Truck driver in casual clothes driving a commercial vehicle.
Truck driver in casual clothes driving a commercial vehicle.
commercial auto insurance

Commercial Auto Insurance

commercial auto insurance

Commercial Auto Insurance

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Commercial Auto Insurance

Available in all 50 states!

Drive your business’s success with Bankers Insurance. As an independent insurance agency, we provide quotes from major commercial auto insurance companies, and present you with the best options. Use our tools and resources to differentiate your business and stay ahead of the competition. It’s why we’re here. It’s what we do. Let us be your trusted insurance agent.

Commercial Auto Insurance Quote

We Offer

  • All major national and regional commercial auto insurance companies
  • Best prices in the industry
  • Packages with property and/or liability
  • Expertise with courteous service
Commercial white van in city.

We Insure

Semi tractor trailer on highway.

Liability associated with commercial autos is one of the greatest risks a business faces on a regular basis. Auto-related claims represent some of the largest settlements paid. A business doesn’t even need to own the vehicle involved. If any auto is operated for business purposes, even an employee’s car, that is sufficient for the business to be found liable for damage or injury caused during that trip. Ask your insurance agent or contact us for a no-obligation insurance review where we will explain your risk exposures in clear, understandable terms.

Coverage Definitions

Liability coverage on your commercial auto insurance policy protects your business for liability resulting from injuries to people and damage to property, including other vehicles.

  • For most businesses, Bankers Insurance recommends a Combined Single Limit (bodily injury and physical damage) of $1,000,000.  The largest auto claim our agency has ever seen was for an automobile accident where the injured party required lifetime healthcare.  Costs are currently $2.5 million and climbing.
  • Bodily Injury Liability protects the business for damage caused to other people.
  • Property Damage Liability covers damage to physical items such as cars, buildings, or other property.

Comprehensive insurance covers the business auto for damage caused by things other than a collision.  It is an optional coverage.  For example, on your commercial auto insurance policy it covers hail damage, branches blowing onto your vehicle during a storm, flooding during a heavy rain, and even rocks that fly up and break the windshield.

Collision is another optional coverage on your commercial auto insurance policy.  It protects the business from damage to the business auto caused while it is in motion.  Examples can include running into another vehicle, running off the road, or even colliding with a stationary object.  In such examples, damage to the business auto is covered by collision insurance, but damage to the other vehicle (or object) is paid from liability insurance.

Optional coverages for commercial auto insurance policies:

  • Hired/Borrowed Liability for protection should the business rent a vehicle, even short-term.
  • Non-owned Liability to cover liability associated with employee-owned vehicles, such as salespeople driving their own vehicles to visit clients or employees running business errands.
  • Uninsured Motorist Coverage if you have an accident with a negligent driver who is not insured.
  • Underinsured Motorist Coverage if you have an accident with a negligent driver who has insurance, but it isn’t enough.
  • Medical or Personal Injury Protection for medical costs in the event of an accident, regardless of who was at fault.
  • Drive Other Car for business owners (or others named on the policy) that do not have a personal auto policy.  This typically happens when all a business owner’s vehicles are owned by the company.  This coverage fills a gap in coverage should the owner ever drive a vehicle not his own, such as borrowing a car from a friend.

Covered Vehicles

Each commercial auto insurance policy lists the coverage limits (liability, comprehensive, collision, etc.) and what vehicles are covered under each.  It does this by listing symbols representing vehicles covered.  Review your policy to ensure you are covered for the vehicles you desire.  The symbols are:

1  Any Auto:  This is the most broad symbol available.  For example, if your Auto Liability lists symbol 1, it means your business is protected no matter what vehicle was involved.  You could have accidentally forgotten to list the vehicle on the policy, and the business would still have coverage.  An employee could be driving their own vehicle on a business errand, get in an accident, and the business would be protected.  The employee would of course need their own coverage for their own car, but the business would be protected from liability.  Depending upon your business operations and your insurance company, this symbol may or may not be available to you.

2  Owned Autos Only:  Only those autos you own.  This includes autos you acquire after the policy begins.  This symbol is often listed under Uninsured Motorist Coverage and Underinsured Motorist Coverage.  That way, those coverages apply only if the accident involves a vehicle owned by the business.

3  Owned Private Passenger Autos Only:  Only those autos you own.  This includes autos you acquire after the policy begins.  Depending upon what your business does, this symbol may be applicable.

4  Owned Autos Other Than Private Passenger Autos Only:  Those autos you own that are not of the private passenger type.

5  Owned Autos Subject To No-fault:  Autos you own that are required to have no-fault benefits in the state where they are licensed or principally garaged.

6  Owned Autos Subject To A Compulsory Uninsured Motorists Law:  Autos you own that because of the law in the state where they are licensed or principally garaged are required to have and cannot reject Uninsured Motorists Coverage.

7  Specifically Described Autos:  Only autos specifically listed on the policy, for which a premium charge is shown.  This is the most common symbol and is usually listed for Comprehensive and Collision coverages.

8  Hired Autos Only:  Only those autos you lease, hire, rent or borrow. It does not include any you lease, hire, rent or borrow from your employees, partners, members, or members of their households.

9  Non-owned Autos Only:  Only those autos you do not own, lease, hire, rent or borrow that are used in connection with your business. This includes autos owned by employees, partners, members, or members of their households, but only while used in your business or personal affairs.  Symbols 8 and 9 are often added to the Liability coverage as a set.  Policies are even available that list symbol 8 and 9 only, such as for a business that does not own any vehicles itself but desires protection for salespersons or employees driving on business errands.

19  Mobile Equipment Subject To Compulsory Or Financial Responsibility Or Other Motor Vehicle Insurance Law Only:  Wow.  That’s a long one, but it covers land vehicles that would normally qualify as mobile equipment but need to be licensed for on-road use.  For example, some states require construction equipment such as front end loaders to be licensed if they are driven on state roads.

More detail on Understanding Coverage Symbols on Business Auto Insurance.

Other Resources

  • Establish a Driver Hiring Program
  • Driver Hiring Program Guidelines  It isn’t only about keeping your insurance costs low and protecting your company’s reputation.  Businesses have a civic duty to only hire safe drivers.  It is imperative to establish a driver selection program to hire and retain the best employees.
  • Driver’s File Checklist  A simple and easy-to-follow checklist to ensure you have all the necessary information for each of your drivers.
  • Driver Application  Don’t have a written application for your drivers?  Use ours.
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At Bankers Insurance, the client is always in control.

Why Bankers Insurance?

Anyone can be an order-taker.  Bankers Insurance is different.

We offer choices and expertise.  We don’t expect clients to be commercial auto insurance experts.  Take advantage of our experience.  We can explain your options and help you determine the right coverages.

As your insurance agent, we strive to know you.   Only then can suggest the coverage that suits your specific business.  We look for coverage gaps to help ensure complete protection.  With us, you get the benefit of: