Ohio Commercial Electric Vehicle Insurance Policy Information
Ohio Commercial Electric Vehicle Insurance. For countless business owners, transportation plays a vital part in their overall success. Transporting products to clients, meeting with customers, driving clients to and from their locations; no matter what type of business you own, there's no doubt that you rely on transportation to some degree.
New vehicles are constantly being introduced, and a lot of business owners are making a switch to one of the latest innovation in the transportation industry: electric vehicles (EVs).
Not only can EVs help to reduce carbon emissions, but more importantly, they can help to reduce costs and improve productivity; two factors that are particularly beneficial for business owners.
Whether you've recently decided to start using electric vehicles for your business or you're thinking about making the switch sometime in the future, you want to be sure that you have the proper insurance coverage.
Just like traditional combustible engine vehicles, EVs have to be insured. Not sure what type of Ohio commercial electric vehicle insurance coverage you'll need?
Read on to find out what type of insurance business owners need to invest in for their electric vehicles.
Ohio commercial electric vehicle insurance protects your EVs used for business from liability and physical damage lawsuits from accidents - with rates as low as $67/mo. Get a fast quote and your insurance card now.
Is There A Difference Between Conventional Business Auto And Electric Vehicle Insurance?
Generally speaking, conventional commercial auto insurance and electric commercial auto insurance are the same in that they offer these policies offer the same type of protections; for instance, both types of policies protect other drivers on the road, as well as third-party property owners.
They can also feature other coverage options; for example, they can be customized to cover the cost of any damaged that your company's electric vehicle may suffer in the event that it's involved in an accident, as well as any medical care that the driver or that any passengers in the vehicle may sustain.
So how does commercial auto insurance for standard vehicles and Ohio commercial electric vehicle insurance differ? The price.
Typically, OH auto insurance for commercial EVs is more expensive than the cost of coverage for conventional equivalents because of to the need for special parts that aren't as common and the training and availability for servicing.
It is important to note that some insurers offer special discounts to reward businesses who buy eco-friendly vehicles.
How Much Does Ohio Commercial Electric Vehicle Insurance Cost?
While EVs usually cost more to insure than vehicles that are powered by combustible engines, the price difference really comes down to the company that's providing the insurance coverage. That's because rates vary from company to company.
Therefore, the best way to find out how much Ohio commercial electric vehicle insurance will cost for your business is by actually reaching out to different companies, getting price quotes, and comparing those quotes.
There are factors that will be taken into consideration that will impact the cost of coverage for the cost of covering a commercial electric vehicle. These factors can include:
- How long your business has been in operation
- How many vehicles you'll be insuring under the same policy
- The make and model of your electric vehicle
- What kind of industry you will be using your commercial electric vehicles for
- What type of coverage your policy will offer
- Where your business is located
- Your driving record
Why Does OH Commercial Electric Vehicle Insurance Cost More?
Since EVs operate differently from traditional internal combustion engine (ICE) vehicles, they do create some unique issues for business auto insurers such as:
- Costs of specialized EV parts
- Expensive car and truck batteries
- Specialized mechanics needed for service
In the current time, this means Ohio commercial electric vehicle insurance policies are a little more expensive than standard ICE business insurance polices.
That being said, as more electric vehicles are manufactured, and more parts are available, along with training of services techs - the cost of business auto insurance for EVs will eventually come down.
What Companies Offer Ohio Commercial Electric Vehicle Insurance?
There are several companies that offer OH EV commercial insurance. Some of the more popular companies include:
Tesla, one of the most popular manufacturers of electric vehicles, has also started offering auto insurance for EVs, but it appears for now only under personal coverage. However, it's important to note that currently, the company only writes polices for some of their vehicles, such as all Model S, Model X, Model 3, Model Y and Roadster owners in California. You can read more here: Tesla Insurance.
The coverage for these vehicles is offered in California for now, with plans to expand to other states. According to Tesla, they decided to start offering insurance coverage for electric vehicles, as they have such an intimate relationship with these vehicles, as they develop and manufacture them.
