Tennessee Commercial Auto Insurance Policy Information
Tennessee Commercial Auto Insurance. If you own a business that operates one or more cars, vans, or other vehicles in the course of operating the business, then TN commercial auto insurance is one of the costs of doing business. Finding the right business auto insurance policy for your commercial needs can be tricky, but a seasoned insurance agent can help you navigate the marketplace and choose a policy tailored to your needs.
Protecting your business to the fullest requires that you buy a sufficient amount of Tennessee commercial auto insurance for your vehicles.
Tennessee commercial auto insurance helps your business cover costs from an accident if you or an employee is found liable - with rates as low as $97/mo. Get a fast quote and your proof of insurance now.
When buying a Tennessee commercial auto insurance policy, it is important to review your risks, your risk tolerance, the coverage that you need, and the amount of coverage that will protect you from loss. Commercial vehicle coverage is a general term that refers to company cars, limos, taxis, cargo vans, buses, SUVs, pickups and other vehicles that your business owns or leases for business use.
Many small business owners find themselves relying on personal auto insurance for their needs, but this can be a foolhardy move. If you use your personal auto to conduct business, there's a good chance that your personal auto insurance company will not cover any accidents, bodily harm, or property damage that results from business use of your covered vehicle. This can leave you as the business owner open to claims against your business and against you personally.
There are multiple risk factors involved in using these vehicles in your business, and insurance companies look at how often you use the vehicles, how you use them, and the number of miles you log each year in the vehicles covered when determining your premium amount. Likewise, your insurance agent assesses the same factors when helping you determine how much coverage to buy to mitigate your business' specific risks.
Like personal car insurance, commercial auto insurance offers basic coverage types, including liability insurance, comprehensive insurance, collision coverage and more. This type of policy protects the business from any significant loss that might affect your company's overall financial well-being and success.
What Does Commercial Auto Insurance Cover?
Usually, a Tennessee commercial auto insurance policy for your vehicle is a mix of required and optional coverage. It may include some or all of the following, depending on your needs and insurance assessment:
- Bodily injury liability coverage. This type of coverage protects your from loss when you or an employee is involved in an accident that is deemed your fault. This coverage provides for medical costs and any associated costs for claims filed against you. The compensatory amount you receive depends on your deductible and the limits set by the policy.
- Property damage liability coverage. Costs for repairing property that is damaged by you or an employee as a result of operating your commercial vehicle is covered under property damage liability coverage. Assess your risks and the potential losses to determine the right level and policy limits for your needs.
- Collision coverage. This covers losses due to collisions in your covered vehicle, regardless of fault.
- Comprehensive coverage. This covers all types of non-collision perils. For example, vandalism to your commercial vehicle, theft of your company car, or damage incurred when a tree falls on your commercial passenger van.
- Underinsured/uninsured motorist coverage. Should your commercial vehicle be involved in an accident with a motorist who has no insurance or who lacks a sufficient amount of insurance for the losses incurred, this coverage makes up the difference, up to the limits purchased.
- Medical payments insurance coverage. Drivers, passengers and others who are injured in an accident receive medical payments for associated injuries from this type of coverage.
Optional Coverage Types for Commercial Drivers
In addition to basic coverage types for commercial drivers, you can also choose from an array of different Tennessee commercial auto insurance coverage types based on your particular needs. For instance, you may wish to opt for rental replacement insurance to cover the cost of renting a vehicle while yours is being repaired. You may choose roadside assistance and towing coverage to help offset the costs of vehicle breakdowns.
Will Your Policy Cover Personal Use of a Business Vehicle?
Many small business operators use their personal vehicles while performing work-related tasks such as running out for supplies or going to visit a client for a consultation. However, if any injuries or damage occurs when operating the car in a business capacity, the liability generally falls on the owner of the vehicle personally, not the business, and personal auto coverage will not pay claims that result. The same is true of employees running errands for the business. The insurance company may decline coverage for any event that occurs, based on the employee conducting business in a personal vehicle.
