The law in most states requires automobile owners to have insurance before they can drive their vehicles on public roadways. This requirement extends to companies with vehicles operated by their employees. Having auto insurance can protect a business in case of a traffic accident in which an employee has been found responsible.
Commercial Auto Insurance Coverage
Whether your business owns a fleet of cars or trucks operated by employees or uses their personal cars for company business, your company should provide auto insurance for them. Like personal auto insurance, business auto insurance in Oklahoma City, OK provides coverage for
* property damage liability,
* bodily injury liability,
* combined single limit,
* no-fault, medical payments or personal injury,
* uninsured motorists,
* comprehensive damage, and
* collision.
Business auto insurance policies are “named driver only” policies, which means only those who are named on the policy can drive the vehicle. If an employee whose name isn’t on the policy drives the vehicle and they are involved in an accident, then your insurance carrier may not provide coverage for any damage to yours or another person’s vehicle or property.
Minimum Coverage Requirements
At minimum, all Oklahoma drivers are required to carry liability insurance, including drivers using business vehicles or their own cars to conduct business. The minimum coverage amounts are
* $25,000 to cover the injuries or death of one person,
* $50,000 to cover the injuries or deaths of two people, and
* $25,000 for property damage.
If your business employs drivers with Commercial Driver’s Licenses (CDLs), then your business auto insurance may need to be upgraded to include vans, trucks, or other vehicles requiring drivers to have CDLs. Along with state insurance requirements, your company and its drivers will also have to meet federal requirements for CDL holders. Discuss vehicle insurance options for your business with your insurance agent to get the best coverage.