What Type Of Insurance Coverage Is Available For OH EVs?
The basic protections that Ohio commercial electric vehicle insurance policies offer the same basic coverages that policies for conventional vehicles provide including:
- Covered auto liability coverage insures your legal obligations that arise from an accident, including lawsuits and their associated costs. The limits you purchase should be high enough to handle the potentially serious injuries and loss of earnings a victim may sustain.
- Uninsured and underinsured motorists coverages protect you when you are involved in an accident caused by a driver who has no insurance or insurance with relatively low limits. The limits you select for this coverage should be the same as your liability limits.
- Physical damage coverage on vehicles directly protects your assets. Comprehensive, Specific Causes of Loss and Collision are the coverage options available. Deductibles should be as high as you can comfortably absorb to maximize the protection provided relative to the premium cost.
- Medical payments coverage and towing expense costs for private passenger vehicles are other optional coverages to consider.
To find out more about what specialized coverages might be available for commercial EVs, speak with an agent that specializes in commercial auto insurance.
What Are The Minimum Ohio Commercial Electric Vehicle Insurance Requirements?
Find your state below to see what the OH minimums are for EVs:
Do keep in mind business EV auto insurance limits are usually required to be higher than the state minimums listed below - either by state or federal regulations - or by contract.
|State||Minimum Required Auto Insurance Limits|
Ohio Commercial Electric Vehicle Insurance - The Bottom Line
There is no doubt that EVs will become more and more popular as they offer an environmentally friendlier way to drive, quieter engines and less carbon dioxide pollution.
To find out more about the specific types of Ohio commercial electric vehicle insurance coverages you'll need, and how much coverage you should carry and the related premium costs, consult with a reputable broker that is experienced in commercial business auto insurance.
Ohio Economic Data, Regulations & Commercial Insurance Minimum Requirements
If you're an entrepreneur, you know how important it is to research the location where you plan on setting up shop. No matter how how-quality and valuable the products and/or services your business offers may be, if you're situated in an area that isn't suitable for your operation (the wrong target demographic, a poor market, etc.), you just aren't going to achieve the success that you're hoping for.
If you're considering Ohio for your headquarters or for a new branch of your business, you definitely want to take the time to research the area before you set up shop. Below, we'll take a look at the economic trends of the Buckeye State, including employment rates and key industries that are thriving in the area. We'll also highlight some of the key forms of commercial insurance business owners need to carry when operating in Ohio.
Economic Trends for Business Owners In Ohio
The Buckeye State has seen a marked increase in job growth, which is indicated by the record low unemployment rate. According to the Ohio Department of Job and Family Services, as of April, 2021, the rate of unemployment was 4.3 percent; the lowest it's been in more than 18 years. In April the previous year, the rate was 4.6 percent, a difference of .03 percent in 1 year; however, and more notably, the rate has dropped .01 percent in just one month, as it was 4.4 percent in March, 2021. July, 2001 was the last time Ohio saw such a low level of unemployment, when the rate was 4.2 percent.
In January, 2010, the rate was an astounding 11.1 percent, so it's safe to say that there has been a definite decrease in the number of jobless people in the Buckeye State, which is a strong indication of the overall economy of the state.
The greater Cincinnati area is one of the best places for businesses in Ohio, where smaller cities are seeing the largest growth. Examples include Blue Ash, Beachwood, Independence, Sharonville, and Springdale. Industries that are thriving in Ohio include:
- Advanced Energy and Environmental Technologies
- Aerospace and Aviation
- Information Technology
- Logistics and Distribution
- Oil and Gas
Business Insurance Regulations In OH
The Ohio Department of Insurance regulates insurance in Ohio. Certain policies are mandated in Ohio, meaning business owners must carry specific types of coverage. Business owners can protect themselves, the customers they serve, the vendors they work with, and their workers from various risks by investing in the right type of insurance coverage. Coverages that are required include:
Workers Compensation - Most Ohio businesses with employees are required to pay for workers comp. If your OH business has just one employee, you're probably required to carry workers' compensation insurance. In Ohio, workers' compensation insurance is provided through the state - rather than through private insurance companies.