Getting a TN Commercial Auto Insurance Quote
When shopping for Tennessee commercial auto insurance, be sure to work with an agent who is adept at writing policies or commercial customers Your agent can help you understand the various nuances that separate personal and commercial insurance, and he can also help you determine your particular risks, the amount of coverage you need to mitigate loss, and help you choose the deductibles and limits that are best suited for your particular situation. Some factors that will come into play when choosing a policy and getting a quote include:
- The number of vehicles to be insured
- The way the vehicles are used
- Whether or not you transport people or cargo
- The number of miles driven commercially each year
- The number of drivers who usually drive the vehicle
- Your driving history
- The age and experience of drivers
- Your credit history
- Whether or not you have taken a driving course
Your agent can best assess your needs and make recommendations based on your business' specific requirements.
Tennessee Economic Data & Commercial Insurance Information
If you're a entrepreneur, you need more than just a great products and services and a well-established business model to be a success; you also need to choose the right location for your organization. No matter how awesome your ideas are, if your business isn't located in a place where what you offer will provide value to consumers, you're going to struggle to succeed.
Whether you're thinking about setting up the headquarters of your organization or you're planning on opening a branch of your company in Tennessee, familiarizing yourself with the economic trends and the requirements for commercial insurance in the state is crucial for your success. Below, we offer insights regarding job growth and insurance coverage requirements in The Volunteer State.
Economic Trends For Small Business In Tennessee
In regard to job growth, the state of Tennessee is exceeds the rate of national job growth. As of February 2022, unemployment rates were at a historic low in The Volunteer State, with a rate of 3.2% throughout the state; 0.1% lower than the last historic low of 3.3% in October of 2018. That's lower than the national unemployment rate, which was reported to be 3.8% in February of 2019. Economists are forecasting continued job growth throughout the state into 2022.
In addition to positive job growth, the state of Tennessee offers other favorable conditions for entrepreneurs. No personal income tax and more training and education opportunities for the workforce are just some of the factors that make The Volunteer State a great place for business owners of both established companies and startups. While the entire state offers favorable conditions for businesses, the eastern and middle areas are considered the best to start a business; this includes big cities like Nashville and Knoxville; however, cities throughout the state are also offering great opportunities for business operations, such as Chattanooga, Memphis, Pigeon Forge, Alcoa, Lebanon, and Crossville.
Industries that are thriving in Tennessee include:
- Information technology
- Technology, as a whole
Business Insurance Regulations & Limits In TN
The Tennessee Department of Commerce & Insurance regulates insurance in Tennessee. Just like any other state in the country, there are regulations in place regarding commercial insurance. Business owners are required to carry certain types of coverage to protect themselves, their clients, and their employees.
Small businesses with 5 or more employees are required by TN state law to have workers comp insurance coverage. That drops to 1 or more employees if they operate in the construction business or trades (construction service providers).
If you use certain types of motor vehicles for business-related purposes, you'll also need to invest in commercial auto insurance coverage to protect your drivers, as well as other drivers on the road.
Additional Resources For Commercial Auto Insurance
Learn about small business commercial auto insurance which includes liability and physical damage protection for vehicles that are used for business purposes.
- Insurance Automotive Terms Glossary
- Amazon Delivery Drivers
- Ambulance Services
- Big Rig Truck
- Bobtail Non-Trucking Liability
- Charter And Tour Bus
- Commercial Auto
- Commercial Auto Liability
- Commercial Electric Vehicle Insurance
- Commercial Van
- DoorDash, GrubHub & Uber Eats Drivers
- Dump Truck
- Food Truck
- Freight Forwarder
- Household Goods Moving
- Motor Truck Cargo
- Non-Owned And Hired Auto Liability
- Owner Operator
- Pizza Delivery
- Tow Truck
- What Are Commercial Auto Insurance Endorsements?
- What Does Commercial Auto Physical Damage Insurance Cover?
The person injured in an vehicle accident may be a child, a wage earning single parent, a brain surgeon, or even a homeless person. The costs of the accident may be relatively small or run into the millions of dollars, depending on the victim and his or her injuries. Do you have the assets to handle such costs?
Trucking operations in this chapter are among the most heavily regulated in the country. All are subject to multiple types of regulation including municipal, state and federal. The regulations are necessary because potential for severe property damage and/or bodily injury is extremely high.
All carry cargo that if not handled appropriately could have serious consequences to the cargo owner and/or the public at large. Those that carry people must prove that they keep their equipment in good condition and that employees operate in a safe, sober manner.
