The Best Commercial Auto Insurance Providers for Small Businesses
If your business utilizes vehicles, commercial auto insurance is essential to protect it from liability issues. The cost of your policy will depend on factors like vehicle value and age as well as driving history as well as any coverage options chosen.
NEXT provides standard commercial auto coverages such as collision, physical damage, liability and medical payments as well as more specialized offerings such as hired and non-owned vehicle coverage and rental reimbursement.
1. NEXT Insurance
Next Insurance was founded in 2016, yet has already provided coverage to over 400,000 small businesses since.
This company understands that every business is different and offers customized policies based on each type of enterprise – carpenters, personal trainers and plumbers will all have distinct insurance needs.
In addition to phone and email support, NEXT provides an onsite chat feature throughout the entire quote purchase path as well as post-purchase for existing customers who require support when needed. This feature ensures support can always be found when needed!
NEXT has been designated an A-rated carrier by AM Best, signifying financial stability sufficient for valid claims to be covered. Furthermore, their mobile app makes downloading certificates of insurance instantaneously.
2. biBERK
With an A+ rating from Better Business Bureau and over 200,000 policies sold, biBERK stands out among small business insurance providers as an industry leader. Their business owners policy, commercial auto, and add-on cyber policies cover an array of liability risks.
Their policies are tailored to help businesses save both time and money by covering issues such as property damage, general liability, professional liability (also known as errors and omissions insurance), commercial auto and workers’ compensation insurance.
Though relatively young, biBERK has quickly established itself as an online provider of business insurance. Customers can bypass traditional brokers and receive quotes in minutes after filling out a brief questionnaire; policy management can also be completed entirely online for added efficiency when managing a busy business.
3. Progressive
Progressive Insurance was established in 1937 as an American insurance provider dedicated to innovation. They offer business auto coverage that can cover multiple drivers and vehicles under one policy with different coverage amounts and deductibles available, in addition to specialty offerings like named insured coverage (similar to workers’ comp), commercial property floater coverage, rental reimbursement with downtime coverage and rental reimbursement coverage.
Progressive is an impressively large insurance provider capable of covering almost any vehicle or driver, making them an attractive option for businesses of any kind. Unfortunately, their customer service scores lag behind those of their counterparts, earning only a 1 out of 5 rating from J.D. Power 2022 Insurance Shopping Study’s customer satisfaction surveys; yet they maintain high financial strength ratings.
4. Farmers
Farmers is a large national carrier offering highly customizable commercial auto policies with multiple coverage options to suit any business vehicle owner’s needs, from liability and collision to comprehensive. Furthermore, special protection is offered for contractor vehicles transporting tools that may be susceptible to theft or damage.
On a company errand in his personal car, an employee rear-ends a church van, leaving multiple people injured but with low liability limits that don’t fully cover medical costs. Farmers’ hired and non-owned auto coverage can assist here; in addition, other policies include guaranteed value and spare parts coverage (which pays an agreed upon set amount in advance for repairs even if your vehicle is totalled) plus guaranteed customer satisfaction ratings of A+ AM Best financial strength ratings – making Farmers an invaluable partner!
5. Nationwide
No matter where your travels take you in the Empire State, Nationwide offers reliable auto insurance policies to cover you on the road – whether that means New York City commuting, Saratoga Springs road-tripping or Catskills touring. Their basic car policy offers liability, collision and comprehensive coverage – ideal if you require basic coverage such as liability.
Companies often provide extras like accident forgiveness and vanishing deductible. Though not offered by all providers, these extras could help you reduce premium costs significantly.
Nationwide offers small business policies tailored to a range of industries, from photography studios and retail stores to breweries and senior living facilities. Their offerings also include workers’ compensation, commercial auto policies and business owners policies – providing protection for any company that requires it.
