The process of finding the appropriate coverage to buy commercial auto insurance in New Jersey is fairly straightforward, and you can work with a licensed business insurance agent or broker to help you. When you use vehicles frequently, you run the risk of theft, damage, or accidents that could be very costly for your company. This is where commercial auto insurance comes into play \u2013 it’s an investment in safeguarding your company from the unforeseeable and unpredictable nature of New Jersey traffic. We’ll examine commercial auto insurance in New Jersey in more detail in this article, along with the range of coverage options available and how each one can help your company.<\/p>
New Jersey typically requires a commercial auto insurance policy for any company that owns, leases or uses vehicles regularly. Businesses that own one or more cars and use them for work-related activities like delivering products, moving people, or providing on-site services may fall under this category. Contractors, trucking firms, delivery services, and other types of businesses are a few that may require this kind of auto insurance in NJ. I <\/p>
The State of New Jersey mandates that all motorists and business entities acquire a minimal insurance policy that protects automobiles used for either personal or commercial purposes. The potential penalties for breaking this law include fines and license suspension.<\/p>
NJ law stipulates that the fundamental policy must offer a minimum of $30,000 per accident in liability protection for bodily injuries, with $15,000 per person as well. Furthermore, the policy must include $5,000 in liability for each accident’s property damage.<\/p>
In addition to abiding by the law, all businesses ought to carry at least the most fundamental commercial auto liability insurance to safeguard their financial resources.<\/p>
New Jersey business auto insurance provides safety if one of your commercial vehicles gets into an accident that results in liability or property damage. If you permit employees to use company vehicles, your risk increases, necessitating the need for adequate insurance.<\/p>
The following applies to commercial vehicles registered in New Jersey:<\/p>
However, there are some significant differences between how commercial vehicle insurance functions in New Jersey and how personal auto insurance does. A commercial auto insurance policy covers liability, physical damage, and other potential losses associated with the use of a commercial vehicle. <\/p>
Liability insurance protects your company car and other assets from financial loss if you or a member of your staff is liable for an accident while operating a commercial vehicle.<\/p>
It is unquestionably advantageous to have liability insurance because it can assist in covering the costs of property damage, bodily injury, and other related costs, such as legal fees or medical bills. You also have physical damage insurance, which protects your commercial vehicles from loss or damage caused by a covered occurrence like an accident, theft, or vandalism of a company vehicle.<\/p>
Commercial auto insurance in NJ provides additional options in addition to these standard selections, including full collision protection, uninsured motorist protection, medical payments protection, and others. Of course, depending on your company’s unique needs and risks, you will need to determine the exact type and amount of coverage you require. <\/p>
Delivery trucks, commercial vans, or company cars are examples of vehicles that commercial auto insurance covers because most organizations use them primarily for business. On the other hand, business auto insurance is a broader term that refers to all types of insurance coverage for cars used for business, including both commercial and personal vehicles.<\/p>
Business auto insurance also covers employee-owned vehicles used for business-related purposes. Business vehicle insurance, also referred to as commercial auto insurance, is frequently more specialized and tailored to the needs of businesses that operate commercial vehicles. While, business auto insurance, on the other hand, is a more general term that can refer to a variety of insurance coverages for vehicles used in a business context.<\/p>
In New Jersey, you must have commercial auto insurance if you drive for work-related purposes.<\/p>
Progressive provides a wide range of commercial insurance. This is the biggest commercial auto insurer in the nation and provides a variety of services. BOP, general liability, professional liability, workers’ compensation, cyber insurance, commercial auto, and contractors liability are among the services it provides. The Progressive website offers quotes in just a few minutes and has several resources, including articles and FAQs, to assist you in understanding your coverage requirements. Additionally, the business is supported by a nationwide network of independent agents. You can submit a claim over the phone or online. <\/p>
Additionally, this insurance company can cover a wide range of automobiles, including commercial vehicles, trucks, and trailers. Commercial auto insurance policies from Progressive offer a lot of customization options. For its commercial auto insurance, Progressive provides a variety of discounts, including those for CDLs, bundling, and electronic funds transfer (EFT) payments. Additionally, if you insure your car with Progressive, you are eligible for a discount.<\/p>
