Many businesses in Jacksonville use vehicles in the course of their normal business operations. Whether the vehicles are used to pick up or drop off materials, transport people, or perform construction work, the state of Florida requires you to cover them with a suitable commercial vehicle insurance policy. An Independent Insurance Agent in Jacksonville can help you find the best policy to meet the state requirements as well as your business’s coverage needs. Find an agent near you to start comparing customized commercial vehicle insurance quotes.
What Is Commercial Vehicle Insurance?
Drivers of commercial motor vehicles (CMVs) are sometimes responsible for vehicle accidents. The state of Florida tracks these accidents by county.
Duval County, FL commercial vehicle crash statistics
- Average annual number of accidents involving CMVs: 2,348
- Average annual number of CMV accidents involving injuries: 428
- Average annual number of CMV accidents involving fatalities: 10
Commercial vehicle insurance is designed to protect businesses that own or use vehicles due to the increased risk of liability lawsuits as well as the loss of income that can arise if your business is left without its necessary transportation.
How Much Does Commercial Auto Insurance Cost in Jacksonville, FL?
The cost to cover business-owned vehicles can vary significantly from one business to the next. Rates are calculated according to a number of different factors, including:
- The number of vehicles you are insuring
- The type(s) of vehicle(s) you are insuring
- Whether the vehicle(s) will be used to transport people
- Whether the vehicle(s) will be used to transport flammable or toxic materials
- The estimated number of miles the vehicle(s) are driven each year
- Information about the employees who will be driving the vehicles
- The amount of coverage you are purchasing
You can minimize your risk of a collision by hiring experienced drivers with good driving records and by ensuring that your company’s vehicles are well-maintained. It is also a good idea to limit the number of hours your employees spend on the road each day to prevent problems with driver fatigue. Many commercial vehicle insurance providers offer discounts to policyholders who provide their drivers with safety education materials and training.
How Much Commercial Vehicle Insurance Does My Jacksonville Business Need?
Commercial vehicles vary by industry. They can range from smaller vehicles, such as delivery cars and vans, to construction vehicles, like dump trucks and front-loaders. They can also include 18-wheel cargo trucks or large passenger vehicles like buses. In Florida, if your business owns vehicles used to transport passengers or to engage in interstate commerce, your policy must comply with federal regulations governing the amount of coverage it must provide.
When your company vehicle is used to transport people, such as a cab or touring vehicle, your liability requirements will be higher, as you will be responsible for any injuries your passengers may sustain. Other factors that can increase your liability risks include if you are transporting hazardous materials or if your vehicle is large or heavy enough to cause significant damage to others. A local independent insurance agent can help to be sure that the coverage you are purchasing meets all state and federal requirements.
What Does Commercial Auto Insurance Cover?
All commercial vehicle insurance policies in Jacksonville will provide, at the very least, liability coverage that meets the requirements set forth by the state of Florida. Liability coverage is designed to provide compensation for third-party property damage and bodily injuries if your drivers are responsible for a vehicle collision. Also, because Florida is a no-fault state, you will be required to carry $10,000 in personal injury protection (PIP) insurance. Your PIP coverage is designed to cover 80% of your drivers’ medical bills, and 60% of their lost wages, if they are injured in a collision.
Other coverage options you can consider include:
- Collision coverage: This provides compensation for damage sustained by your vehicle in a collision, regardless of fault.
- Comprehensive coverage: This covers the cost to repair or replace your vehicle if it is lost or damaged due to non-collision hazards such as severe weather, falling objects, flood, fire, or property crimes.
- Uninsured motorist coverage: This covers property damage and medical costs if your vehicle is in an accident caused by an uninsured driver.
- Roadside assistance coverage: This provides coverage for towing or assistance if your company vehicle becomes disabled on the road.
- Rental car coverage: This pays for the cost of renting a loaner vehicle while your company-owned vehicle is being repaired.
- Non-owned auto coverage: This covers liability costs if an employee is in an accident while using their personal vehicle to carry out company business.
Why Work with an Independent Insurance Agent?
Company vehicle use is varied so there is no such thing as a one-size-fits-all policy when it comes to commercial auto or commercial truck insurance policies. A business that relies on a few cars for making local deliveries will have vastly different needs than one that uses big-rig trucks for interstate commerce. A local independent agent can help you find a competitively priced policy that meets your state’s coverage requirements.
Contact an agent in or near Jacksonville to begin comparing customized commercial vehicle insurance quotes.
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