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    New York Commercial Auto Insurance

    New York Commercial Auto Insurance

    Many of New York's 2.2 million small businesses require commercial auto insurance to protect themselves from accidents and other mishaps involving their company vehicles. Personal auto policies typically do not cover business vehicles because they are subject to more liability than personal vehicles.

    Over 700,000 small business owners across the country rely on us to safeguard their work vehicles and livelihoods. Whether they run small cleaning service in New York City or a floral shop in Buffalo, each receives customized coverage to meet their specific needs.

    All commercial auto policies in New York must have a minimum liability limit of $25,000 per person and $50,000 per accident for bodily injury, and $10,000 for property damage (25/50/10). Some policies are required to have higher limits based on the vehicle types listed on them. 

    Read on to learn more about the requirements, coverage, and other types of insurance you can acquire for smart long-term business solutions. 

    Requirements For New York Commercial Auto Insurance 

    Requirements For New York Commercial Auto Insurance 

    You cannot use your auto insurance to cover a commercial vehicle in New York. Even if you already have personal coverage on your vehicle, the state requires a separate commercial policy if you use it for business. Here are the need-to-knows when it comes to New York commercial auto insurance requirements:

    • Property damage liability of $10,000
    • Individual bodily injury of $25,000
    • $50,000 for two or more people
    • Individual death coverage of $50,000
    • $100,000 in life insurance for two or more people

    What Does New York Commercial Auto Insurance Cover?

    Although the mandatory minimums for commercial insurance are the same as for personal vehicles, commercial premiums are typically higher. Vehicles requiring commercial insurance include:

    • Vehicles used in construction
    • Pick-up trucks are used for business.
    • Vehicles for delivery (even pizza delivery vehicles)
    • Any licensed vehicle used for business purposes

    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:

    Quick Statistics On Commercial Auto Insurance In New York

    Legal fees and other costs are covered by commercial auto insurance if a company vehicle is involved in an accident. In New York, it is necessary for all commercial vehicles. 

    However, people in New York continue to suffer injuries at work while not having adequate insurance from their employers. Here are recent figures on vehicle accidents and commercial auto insurance in New York.

    Statistics On New York Commercial Auto Insurance

    • With an average cost of $1,445.30 in 2019, New York is third in the US for the most costly commercial auto insurance. 
    • The market size, measured by revenue, of the Commercial Auto Insurance industry, is $52.2bn in 2022.
    • The primary negative factor affecting this industry is high competition, while the primary positive aspect is the number of motor vehicle registrations.
    • According to the Insurance Department Resources Report, according to written premium for risk retention groups (RRG), which accounts for 17.98% of the market, New York is in the first place.

    Statistics On Commercial Vehicular Accidents In New York

    • 2020, the year of a pandemic, saw a 46% decrease in recorded crashes, totaling 110,834.
    • Traffic accidents in NYC peaked in August (9,583), September (9,429), and October (9,475) of 2020.
    • Two thousand one hundred fifty-seven motorcycle accidents occurred in New York City in 2020. Motorcycle accidents are more evenly distributed across the boroughs than other accidents.
    • Semi-trucks, tractor-trailers, and other large commercial vehicles were involved in 16,434 accidents overall in 2019 – or around 7.9 percent. Large trucks were involved in 8,115 accidents in 2020 or roughly 7.3% of all accidents. 

    Frequently Asked Questions About New York Commercial Auto Insurance 

    Below are some of the frequently asked questions regarding commercial auto insurance:

    1. Who in New York requires a commercial auto insurance policy?

    Any New York firm that uses a vehicle for work must have the proper insurance. While hired and non-owned auto insurance (HNOA) covers personal, rented, and leased automobiles used by your business, commercial auto insurance only covers the vehicles owned by your company.

    2. Why is commercial auto insurance important?

    Your company may face legal and financial risks without commercial auto insurance protection. All automobiles in New York must be covered by auto liability insurance.

    You might have to pay a hefty settlement or lawsuit if one of your company's vehicles causes an accident. The other car or property damage, medical expenses, missed wages, pain, and suffering, as well as any related expenditures, would probably be your responsibility.

    3. A commercial auto policy contains how many limits?

    Six limits are specified in a standard business insurance policy's declaration. These are the general aggregate limit, the products-completed operations aggregate limit, the personal and advertising injury limit, the limit for causing damage to real estate that has been rented to you, and the limit of the medical cost.

    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 commercial auto insurance policies for your business in New York, read through our blogs at Assured Standard and grasp what smart long-term business solutions could look like.

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