Mathew B. Sims is Editor-in-Chief and has authored, edited, and contributed to several books. He has been working in the insurance industry ensuring content is accurate for consumers who are searching for the best policies and rates. He has also been featured on sites like UpJourney.

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years (BBB A+). He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com and Safeco. He reviews content, ensuring that exis...

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Reviewed by Daniel Walker
Licensed Auto Insurance Agent

UPDATED: Apr 24, 2020

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Things to Remember...

  • Whether you use vehicles to move products or equipment or provide transportation for your employees, it’s essential that you choose the auto insurance that fits your business
  • Among many car insurance companies, State Farm, Allstate, Geico, Nationwide, and Progressive offer commercial auto insurance
  • Whoever you choose to go with, make sure you are getting enough coverage for all your commercial needs
  • To get the best deal, ask about discounts that your insurance company provides

Having commercial auto insurance is an integral part of moving your business forward. Whether you use vehicles to move products or equipment or provide transportation for your employees, it’s essential that you choose the auto insurance that fits your business.

Insuring your property and employees will protect you from liability or any mishaps that occur during business operations.

There are many auto insurance companies that understand the unique needs of business owners and provide specialized coverage to suit them. Use our FREE quote tool to compare rates today!

Top Commercial Auto Insurance Companies

State Farm

State Farm offers an array of options for your business, whether you use a fleet of cars or your own vehicle. Some of the types of coverage they offer are:

  • Comprehensive Coverage
  • Collision Coverage
  • Bodily Injury Liability
  • Uninsured/Underinsured Motorist Coverage
  • Personal Injury and Medical Payments

State Farm also offers Non-Owned Car Liability Coverage, which provides additional benefits when employees drive their own cars for business purposes.

In addition, they provide other types of business insurance to accommodate all of your company’s needs, such as Property and Liability Coverage, Workers Compensation, Health and Life Insurance, Retirement Plans, and Professional Products Insurance.

Allstate

Allstate has been protecting businesses for over 60 years. They offer both personalized products and flexible insurance plans for your commercial vehicles. Some of the types of coverage they offer are:

  • Comprehensive and Collision Coverage
  • Drive Other Car Coverage
  • Loading/Unloading Coverage
  • Medical Payments Coverage
  • Non-Owned Auto Coverage
  • Property Damage Liability
  • Rental Reimbursement
  • Uninsured Motorist Bodily Injury and Property Damage Coverage

Allstate also offers supplemental coverage for businesses, including Audio and Visual Equipment Coverage, Workers Compensation, and Employee Dishonesty Coverage.

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Geico Insurance

Geico is routinely ranked as one of the nation’s best car insurers. Geico offers a variety of coverage options at competitive rates that business owners need to help their companies run smoothly. Geico offers:

  • Comprehensive and Collision Coverage
  • Bodily Injury and Property Damage Liability Coverage
  • Uninsured Motorist Coverage

Nationwide Insurance

Nationwide is an exceptional company that can provide you with customizable car insurance to suit your growing business. Nationwide offers:

  • Comprehensive and Collision Coverage
  • Medical Payments and Personal Injury Protection
  • Bodily Injury and Property Damage Liability Coverage
  • Uninsured/Underinsured Motorist Coverage
  • Emergency Road Service
  • New Vehicle Replacement Car Coverage
  • Hired Auto Physical Damage Coverage
  • Auto Loan or Lease Coverage
  • Expanded Towing Coverage
  • Rental Reimbursement

Progressive

Progressive is one of the largest commercial auto insurance providers. They have an A+ rating from A.M. Best and are trusted by hundreds of thousands of businesses. They provide coverage for a variety of commercial vehicles and offer unique products and features for each.

Progressive offers:

  • Comprehensive and Collision Coverage
  • Bodily Injury and Property Damage Liability Coverage
  • Medical Payments Insurance
  • Uninsured/Underinsured Motorist Coverage

Through Progressive, additional business auto insurance options are available, including Non-Owned Vehicle Coverage, which extends the basic auto insurance to protect employees when they drive a vehicle that is not owned by the company.

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How to Determine the Best Commercial Insurer for You

One way to find the best auto insurance company for you is by searching for the discounts that each company offers. Although one company’s rate may be higher than the other, you may find that another company is willing to give you a better price after discounts.

Here are some discounts that companies may offer to you as a business owner:

  • Business Experience Discount – If your business has been operating for over 3 years, you could save as much as 5 percent on your insurance
  • Package Discount – When you already have a Business Owners Policy with any insurance agency, you can save up to 15 percent on your Progressive Commercial Auto Policy
  • Paid-In-Full Discount – When you pay your entire insurance premium upfront, you’ll receive a Paid-In-Full discount of up to 10 percent

As a business owner, it can be difficult to know how much auto insurance is sufficient; each business has its own unique needs when it comes to coverage. Aside from the basic insurance options, it’s important to remember a few key factors when customizing your insurance plan.

  • How the Vehicle is Used – A vehicle that is parked in a lot most of the time will need less liability coverage than a vehicle that is driven daily
  • Type and Weight of the Vehicle – The recommended liability coverage will be higher for a heavier vehicle because it will cause greater damage if an accident occurs
  • The Estimated Worth of the Business – The greater the business’ value, the higher the recommended auto coverage
  • The Number of Vehicles Insured – Businesses that operate a fleet of vehicles usually require more coverage, as they have a greater probability of loss

Operating a business entails a great amount of responsibility. As a business owner, it is important to be knowledgeable as to how much coverage your company can afford. Before making a decision, make sure that your policy will cover your specific concerns.

Knowing that your property and employees are adequately insured will promote peace of mind and smooth business operations.

Compare auto insurance for with our FREE comparison tool below!

References:

  1. https://www.statefarm.com/
  2. https://www.allstate.com/
  3. http://www.geico.com
  4. https://www.nationwide.com/
  5. https://www.progressive.com/
  6. http://www.ambest.com