Commercial auto insurance for technology companies and consultants

An auto accident could cost your small IT business thousands of dollars, especially if another person is injured. Compare that to the average premium of about $200 per month for technology companies, and it’s easy to see why commercial vehicle insurance is the better deal.

Commercial auto insurance helps cover the cost of lawsuits, property damage, medical bills, and other expenses arising from an accident. It also provides coverage if your vehicle is stolen or damaged by weather or vandalism.

Your policy can be tailored to match your needs. For example, a network security truck driven once a week may need less coverage than a computer repair van that's driven daily between multiple job sites.

Business-owned vehicles such as service vans and company cars must be covered by commercial auto insurance.

You may need commercial auto insurance if you:

• Drive a vehicle exclusively for work
• Transport computers or other IT equipment
• Send employees on errands during work hours

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

Beyond your state's requirements, you can choose the extent of coverage, from collision and comprehensive coverage to personal injury protection (PIP), for company vehicles at your IT training business, software development company, PC building business, or other tech firm.

Your policy may cover several injury liability and property damage liability claims, including:

If your web design business, cloud computing company, or other IT business is sued over an accident, legal defense fees can add up quickly. Commercial auto insurance covers attorney’s fees and related expenses.

If an accident injures the driver of your company vehicle or a passenger, your policy can cover the cost of medical care.

Collision coverage pays for damage to your technology company's vehicle, regardless of fault.

This coverage pays for damage caused by drivers who don’t have insurance or who are underinsured.

Comprehensive insurance covers non-collision physical damages, including vandalism, theft, and fire.

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

Hired and non-owned auto insurance (HNOA) provides liability coverage for data analysts and other tech professionals who get into an accident while driving a personal vehicle for business purposes. It also covers leased and rented vehicles.

While a commercial auto insurance policy is a must-have for companies that own a vehicle, technology business owners should also consider:

General liability insurance: This policy can cover expenses related to client bodily injuries and property damage, along with advertising injuries like slander. Technology businesses can often bundle it with property insurance for savings in a business owner’s policy (BOP).

Errors and omissions insurance (E&O): This policy is critical for IT consultants, managed service providers (MSPs), and other technology experts. Also called professional liability insurance, it covers lawsuits related to work performance, such as a mistake that causes a client’s server to crash.

Cyber liability insurance: Any business that stores sensitive data, such as a cybersecurity business or a software-as-a-service (SaaS) company, should strongly consider cyber insurance. It helps pay for the aftereffects of a cyberattack or data breach.

Fidelity bonds: Data centers and other IT companies are often privy to sensitive client data. This means an employee could jeopardize your business by engaging in unlawful access, theft, or fraud. Fidelity bonds safeguard your business against employees who engage in certain criminal acts.

Workers’ compensation insurance: Workers' comp covers medical payments and disability benefits from work-related injuries and illnesses. Most states require technology businesses with employees to purchase this coverage.

Are you ready to safeguard your IT company vehicle with commercial auto insurance? Complete Insureon’s easy online application today to get quotes from top-rated U.S. insurance companies.

You can also consult with an insurance agent on insurance for your specific type of business. Once you find the right coverage option, you can get insured in less than 24 hours.