- Could you afford to pay medical care costs if you or someone who works for you is involved in a vehicle accident and injures another person while driving for business reasons?
- Can your business cover vehicle repairs and property damage if you have an accident while working?
- What if someone passes away because of an accident you have when heading to a meeting and you’re sued for wrongful death by their family? Are you able to pay legal and settlement costs?
The answer to these questions for most Tennessee small business owners is NO. It’s why they must get commercial auto insurance to protect their interests.
This article will reveal the 5 best commercial auto insurance companies for Tennessee businesses and answer some of the most commonly asked questions about the coverage so you can get the proper protection for your business.
- 5 best commercial auto insurance companies in Tennessee
- Commercial auto insurance minimum requirements in Tennessee
- Who needs commercial auto insurance in Tennessee?
- What does commercial auto insurance cover?
- How much does commercial auto insurance cost in Tennessee?
- What factors affect commercial auto insurance cost in Tennessee
- How can I find cheap commercial auto insurance in Tennessee?
5 best commercial auto insurance companies in Tennessee
- Progressive: Best for Tennessee businesses that need to insure different types of vehicles
- InsurePro: Best for on-demand insurance coverage
- biBERK: Best for low-cost commercial auto coverage from a reputable company
- THREE: Best for complete business coverage that includes commercial auto insurance
- Simply Business: Best for a simple insurance-buying experience
Progressive: Best Overall for Tennessee commercial auto insurance
Progressive has offered personal auto insurance since 1937 and business-related vehicle policies for more than half a century. The insurer offers a full range of commercial auto insurance products. It can also supply all the coverage your business needs, no matter the number or type of vehicles you have to insure. The company is known for its flexible coverage, affordable premiums, and first-class service.
Progressive offers the following kinds of commercial vehicle coverage:
- Auto and truck insurance
- Tow, dump, and food truck insurance.
Two types of Progressive policies cover specialized vehicles:
- Landscaper insurance
- Contractor insurance.
Progressive offers many discounts, which could help you save on your commercial vehicle insurance and all your business-related policies during these inflationary times.
In addition, Progressive is one of the four companies offering commercial auto insurance quotes online. The other 3 companies are biBERK, THREE, and InsurePro. It should take less than 10 minutes to get a quote on Progressive website. If comparing quotes is important to you, you should definitely get a quote from Progressive to start the process.
Did you know: Progressive is a leading provider of insurance for people who offer pick-up and delivery or ride-share service? It covers gaps between your personal auto policy and what your delivery or rideshare company provides. It’s worth looking into if you offer these types of services anywhere in Tennessee.
InsurePro: Best for on-demand insurance coverage
It’s wise for small business owners to get several insurance quotes from multiple providers so they can compare coverages and costs. However, this can be a cumbersome and challenging thing to do. Insurepro found a way to make it easy.
Insurepro is a one-stop insurance shop. All you need to do is input information about your commercial vehicle insurance needs, and it will serve up three quotes from reputable insurers on a single screen. The complete end-to-end experience typically takes less than 15 minutes.
One thing that makes Insurepro unique is that it allows you to purchase coverage for only when you need it. You could save almost 50 percent on your premiums when you purchase its on-demand insurance. If you only use your vehicle occasionally for business purposes, it could be worth looking into Insurepro for your coverage.
biBERK: Best for low-cost commercial auto coverage from a reputable company
After the last few years, few small business owners in Tennessee are sitting on extra cash to spend on insurance. Inflation has made it even worse! If cash is currently tight for you, biBERK could be a good insurer for you to consider.
biBERK was built from the ground up to be a low-cost business insurance company. Even though you will save money on your commercial auto insurance, you can rest assured knowing you’re getting dependable protection when you and your employees drive for business purposes. biBERK lowers insurance costs by approximately 20 percent because it insures small businesses directly, without the added expenses associated with working through an agent or broker.
You can feel confident knowing biBerk is a part of Berkshire Hathaway, the company headed by successful investor Warren Buffett. It’s been insuring businesses for more than 75 years and has millions of satisfied customers.
biBERK also offers commercial auto insurance quotes online. And if you are happy with the quote, you can go ahead to buy the policy online as well. The whole process literally takes less than 10 minutes. You owe it to yourself to get a quote from biBERK to compare and save at least 20% on premiums.
THREE: Best for complete business coverage that includes commercial auto insurance
THREE is another insurer that is a member of the Berkshire Hathaway family. It offers a single policy covering all aspects of a business, including commercial vehicle coverage. The firm prides itself on the fact that it has an easy-to-understand three-page policy that contains no fine print or surprises. It’s easy to know exactly what you’re covered for.
In addition to commercial auto, the THREE small business policy covers:
- Liability: General liability, employment practices, and errors and omissions
- Cyber: Cyber liability, data compromise, and incident response
- Property and business interruption: Fire, theft, flood, water and vandalism damage, wind and hail, and earthquake
- Workers compensation
It is also super easy and fast to get a quote from THREE. Below is a quote sample we got from THREE. It takes us about 10 minutes to get this comprehensive quote covering commercial auto insurance, general liability, cyber insurance, and commercial property coverages in one policy for a small accounting firm based in Memphis, TN.
