Wyoming is full of business opportunities and passionate entrepreneurs. If you own a business in Wyoming, chances are you utilize vehicles in your day-to-day operations. And if you're involved in an accident while driving your vehicle, your individual insurance coverage may not cover the accident. As a business owner, you need commercial auto insurance because it can help cover your business vehicles.
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Wyoming Business Facts
- In 2013, WY had more than 56,500 small businesses.
- The top industries in WY are energy and mining.
- In 2013, Wyoming's unemployment rate fluctuated between 4.4% and 4.6%. This was much lower than the national average.
- The average household income reported for 2013 was between $50,000 and $75,000.
For business owners, even a small accident can spell disaster. From liability claims, to lawsuits and defense, accidents can wreak havoc on your business. Having a commercial auto insurance policy in place can help protect you from the ramifications of an accident.
What Is Commercial Auto Insurance?
Commercial auto insurance covers your business from the risks and liabilities that come with having vehicles on the road. A typical business insurance policy in WY may provide the following insurance:
- Liability: Liability insurance helps protect you from litigation and damages in case of an accident. If you are at fault in an accident, liability insurance can work to help repair the other party's vehicle. If the accident involves medical care or a lawsuit, your liability insurance can help cover these costs. The state of Wyoming requires this insurance for all drivers.
- Collision: Collision insurance covers your vehicle, regardless of fault. If you have financed a vehicle, you are most likely required to carry this coverage on your financed vehicle.
- Comprehensive: This insurance coverage can help repair damage from anything other than a collision, including wind, rain, fire damage, theft and arson.
- Uninsured and underinsured motorist: If you or an employee is in an auto accident and the at-fault driver has insufficient coverage to pay for the injuries or damage to you or your employee, this insurance can help cover those costs.
Even a small fender bender can spell disaster for a business. We live in a litigious society, so it's important to have commercial vehicle coverage in place to cover your business.
Getting Commercial Auto Insurance Quotes in Wyoming
Commercial auto insurance quotes vary depending on a wide variety of factors. When you're shopping for quotes in Wyoming, make sure you have the following information available:
- Number of vehicles to insure
- Types of vehicles
- Any financing on vehicles
- Number of drivers you employ and their driving records
- Credit report for business/business owner
- History of claims/accidents
- Desired coverage limits
- Desired deductibles
These factors, plus many more, will determine your quotes for commercial auto coverage.
Special Considerations for Commercial Truck Drivers in Wyoming
When it comes to insurance coverage, the larger the vehicle, the more you need liability coverage. For drivers of semi-trucks, dump trucks, tow trucks and other large vehicles, liability insurance is crucial.
Depending on your operations, you may need to purchase additional coverage. If you carry expensive items or haul vehicles or livestock, you may need cargo insurance. There are many insurance coverage types available for large trucks. Since these vehicles are incredibly expensive to own and use and can cause such catastrophic damage, getting the right insurance is important.
Are There Discounts Available on Commercial Auto Insurance in WY?
There are usually many discounts available on commercial auto insurance policies in Wyoming. These discounts may include the following:
- New customer discount
- Loyal customer discount
- Multi-policy discount
- Good driver discount
- Safety course discount
- Professional/Industry affiliation discount
- Claims-free discount
Each insurance company offers different discounts, so when you're shopping for commercial auto insurance online, be sure to ask about any discounts you may qualify for.
How To Purchase Commercial Auto Insurance in Wyoming
Purchasing commercial auto insurance is an important part of being a responsible business owner. It's crucial to get the right coverage for your business in order to have protection from damaging lawsuits and claims. A Trusted Choice® agent is always available to help you discuss coverage, find discounts and even help you file a claim.
Contact your local Trusted Choice agent for quotes and help in securing your commercial auto insurance coverage.