In addition to other types of protection, State Farm also provides BOP, commercial auto, liability, workers’ compensation, inland marine, E&O, EPLI, key person coverage, and other types of protection. State Farm also offers retirement plans, and its “Small Biz Quiz” tool on the company website is a useful tool for helping you determine coverage needs. Only its local agents can provide quotes and sell policies, and the website doesn’t seem to have a way to report claims; you’d have to give the business a call. Since State Farm doesn’t offer an online quote tool, you’ll need to contact a local agent to obtain a quote or buy a policy. On its website, there is a chat feature and a search bar to help you locate an agent nearby. <\/p>
With its headquarters in New Jersey, NJM provides commercial insurance to clients throughout the mid-Atlantic region. The supplier offers workers’ compensation, commercial auto, excess and umbrella insurance, EPLI, cyber insurance, business owner’s policy, and commercial package policies. <\/p>
Property protection, liability protection, business income protection, inland marine protection, and crime protection are all included in the commercial package policy. It is comparable to BOP but serves companies with greater coverage requirements. With the small business insurance policies offered by NJM, you can request a quote online or from an agent and submit a claim either over the phone or online. <\/p>
Geico, a Berkshire Hathaway company, provides commercial auto insurance. It provides coverage for many different kinds of vehicles, including vans, cars, box trucks, and service utility trucks. The National Association of Insurance Commissioners (NAIC) reports that Berkshire Hathaway has had very few complaints about its commercial auto insurance policies across all of its subsidiaries. Liability, property damage, bodily injury to others, and driver injury are additional crucial commercial vehicle insurance clauses. Online quote requests from Geico are simple to complete, and the company rewards new clients and clients who bundle several policies with excellent discounts. <\/p>
Businesses in a variety of industries can take advantage of Farmers’ comprehensive commercial auto insurance programs, which include programs tailored especially for food trucks. Several endorsements, including loss of use protection and insurance for rental cars, can be added to your policy to make it more specialized. Additionally, Farmers offers a telematics program in some states that enables you to track the whereabouts and driving patterns of your employees while they are using company vehicles. Along with offering a lot of the standard commercial auto coverages, Farmers excels in offering tailored coverages for contractors. For instance, Farmers provide coverage for both the vehicles used by contractors and the pricey tools they transport as well. <\/p>
Every company has different requirements for its insurance coverage, whether they be for liability insurance, workers’ compensation insurance, or other policies. Insuring a commercial vehicle follows the same principles. The price of the premiums for commercial auto insurance that businesses must pay can vary depending on the specific circumstances of different companies.<\/p>
Your price depends on a few things, such as:<\/p>
While all New Jersey business owners must carry liability insurance, no other types of coverage are covered by this requirement. This can safeguard you if one of your vehicles is at fault for an accident, but it does not provide liability insurance. for example, all roadside assistance is covered by towing and labor coverage for company-owned vehicles.<\/p>
To ensure that you are completely covered, it is important to take into account the following additional commercial auto coverage options:<\/p>
If the party responsible for the accident is unable to pay for all damages, uninsured motorist coverage protects you against bodily harm and property damage involving a company vehicle. This covers medical costs incurred as a result of bodily injury caused by an uninsured or negligent driver. <\/p>
Regardless of who was at fault, medical payments coverage covers medical costs if employees or passengers are hurt while riding in a company-owned vehicle. Designed to cover any reasonable medical costs that you and any accompanying passengers incur as a result of an accident. <\/p>
This assists in covering the expense of fixing or replacing the damage to your company vehicle, regardless of who is at fault. Receive compensation for vehicle damage caused by collisions with other vehicles or objects, such as trees. <\/p>
This insurance will pay for any damage caused by fire, flood, theft, vandalism, or any of these events. This insurance pays for the replacement or repair of any covered vehicles that are damaged or destroyed by vandalism, theft, floods, fires, or other covered events, less the deductible. <\/p>
If you are at fault for an accident that results in the death or personal injury of one or more people, this coverage pays the ensuing indemnification and court costs.<\/p>
Loading and unloading coverage covers damages to pieces of equipment and materials that occur during transport, loading, or unloading.<\/p>
Having bobtail coverage is recommended when using tractors without a trailer. Typically, it offers complete coverage for the insured car at all times, including for personal use.<\/p>