-day operations. From stocker to HR specialist and payroll, there are many facets of a business for which you are held responsible. One thing you shouldn't have to worry about as a business owner is whether your commercial cars or trucks are safe while out on the road. Accidents happen, and having commercial auto insurance in place to protect your Delaware business is an important part of staying financially stable.
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Delaware Business Facts
- As of 2010, there were 18,307 small businesses (those with fewer than 500 employees)
- In 2010, there were 1,372 large employers (those with than 500 employees)
- Non-employers, or businesses with only one employee, numbered 53,854 in 2010.
- Healthcare is the largest industry in Delaware, followed by accommodations/food services, and retail.
Each of these businesses owns and operates vehicles on a daily basis. In fact, most businesses have company cars or fleets. That's why it's important to have commercial auto insurance in place. In Delaware, you must have commercial auto insurance covering your business vehicles.
What Is Commercial Vehicle Insurance?
Commercial auto insurance is an insurance policy that covers every vehicle that you use for business purposes -- even if it doubles as a personal vehicle. If, at any point, that vehicle is used for your Delaware business, it must be covered with commercial auto insurance, as personal insurance will not cover accidents that occur while the vehicle is running a business-related errand. While limits and deductibles are adjustable, coverage types available include:
- Liability coverage if you are at fault for bodily injury to others
- Property damage liability
- Personal injury to your employed drivers or passengers including all medical expenses and lost wages
- Collision coverage to cover an accident, regardless of fault
- Comprehensive coverage for anything other than collision
- Uninsured and underinsured motorist coverage
- Non-owned auto coverage if you or your employees drive a rented or borrowed vehicle
- Loading and unloading liability coverage
- Loaner transportation coverage for if you have to rent a vehicle while your primary vehicle is being repaired
- Roadside assistance coverage to cover towing and labor
What Types of Commercial Vehicles are Covered?
You can find commercial auto insurance policy options in Delaware to cover almost every vehicle, including:
- Pick-up trucks
- Heavy-duty trucks
- Equipment trucks
- Box vans
- Cargo vans
- Tow Trucks
- Dump Trucks
- Passenger vans
If you have commercial vehicles not listed above, you can still find commercial auto insurance coverage for them in DE. Almost any vehicle can be covered by a commercial vehicle insurance policy.
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How Much is a Commercial Auto Insurance Quote in DE?
There is no strict average for commercial auto insurance quotes, as every business owns a different number of vehicles, different types of vehicles, and different risk exposures. When searching for commercial auto insurance quotes based in Delaware, you'll need to have basic information about your business ready in order for the insurance agent to give you an accurate quote. Here is a list of information you should have ready:
- Type of business
- Number of employees
- Driving records of employees
- Driving record for yourself
- Credit report for yourself
- Number of vehicles
- Type of vehicles
- How far vehicles will be driven
- If vehicles will cross state lines
- If employees will be carrying passengers
- Type of coverage desired
- The type of materials your vehicles are used to carry
All of this information will help the insurance agent give you an accurate quote for coverage that will properly insure your business.
Are There Discounts Available on Commercial Auto Insurance?
Just like other insurance policies in Delaware, you may be eligible for discounts on your commercial auto insurance policy. Here are a few of the discounts you may be able to take advantage of when shopping for commercial vehicle insurance:
- Commercial driver's license discounts: If you or your employees obtain a commercial license, you may save up to 20 percent on your insurance rates.
- Business experience discounts: Some insurance agencies will offer businesses that have more than five years under their belt a 5 percent discount.
- Loyalty discounts: Insurance companies love loyalty. If you stay with the same company for a year, you may be eligible for a discount.
- Multi-policy discount: If you use the same insurance company for different policies, you may get a discount.
- Paid in full discount: If you are able to pay your premium in full, you can save up to twenty percent.
These are just a few of the discounts available - and each of this can save you money on your commercial auto insurance.
What About an Umbrella Policy?
Many businesses opt to purchase an umbrella policy. These policies, sold in $1 million increments, increase your liability on basic policies like business insurance and commercial auto insurance. Some businesses purchase umbrella insurance in order to comfortably lower commercial auto insurance policies to the minimum liability limit required by law. While this may be financially advantageous, speak to your insurance agent before doing this to be sure you are still sufficiently covered.
How Do I Get Commercial Vehicle Insurance?
Whether your Delaware business is just starting, or you've been in the business for generations and you're looking for a new insurance provider, commercial auto insurance is an important part of keeping your business protected from liability and hefty financial penalties or lawsuits. Whether you have questions about coverage, need to review your current policies, or would like information on additional policies, a TrustedChoice.com agent is always available to help you.
Contact an independent insurance agent near you to find out how you can find the best commercial vehicle insurance that fits your needs and budget.