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    Florida Commercial Auto Insurance

    Automobiles are costly assets. According to the Federal Highway Administration, in 2019, 93% of American households had access to at least one car. Between 2012 and 2019, the number of registered vehicles fell by more than 25 million.

    As a result, buying, maintaining, and selling them necessitates attention to detail and proper Florida commercial auto insurance coverage. Many of Florida's 2.5 million small businesses require commercial auto insurance to protect themselves from liabilities arising from various incidents involving their work vehicles.

    Personal auto policies typically do not cover vehicles used for business because they are subject to greater liability than personal vehicles. Read on to know more about the cost, coverage, and requirements of commercial auto insurance in Florida.

    Requirements For Florida Commercial Auto Insurance 

    There are many different types of commercial vehicles, so let's look at some basic requirements for everyone and some optional coverages based on your industry.

    In Florida, all drivers are required to carry:

    • $10,000 per person bodily injury coverage
    • $20,000 in bodily harm per accident
    • $10,000 for property damage

    If you drive a taxi, you must carry significantly more coverage of:

    • Per person bodily injury liability of $125,000
    • Liability for bodily injury of $250,000 per occurrence
    • Property damage liability coverage of $50,000

    Furthermore, Florida and the Federal Motor Carrier Safety Administration (FMCSA) have additional requirements for cargo and shipping vehicles. If you are only transporting goods in Florida, the following commercial trucking insurance minimums apply:

    • Minimum liability insurance for household goods is $300,000
    • For general freight, the minimum liability insurance is $750,000.
    • Oil transport liability of $1,000,000
    • Liability for hazardous materials is limited to $5,000,000.

    What Does Commercial Auto Insurance Cost In Florida?

    According to data, the maximum and minimum commercial auto insurance policies in Florida as of 2021 range from $2,565 to $3,370 per year.

    The following are the approximate annual policy costs for various commercial vehicle types:

    • Standard business car: $600 to $2400.
    • Limousine: $4000 to $10,000.
    • Cargo or delivery van: $3300 to $6200
    • Taxi: $5000 to $10,000
    • Owner-operator semi-truck: $8000 to $12,500

    Other Insurance Types

    Knowing the different types of auto insurance and their coverages is important in getting the right policy for you if you want to cover your bases and get your commercial vehicles insured. Here are some of the most common types of car insurance, how they work, and what they cover:

    Reliable commercial or business auto insurance remains competitive in small and large enterprises. However, finding the right commercial auto policy can make a big difference in your business's future.

    To learn more about bond insurance policies, license and permit bonds, and surety bonds for your business in Texas, read through our blogs at Assured Standard and grasp what smart long-term business solutions could look like.

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    Assured Standard will protect your business with the right insurance, depending on your needs. Now more than ever, it’s crucial to have the right general liability insurance experts on your side. Protecting the future of your business starts today.
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