Business Insurance for Insurance Professionals
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Commercial auto insurance for agents and other insurance professionals

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Commercial auto insurance

Commercial auto insurance covers legal bills, medical expenses, and property damage if a business vehicle is involved in an accident.

Commercial auto insurance protects against the high costs of an auto accident

Your employees might be skilled drivers, but you can’t control the unexpected. An auto accident could lead to another driver getting injured, or your vehicle being totaled.

The costs could easily overwhelm your business, especially if another person is harmed. Compared to the median premium of about $140 per month for small businesses, it’s easy to see why commercial auto insurance is the better deal.

How does commercial auto insurance protect your business?

Commercial auto insurance can help pay for legal defense costs, property repairs, medical bills, and other expenses that arise from an accident.

This policy can be tailored to fit your insurance company’s business operations and its budget. For example, you can buy comprehensive coverage to protect against additional types of damage, such as hail or falling tree branches.

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Who needs commercial auto insurance?

Company-owned vehicles must be covered by commercial auto insurance.

You should consider this coverage if you:

  • Operate an insurance company vehicle
  • Transport employees or equipment
  • Send employees on errands during work hours

State regulations determine how much coverage you need. Your commercial auto insurance must meet your state’s liability insurance requirements.

What coverage can commercial auto provide for insurance businesses?

You can customize your commercial auto insurance policy to match the needs of your insurance business. This policy typically covers the following:

Legal expenses

If your insurance company is taken to court over an auto accident, legal costs can pile up quickly. In addition to hiring a lawyer, you might also have to pay a settlement or judgment – all of which could be covered by commercial auto insurance.

Medical bills

If the driver or a passenger in your company-owned vehicle is injured in an accident, this policy can help cover medical costs.

Collision damage

Collision coverage helps pay for repairs to your car, van, or other work vehicle, regardless of who is at fault.

Uninsured motorists

This policy covers damage caused by drivers who don’t have insurance.

Physical damage

Your commercial auto insurance policy may also cover damage caused by vandalism or certain weather events, as well as vehicle theft.

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Personal vehicles may require additional coverage

Commercial auto insurance only covers business-owned vehicles, but sometimes employees drive their own cars for business purposes. Personal auto policies almost always exclude coverage for business use.

Hired and non-owned auto insurance offers liability coverage for insurance agents and other insurance professionals who are involved in a crash while driving a personal vehicle to conduct company business. It also covers leased and rented vehicles.

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How much does commercial auto insurance cost for insurance businesses?

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The cost of commercial auto insurance depends on the type of vehicle and the driving records of your employees.

Insurance costs for insurance professionals are based on a few factors, including:

  • Insurance services offered
  • Business equipment and property
  • Revenue
  • Location
  • Number of employees

Other important insurance policies to consider

Commercial auto insurance covers risks related to driving, but it doesn't protect against other common lawsuits and losses. Other policies to consider include:

General liability insurance: This is often the first policy that an insurance professional needs. It helps pay for legal defense costs if a client sues over an injury at your office or damaged property.

Business owner's policy (BOP): This policy combines general liability coverage with commercial property insurance, typically at a lower rate than if the policies were purchased separately.

Errors and omissions insurance (E&O): Also called professional liability insurance, this policy can cover legal costs related to your professional advice and services.

Workers’ compensation insurance: Most states require this coverage for insurance businesses that have employees. It can cover medical bills for work-related injuries.

Cyber liability insurance: This policy helps insurance businesses recover financially from data breaches and cyberattacks.

Get free quotes and buy online with Insureon

Are you ready to protect your insurance business with commercial auto insurance? Complete Insureon’s easy online application to compare quotes from top U.S. carriers. Once you find a policy that fits your needs, you can begin coverage in less than 24 hours.

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Updated: May 11, 2022
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