Other forms of insurance that business owners may be required by contract or municipality. The amount of coverage business owners need to carry for each policy vary and depend on a variety of factors, including the size of the operation, the number of employees, and the nature of operations.
Additional Resources For Small Business Insurance
Protect your company and employees with the right commercial insurance policies. Read informative articles on small business insurance coverages - and how they can help shield your company from legal liabilities.
- Small Business
- Business General Liability
- Business Interruption
- Business Liability
- Business Owners Policy (BOP)
- Certificate of Insurance
- Commercial Auto
- Commercial Crime
- Commercial Package Policy
- Commercial Umbrella
- Comprehensive General Liability
- Directors and Officers Liability
- Cyber Liability
- Employment Practices Liability
- Event Cancellation
- Fiduciary Liability
- General Liability
- Home Based Business
- Independent Contractor
- Liability Insurance Certificate
- Liability Insurance
- Ocean Marine
- Professional Liability
Your small business faces many potential disasters including: fire, floods, theft, equipment breakdown, lawsuits from clients or customers and current & former employees. Any many other risks you haven't even thought about.
A small business commercial insurance program should provide protection for both larger and smaller disasters. The obvious things like fire, flood and theft most business owners think about... but what if a hacker infects your computers with a virus - and files containing private customer information like credit card and Social Security numbers are stolen?
Who is going to pay to fix your customers credit rating etc...? Will your insurance pay for the cost? You need to know that.
Your commercial insurance program should cover events that can close down your company, or cause it to lose revenue. Anything less than that is not enough coverage. Commmercial insurance doesn't cover everything, and all policies have exclusions and limits.
You need a written plan that allows you to get your operations back up and running as quick as possible.
Request a free Ohio Commercial Electric Vehicle insurance quote in Adel, Algona, Altoona, Ames, Anamosa, Ankeny, Asbury, Atlantic, Bettendorf, Akron, Alliance, Ashland, Ashtabula, Athens, Austintown, Avon, Avon Lake, Barberton, Beavercreek, Berea, Boardman, Bowling Green, Broadview Heights, Brook Park, Brunswick, Canton, Centerville city, Chillicothe, Cincinnati, Cleveland, Cleveland Heights, Columbus, Cuyahoga Falls, Dayton, Delaware, Dublin, East Cleveland, Eastlake, Elyria, Euclid, Fairborn, Fairfield, Findlay, Forest Park, Gahanna, Garfield Heights, Green, Grove City, Hamilton, Hilliard, Huber Heights, Hudson, Kent, Kettering, Lakewood, Lancaster, Lebanon, Lima, Lorain, Mansfield, Maple Heights, Marion, Marysville, Mason, Massillon, Mayfield Heights, Medina, Mentor, Miamisburg, Middletown, New Philadelphia, Newark, Niles, North Canton, North Olmsted, North Ridgeville, North Royalton, Norwood, Oregon, Oxford, Painesville, Parma, Parma Heights, Perrysburg, Pickerington, Piqua, Portsmouth, Reynoldsburg, Riverside, Rocky River, Sandusky, Shaker Heights, Sidney, Solon, South Euclid, Springboro, Springfield, Steubenville, Stow, Strongsville, Sylvania, Tallmadge, Tiffin, Toledo, Trotwood, Troy, Twinsburg, Upper Arlington, Wadsworth, Warren, Westerville, Westlake, White Oak, Whitehall, Willoughby, Wooster, Xenia, Youngstown, Zanesville and all other OH cities & Ohio counties near me in The Buckeye State.
Also find Ohio insurance agents & brokers and learn about Ohio small business insurance requirements for general liability, business property, commercial auto & workers compensation including OH business insurance costs. Call us (614) 407-1774.