The Magnolia State is home to over 230,000 commercial businesses, ranging from individually operated home-based companies to Ergon Incorporated, a company with over $3.6 billion in annual sales. One thing they each have in common is a potential need for Mississippi commercial vehicle insurance. With respect to financial responsibility, the state of Mississippi requires every vehicle owner to demonstrate the ability to take financial responsibility for an accident.
However, there is more to it than that. While the minimum amount of required insurance is the same for personal or business, those minimums are typically inadequate for businesses. Determining the proper level of coverage in MS is a job for a professional. Independent insurance agents in our network have the ability to offer you a variety of Mississippi commercial auto insurance quotes from insurers competing for your company's business. There are over 22,000 member agencies in America. Contact a local member agent today to get the right coverage for your company and vehicles.
Mississippi Commercial Vehicle Data
Although Mississippi is only the 31st most populated U.S. state, it has more than its share of commercial truck accidents resulting in fatalities.
- During previous years, Mississippi averaged over 66 annual traffic fatalities involving at least one truck.
- Over the same time period, Mississippi averaged over 50% more traffic fatalities than the U.S. as a whole per vehicle miles driven.
- 68% of all truck accidents resulting in a fatality occurred in rural areas, not cities. Mississippi is largely a rural state.
- Mississippi residents are less likely to use seat belts than the average U.S. driver.
While the reasons for such statistics vary, the fact is that Mississippi has a relatively high number of commercial vehicle fatalities. Beyond the fact that state law requires Mississippi commercial auto insurance, you may want to consider increasing your liability limits to protect your bottom line.
Mississippi Commercial Auto Insurance Requirements
The state of Mississippi keeps everything quite simple. There are basic minimum insurance requirements that apply equally to any vehicle using public roads, regardless of whether it is private or commercial. The primary difference is that failure of businesses to comply with mandatory minimum insurance coverage includes up to a $1,000 fine and up to a year in jail. These minimums are:
- Bodily injury per accident: $25,000 minimum liability per person
- Bodily injury per accident: $50,000 minimum aggregate for all persons
- Property damage: $25,000 per accident
Keep in mind that while a company is technically in compliance with the law insuring its vehicles for the minimums, the risk of lawsuits in excess of those numbers is high. In many circumstances, the cost of your legal defense alone can exceed $25,000.
What If I Use a Personal Vehicle for Business?
If you are a sole proprietor or small business owner with only one vehicle, and you use that car, van, or pickup truck for both personal and work-related activity, you may be able to rely upon your personal liability coverage. However, if any of the following apply, getting Mississippi commercial auto insurance is a good idea:
- Business equipment is part of the vehicle and cannot be removed.
- You own more than one vehicle with shared use by employees for work-related activity.
- Part of your business is to pick up and/or deliver people or goods.
- Your employees use your private vehicle or their own as a normal part of their daily work activities.
- Your personal policy limits are too low.
There are additional concerns that a knowledgeable professional can address. A local agent can help.
What Does Quality Commercial Vehicle Cover?
Good Mississippi commercial vehicle insurance will protect you and your company against most outcomes, including those with catastrophic results. This applies to all vehicles, from the smallest privately owned pizza delivery car to the largest tractor-trailer. Coverage to consider includes:
- Liability: Covers bodily injury and property damage that you or one of your employees may cause, and protects your company from legal claims and lawsuits.
- Collision: Provides protection that covers replacement value, not just depreciated current vehicle worth
- Comprehensive: Provides c.overage for "other than collision" events, such as damage from vandalism, flooding, and even theft of the vehicle.
- Uninsured/underinsured motorist: Provides protection against injuries and damages resulting from an accident caused by another driver who does not have adequate insurance to pay your losses.
- Rental replacement: Provides coverage for a rental vehicle if your car or truck needs to be in the shop for repair.
There are other concerns, depending upon the business, number of vehicles, and general use. Work with a knowledgeable agent who can help to assess your needs and risks and can recommend the right type and amount of coverage for your business.
Where to Find Mississippi Commercial Auto Insurance Quotes
One of the most important steps to take when purchasing business insurance is to find the specific protection that matches your vehicles, drivers and commercial operation. Your actual needs will depend upon the type of use, number of work-related miles you and your employees drive, and the value of your company. Work with an agent who will tailor a policy to your business and help you keep your Mississippi commercial auto insurance updated as changes occur within the company. A local agent can provide this type of service as part of the entire process. These agents have access to multiple MS insurance companies and can provide you with several different Mississippi commercial auto insurance rates to compare.
Find an agent today to be certain you, your company, and your future are fully protected.