Business Auto Insurance in Oklahoma

What is Business Auto Insurance?

Business Auto Insurance is very similar to Personal Auto Insurance. Commercial autos need all of the same types of coverages as personal autos but may need higher limits for extra financial protection.

The following coverages are available for business auto insurance:

  • Liability limits – the max dollar amount the insurance will pay to the other party involved in an accident with you. These limits are per incident and have minimum requirements in most states. For more information about how limits work and what your limits on your policy are, give us a call and we would be happy to answer any questions you have!
  • Comprehensive – this coverage pays for physical damage repairs to your vehicle caused by weather or nature such as a hailstorm or a collision with an animal.
  • Collision – this coverage pays for physical damage repairs to your vehicle caused by a collision with another vehicle, or something not of nature.
  • Medical Payments – this can help take care of the cost of medical expenses for you in the event of an injury sustained in an accident. There are varying amounts of coverage that can be selected here, depending on what your preferences are and how your needs will best be met. This coverage is important as it helps pay for the cost of treating medical expenses for you and anyone else covered by the policy who was injured in an accident.
  • Uninsured Motorist – this provides protection for you and passengers in the event of being involved in a collision with a motorist who does not have insurance and they are at fault.

The main difference between business and personal auto policies is that business auto insurance policies have higher liability limits. This is due to the business vehicle being exposed to more risks (being driven more often than personal vehicles or being used on work sites or farms) and usually being larger in size than personal vehicles which makes it easier for them to do more damage should an accident occur. The liability limits on a business auto policy can go up to one million dollars if needed.

Things to Consider with Business Auto Insurance:

If the vehicle is owned by the business, then the business must be listed on the policy as the “principal insured.”

Sometimes personal vehicles are driven for business purposes. Many times, the type of insurance needed – personal vs business – is determined by the type of driving being done, who will be doing the driving, and if employees will be driving the vehicles.

  • The type of driving might include commuting, transporting tools/supplies, if it has attachments, or if it will be used for driving services such as Uber or Lyft.
  • If employees have access to the vehicles and drive them, they must be named drivers on the policy to have coverage in an accident.

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