Commercial auto insurance
Commercial auto insurance
Commercial auto insurance can cover property damage and injuries if a company's vehicle is involved in an accident. It also covers vehicle theft and certain types of damage.
Does your technology company need commercial auto insurance?
If your technology business owns a vehicle, you need commercial auto insurance to cover liabilities such as:
- Medical expenses from injured persons involved in an accident
- Property damage from an accident, theft, vandalism, or weather-related incident
- Liability claims from parties involved in an accident
- Uninsured motorists
Technology companies that purchase this policy:
- Sell and deliver hardware
- Drive to a location to perform technology-related services
- Haul heavy equipment and tools
- Require employees to use a company vehicle to perform tasks
Are you required by law to purchase commercial auto insurance?
All states but New Hampshire and Virginia require commercial auto insurance for vehicles registered to a business.
Most states specify the minimum amount of liability coverage required by state for bodily injury and property damage. In some instances, they also require a minimum amount of uninsured and underinsured motorist coverage.
Even if your business operates in one of the two exempt states, you're still liable for damages if your company vehicle is involved in an accident.
Find commercial auto insurance requirements in your state
Commercial auto insurance costs
Commercial auto insurance premiums vary based on a few factors, including:
- Type, weight, make, model, and year of your vehicles
- Number of vehicles
- Vehicle use
- Operators’ driving records
- Coverage options
Do you need commercial auto insurance for personal or borrowed vehicles?
Many technology companies rent cars or use employee-owned vehicles to meet with clients, run business errands, or transport goods or employees.
Hired and non-owned auto insurance, or HNOA, covers business liabilities if accidents occur while using with these vehicles. HNOA typically provides coverage for legal defense costs, but it doesn't cover damages to the rented or employee-owned vehicle.