Ohio, home of the Pro Football Hall of Fame and Cedar Point, is a great place for young adults and families to explore. Akron, Cincinnati, and Dublin are among Ohio's best places to live.
This state is consistently ranked as one of the best for those interested in becoming a business owner or entrepreneur. Moreover, Ohio provides many benefits to residents, including a low cost of living, excellent schools, and ample recreational opportunities.
Many of Ohio's 965,000 small businesses require commercial auto insurance to protect themselves from accidents and other mishaps involving work vehicles. Vehicles used by employees or a business owner, for business affairs typically require specialized coverages and liability limits that are not typically covered by personal auto policies.
Whether they own a landscaping service in Cleveland or a construction company in Columbus, each receives customized coverage to meet their specific needs.
All commercial auto policies in Ohio must have a liability limit of $25,000 per person, $50,000 per accident for bodily injury, and $25,000 for property damage (i.e., 25/50/25). Some policies must carry higher limits due to the vehicles they insure.
Limits that are best for your business should be considered in addition to those required by Ohio state law. Unexpected accidents with rising medical expenses can result in costly claims that are difficult to manage without adequate insurance coverage.
Most personal policies will not cover an accident that occurs while doing business. That is why Commercial Auto Insurance is required. It usually includes:
The type of Ohio Commercial Auto Insurance coverage that is best for you is determined by the following:
Other considerations or regulations may come into play, necessitating additional coverage like:
Knowing the different types of 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:
Legal fees and other costs are covered by commercial auto insurance if a company vehicle is involved in an accident. In Ohio, it is necessary for all commercial vehicles. However, people in Illinois continue to suffer work-related injuries while not having adequate insurance from their employers.
Here are recent figures on vehicle accidents and commercial auto insurance in Ohio:
Passenger automobiles are defined as motor vehicles with at least four wheels that are meant to carry people and have no more than eight-seat total, not including the driver's seat. Light commercial vehicles are autos with at least four wheels that are used to transport cargo.
Since the plans are intended to cover higher liability limits and bigger risks, business auto insurance rates are typically more expensive. Additionally, business travelers frequently go farther than the ordinary motorist and during congested periods of time.
Yes. All commercial trucks operating in interstate transportation must adhere to the Federal Motor Carrier Safety Regulations. These laws offer particular guidelines for safe trucking.
These regulations, for instance, include restrictions on how long truck drivers can work without taking a break. Additionally, the standards prescribe particular guidelines for truck upkeep, driver training, and record keeping.
Reliable and comprehensive coverage for commercial auto insurance for business vehicles remains competitive in small and large enterprises. However, finding the right commercial auto policy for your business vehicle with the right insurance company can make a big difference.
To learn more about commercial auto insurance policies for your business in Ohio, read through our blogs at Assured Standard and grasp what smart long-term business solutions could look like for you.
