Outdoor Business Meeting In Florida

So, you've started a business in Florida and are ready to start pushing your company to be the very best it can be. You have purchased business insurance, but now must consider whether or not your business needs commercial auto insurance.

Commercial auto insurance is required in Florida. If a car is used or owned by a company for business purposes, it should have commercial auto insurance — as personal auto insurance won't help in such a case. Commercial vehicles in Florida must carry:

  • $10,000 in property damage liability
  • $10,000 in personal injury protection
  • $50,000 in liability insurance for vehicles between 26,000-34,999 lbs.
  • $100,000 in liability insurance for vehicles between 35,000-43,999 lbs.
  • $300,000 in liability insurance for vehicles weighing more than 44,000 lbs.

Liability coverage only covers the other driver and their passengers. It may also help with legal fees if a victim decides to sue the company. Personal injury protection provides medical expense compensation if you and your passengers are injured — no matter who's declared at-fault for the accident. Coverages besides liability that typically come with a commercial auto insurance policy include:

  • Comprehensive Coverage: This coverage helps if the company vehicle is damaged due to fire, hail, windstorms, theft, falling rocks or trees, vandalism or other incidents that don't involve collision.
  • Collision Coverage: This coverage helps if the driver collides with another vehicle or object.
  • Uninsured/Underinsured Motorist: Some drivers don't carry insurance or not an adequate amount of insurance. While Florida is a no-fault state, it's still important to have uninsured motorist coverage in case you have an accident with an uninsured or underinsured motorist.
  • Roadside Assistance: Receive roadside assistance such as changing tires and towing.

Businesses in Florida face unique challenges with its location so close to the coast. Flooding is a constant problem, but floods aren't usually covered beneath comprehensive coverage. Consider adding flood coverage to your commercial auto insurance and other business policies to protect your assets.

How Much Is Commercial Auto Insurance In Florida?

A lot of different factors play into the price of commercial auto insurance, just like personal auto insurance. The insureds age, the industry, the distance traveled and the type of cargo all influence the cost of a commercial auto insurance policy. On average, businesses pay between $900 and $1,200 a year for commercial auto insurance. This also depends on the amount of coverage.

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