If ease of doing business and securing complete and comprehensive business coverage is essential to you, THREE could be a good provider for your business insurance.
Simply Business: Best for comparing several quotes
Simply Business is an online insurance brokerage. It exclusively offers protection for small businesses. It has made the insurance-purchasing process simple for the owners of them. Simply Business can tailor small business insurance solutions to the requirements of individual clients. In addition to commercial auto insurance, it offers a wide variety of insurance types.
The company takes pride in supplying quotes from a broad range of quality insurers in minutes. It’s a fast and easy way to get several quotes all at once to compare premium prices and coverages so you can find the right policy for you.
What is commercial auto insurance?
It’s a type of insurance protection that pays for injuries to others and damage to vehicles used for business if they’re involved in accidents. It can also cover costs related to theft and vandalism. Commercial auto insurance covers things like:
- An employee hits another vehicle or pedestrian while driving a car owned by your company, and you’re responsible for the costs associated with the accident
- You run off the road and strike a light post while heading to a business appointment, and your car is damaged
- Someone who works for you is involved in an accident while driving their car for work and injures someone, which results in high medical bills.
These examples demonstrate the value of commercial auto insurance. Consult with your insurance agent or provider to determine whether you need commercial auto coverage and how much protection to get.
Did you know: Commercial auto insurance is also referred to as commercial vehicle coverage or business auto insurance? If you’re not clear about any terminology, ask an insurance expert.
Commercial auto insurance minimum requirements in Tennessee
Commercial auto insurance minimum requirements in Tennessee are 25/50/15. This means that if you choose to buy a policy with minimum coverage limits in Tennessee, your policy will pay up to:
- $25,000 for each person injured in an accident
- $50,000 for all people injured in an accident
- $15,000 for all property damaged in an accident
Who needs commercial auto insurance in Tennessee?
If you drive a vehicle in the state for work-related reasons, you must have commercial auto coverage. If you or an employee drive a car for business purposes, a personal car insurance policy will not cover accident-related expenses. An experienced insurance professional can let you know whether you need this coverage. Learn more at why businesses need to have commercial auto insurance coverage
Businesses in Tennessee that typically purchase commercial vehicle insurance include:
- Ones that own, rent, or lease vehicles
- Those that have employees who drive their own cars for work reasons or drive company-owned cars
- Those with employees who lease, rent, or own vehicles used for work.
It’s not worth risking your operation’s future by not having the right insurance. Consult with a professional to ensure you have correct commercial auto insurance coverage.
What does commercial auto insurance cover?
Most commercial vehicle insurance policies provide the following types of protection:
- Injuries: It covers the cost of medical care for anyone else injured in an accident that’s caused by you or someone working for you while conducting business.
- Property damage: It pays for damage that you or an employee cause to someone else’s property, including their vehicle, in an accident.
- Collision: It covers damage to your vehicle if you’re in an accident, whether you’re found to be at fault or not.
- Comprehensive: Covers non-accident vehicle damage resulting from theft, extreme weather, or vandalism.
- Medical: Pays accident-related medical bills for you and your passengers up to policy limits if health insurance doesn’t cover them.
- Uninsured/underinsured: Covers your costs if you’re involved in an accident with a driver who doesn’t have insurance or enough coverage. It also pays expenses resulting from a hit-and-run incident.
Work with an insurance professional to find out which coverages and levels you need. It could prevent you from having to pay accident-related expenses that could have a significant negative impact on your business’s bottom line.
How much does commercial auto insurance cost in Tennessee?
The average cost of commercial auto insurance in Tennessee is $87 per month, or $1,044 per year. This is for one regular car with a 40 year-old driver and a good driving history. The commercial auto insurance cost in Tennessee can be as low as $45 per month or as expensive as $560 per month.
This is just the average. Your own rate will be different. Be sure to shop around with a few companies that we recommend above to compare several quotes before making your final decision.
- Get online quotes with Progressive, biBERK, and THREE. These are the three reputable insurance companies offering commercial auto insurance quotes online. It shouldn’t take you more than 10 minutes to get a quote on their websites
- Work with a top broker like Simply Business, InsurePro, or commercialinsurance.net to get and compare several quotes in one place.
What factors affect commercial auto insurance cost in Tennessee?
Costs vary and are based on:
- The number of vehicles covered
- The type and price of the vehicles
- The features they’re equipped with
- The nature of your business
- The types and levels of coverage
- How much driving you do, and where
- Where the company is located, along with where the vehicles are used and parked.
Commercial auto insurance is typically more costly than personal vehicle protection. It’s because commercial vehicles are usually more expensive to repair or replace. In addition, business policies usually cover more than one driver with different driving records.
How can I find cheap commercial auto insurance in Tennessee?
Here are some things you can do to find the coverage you need at the lowest possible price:
- Shop around. Get quotes from several insurers and select the one that provides the best value.
- Never stop shopping around. Make sure you get new quotes before you renew your policy.
- Take advantage of discounts. If they’re not offered when you get a quote, ask about them, whether you’re buying insurance through an agent or online.
Taking these steps will help ensure you’re not paying too much for your commercial auto coverage and other business insurance — or ending up with too much or too little protection.