Commercial vehicles tend to face a higher level of daily risk than private vehicles. Therefore, these vehicles require specific insurance policies and minimum coverage values that differ from standard automobile insurance. The laws regarding requirements vary from state to state, just as other types of vehicle coverage do. Florida is no exception.
What Is Commercial Vehicle Insurance?
Commercial vehicle insurance provides coverage for any automobile or truck used for business purposes. This includes vehicles that belong to companies and fleets, vehicles used for delivery or messaging services, and transportation services such as taxis and limousines.
These insurance policies tend to account for multiple drivers handling the same vehicle, as well as any specific demands of the job. The insurance policy will cover an accident that occurs with a commercially owned vehicle.
What Are Florida’s Commercial Auto Insurance Laws?
Florida has laws defining the minimum coverage for regular automobile insurance, and it requires minimum for commercial insurance. Florida is a no-fault state, so this affects the amount of required liability insurance:
- Personal injury protection of $10,000
- Property damage liability insurance of at least $10,000
These are the minimum requirements. Owners of vehicles responsible for the transport of passengers and hazardous materials require more comprehensive coverage.
After the first $10,000 of a party’s medical bills, it’s possible to pursue the at-fault party for damages. The basic insurance here will cover:
- Medical bills up to 80 percent
- Lost wages up to 60 percent
- A death benefit up to $5,000
- Damage to another vehicle or property
However, you can obtain additional coverage options through your insurance company, including:
- Medical payments
- Uninsured motorist
- Comprehensive/outside of collision
- Car rental
- Towing and labor
- Gap coverage
- Hired auto insurance
- Non-owned auto
These types of coverage can help better protect you, your employees, and your vehicles in the event of an accident. Some additions to your policy can even cover accidents involving your employees when using their own personal vehicles for work purposes, rather than a company car. Florida law does not require you to carry any of these types of coverage.
The exact policies available for purchase depend on the commercial auto insurance company you choose. It’s essential to learn about all the options available to best meet the needs of your commercial vehicles.
We have discussed state minimum requirements, but your business may also be subject to local laws. When inquiring about a commercial auto insurance policy, be sure to ask if you need to meet any additional requirements.