The insurance company pays amounts an insured is legally obligated to pay as damages because of bodily injury or property damage and certain types of pollution events covered by this insurance caused by an accident and resulting from ownership, maintenance or use of covered vehicles.
The obligation to pay is triggered only by accidental occurrences involving vehicles covered under the Business Auto Coverage Form. An eligible pollution event is covered only if it is connected to a covered bodily injury or property damage loss.
It is important that you have the proper Limit of Insurance to protect your operations. This limit is the most the insurance company pays for the total of all damages, including any covered pollution cost or expense resulting from any one covered accident, is the Covered Auto liability limit of insurance on the declarations.
This limit applies regardless of the number of insureds, autos covered, vehicles involved in an accident, premium paid, or number of claims made.
Minimum recommended small business insurance coverage: Building, Business Personal Property, Business Income and Extra Expense, Accounts Receivables, Computers, Motor Truck Cargo, Valuable Papers and Records, Employee Dishonesty, Money and Securities, General Liability, Employee Benefits, Umbrella, Motor Carriers Liability and Physical Damage, Hired and Non-owned Auto & Workers Compensation.
Other commercial insurance policies to consider: Earthquake, Flood, Mobile Equipment, Signs, Warehouse Operators' Legal Liability, Cyber Liability, Employment-related Practices, Environmental Impairment, Underground Storage Tank, Stop Gap Liability and International Coverages.
Request a free Tennessee Commercial Auto insurance quote in Alcoa, Arlington, Athens, Atoka, Bartlett, Bloomingdale, Brentwood, Bristol, Brownsville, Chattanooga, Church Hill, Clarksville, Cleveland, Clinton, Collegedale, Collierville, Columbia, Cookeville, Covington, Crossville, Dayton, Dickson, Dyersburg, East Ridge, Elizabethton, Erwin, Fairfield Glade, Fairview, Farragut, Fayetteville, Franklin, Gallatin, Germantown, Goodlettsville, Green Hill, Greenbrier, Greeneville, Harriman, Harrison, Hartsville, Henderson, Hendersonville, Humboldt, Jackson, Jefferson City, Johnson City, Kingsport, Kingston, Knoxville, La Follette, La Vergne, Lakeland, Lawrenceburg, Lebanon, Lenoir City, Lewisburg, Lexington, Loudon, Lynchburg, Manchester, Martin, Maryville, McKenzie, McMinnville, Memphis, Middle Valley, Milan, Millersville, Millington, Morristown, Mount Juliet, Munford, Murfreesboro, Nashville, Newport, Nolensville, Oak Ridge, Oakland, Paris, Pigeon Forge, Portland, Pulaski, Red Bank, Ripley, Savannah, Sevierville, Seymour, Shelbyville, Signal Mountain, Smyrna, Soddy-Daisy, South Cleveland, Spring Hill, Springfield, Sweetwater, Tellico Village, Tullahoma, Union City, White House, Winchester and all other TN cities & Tennessee counties near me in The Volunteer State.
Also find Tennessee TN local small businesses by General Liability Class Code and learn about Tennessee small business insurance requirements for general liability, business property, commercial auto & workers compensation including TN business insurance costs. Call us (901) 255-6544.
Federal Motor Carrier Safety Administration Information
- Federal Motor Carrier Safety Administration (FMCSA) - The Federal Motor Carrier Safety Administration's primary mission is to prevent commercial motor vehicle-related fatalities and injuries.
- Safer System - The FMCSA Safety and Fitness Electronic Records (SAFER) System offers company safety data and related services to industry and the public over the Internet. Users can search FMCSA databases, register for a USDOT number, pay fines online, order company safety profiles, challenge FMCSA data using the DataQs system, access the Hazardous Material Route registry, obtain National Crash and Out of Service rates for Hazmat Permit Registration, get printable registration forms and find information about other FMCSA Information Systems.
- FMCSA Forms - All forms needed for the Federal Motor Carrier Safety Administration.
- Update MCS 150 - Form MCS-150 and Instructions - Motor Carrier Identification Report.
- How does CSA work? - CSA (Compliance - Safety - Accountability) re-engineers the former enforcement and compliance process to provide a better view into how well large commercial motor vehicle carriers and drivers are complying with safety rules, and to intervene earlier with those who are not.