Commercial Auto Insurance in Georgia
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Commercial auto insurance in Georgia helps protect your business from lawsuits and covers vehicle damage from accidents. Each state has its own rules regarding insurance coverage, which is different from personal insurance. Find out more about Georgia's requirements below.
Commercial auto insurance offers business owners and contractors comprehensive coverage of commercial vehicles, but it can also cover other things. This type of coverage is necessary for vehicles delivering goods, site visits, food trucks, and taxis. Because of the value of the goods and the lives at risk daily, it’s worth investing in proper insurance to prevent having to cover the medical costs of drivers and replacing equipment worth thousands of dollars.
If you operate a business in Georgia and own a business vehicle, you're legally required to take out commercial auto insurance. Whether it’s one vehicle or a fleet of vans, the law is clear on business insurance requirements. This way, you can avoid hefty legal and liability costs if your business vehicle is involved in an accident.
These are examples of business types and vehicles that need coverage:
When it comes to insurance policies, business vehicles are considered high-risk, which means premiums are much higher than personal policies. There's far more at stake with business vehicles. Some businesses try to cover their vehicles under personal policies to save money, but this is against the law and can be costly if something goes wrong.
According to Georgia state law, the following is required:
The above amounts are a starting point and are subject to change, depending on the vehicle type. A 10-ton truck transporting hazardous substances will have a higher liability cover than a pizza delivery vehicle. Always check with Georgia's state laws to see what kind of coverage is required for your business type. Once your insurance coverage commences, you must submit your information to the Department of Revenue's insurance database so the state has the correct legal information.
Georgia's minimum coverage law covers you for vehicle loss, destruction of goods, and medical expenses. However, if something goes wrong at the hands of a third party, you may not be insured for cover. You can opt for additional coverage options, some of which include:
In the event of an accident, there may be hidden costs, which could send your company into debt. This can include payouts for property and vehicles, loss of earnings, and medical bills. Commercial auto insurance in Georgia ensures financial protection, continuation of business and liability coverage in the event of a lawsuit. Also, there's a hefty penalty in the state of Georgia if you don't have the minimum commercial auto insurance. You may also have lapsed payment and reinstatement insurance fees ranging from $25 to $60.
The cost of commercial insurance varies according to business and vehicle type. There's no set answer in terms of cost, but all business owners are required to stick to the minimum liability limit set out by the state of Georgia ($25,000 per person, $50,000 per accident and $25,000 for property). The cost varies widely and is dependent on:
Large trucks should have a minimum coverage of $300,000, while a truck over 10,000 pounds jumps to $750,000. Transport vehicles with a carrying capacity of over 16 people, as well as vehicles carrying hazardous substances, usually require more than the standard insurance requirements.
For a free commercial auto insurance quote, contact Tivly. We source the right kind of coverage for your business and help protect it by putting you in contact with the top insurance providers. Get in touch today for your free quote.