Arizona a true value when it is about starting your own small business as it offers a low tax rate, the average age of the population of 35, and a highly professional population all over. Like many states, the majority of businesses are small businesses. Even if each business owns a minimum of one vehicle, it makes hundreds of thousands of commercial vehicles running on the road daily. By state law, Arizona businesses need to maintain commercial auto insurance/commercial vehicle insurance in order to protect others from accidents.
If you own a business vehicle, you need to make sure you have met the min auto insurance requirements:
Bodily injury liability coverage: Minimum $25,000 per person / $50,000 per accident
Property damage liability coverage: Minimum $15,000
Uninsured motorist bodily injury coverage: Minimum $25,000 per person / $50,000 per accident
Underinsured motorist bodily injury coverage: Minimum $25,000 per person / $50,000 per accident
Business facts about Arizona
- By the year 2010, there was over 99,000 small business registered in Arizona.
- These businesses hired around 100,000 employees in the same year where the real gross state product elevated by 3.5% & private sector employment increased up to 1.5%.
Legally, Arizona businessmen must have to maintain liability insurance on commercial vehicles.
Commercial Auto Insurance
Commercial Auto Insurance includes policies that safeguard your business, assets, drivers, and vehicles once an accident happens. It has the following components:
Property & injury liability
Repair the damage by your vehicles to the limit you purchase however, repair of the vehicle is not covered by this type of insurance.
It enables you to repair any kind of damage to a vehicle owned by the business no matter fault due to a collision with another object.
It is also termed as ‘everything other than collision’ and offers various coverage like fire, or wildlife incident, etc.
When you have gone through a collision with an underinsured or uninsured person, it could be an uphill task, so this type of insurance provides safety in such cases. Some states split this coverage to uninsured and underinsured
Arizona Commercial Auto Insurance Quote
Every business is different. But the ability to hurt someone on the road remains about the same.
Rates of commercial auto insurance are also dependent on these factors:
- Number of vehicles
- Type of vehicles
- How far vehicles travel
- How vehicles are used
- Driving record of every driver
- If vehicles will be using trailers
- What type of cargo will be in trailers
- Desired coverage types
- Desired deductibles
It is an ideal practice to keep your attention on these factors prior to seeking Arizona commercial auto insurance quotes for the best deal.
Types of vehicles covered with Commercial Vehicle Insurance
It is an obvious factor that businesses use numerous types of vehicles for business activities, so, the following is a list of the most frequent or common vehicle types covered by commercial vehicle insurance in Arizona.
- Pickup trucks
- Commercial trucks
- Delivery vans
- Passenger vans
While exploring commercial auto insurance options, make sure to familiarize yourself with the kinds of vehicles you need to secure.
Need for policy update
It is important to keep the insurance company updated about any perspective changes to your usage. If you own a current commercial vehicle insurance policy or starting to look for one, it is ideal to take the insurance provider regarding the following conditions.
- When an employee leaves or is terminated
- When you hire a new employee who will be driving an insured vehicle
- When an employee is involved in an accident
- When an employee gets a ticket
- When your business purchases a new vehicle
- When your business sells a vehicle
These factors can influence your policy so keep the provider aware of all the changes.
Discounts on Arizona Commercial Auto Insurance
Traditional discounts that are available on most of the insurance policies vary from Multi-policy discount, Paid-in-full discount, Safety program discount, Industry affiliation discount, Claims-free discount, and more. All the insurance companies have their own certain types of discounts so ask about it to get the best one for you.
Process of getting Arizona Commercial Auto Insurance
While you try to find the best insurance for your business, exploring an accurate policy could be a challenging task. Ganyo Insurance is always there to assist with you and discuss your options, low down the prices, and offer claiming help too. Our agency and agents licensed by the Arizona Department of Insurance.