Ohio Commercial Vehicle Insurance
Get a full analysis of Ohio commercial vehicle costs, coverage, and companies.
Written by
Ann Herro has been writing about insurance and employee benefits for over 15 years. She has covered topics as easy as insuring a car, and as difficult as transparency in healthcare costs.
Ohio is home to a wide range of locally-owned businesses, and many of them rely on a company vehicle or a fleet of vehicles for their day-to-day business operations. Ohio business vehicle owners need commercial vehicle insurance, whether their vehicles are used for deliveries, transporting people, or performing construction work. It’s required by state law, and it’s necessary to protect your financial well-being if one of your vehicles is involved in a crash.
An independent insurance agent in Ohio can help you find competitively priced coverage that is compliant with all state and federal laws and affordable for your business.
Best Commercial Vehicle Insurance Companies in Ohio
There are a lot of options for commercial vehicle insurance in Ohio. How can you make the best choice?
The following are some of the best commercial vehicle insurance companies in Ohio. They are highly rated for their mix of valuable coverage offerings and competitive pricing.
- Progressive: Progressive is based in Ohio and offers commercial vehicle insurance across all 50 states. Ohio business owners can look to Progressive for most of their business insurance needs.
- Nationwide: Nationwide provides commercial auto insurance and other popular types of business insurance coverage in Ohio. The company is headquartered in Columbus, OH, and is represented by independent insurance agents in 50 states.
- Liberty Mutual: Liberty Mutual is headquartered in Boston, MA, and has been offering business insurance since 1912. Today, the company offers a flexible, multi-line range of coverages, including commercial vehicle insurance, designed to meet the needs of any business, regardless of size or industry.
- Travelers: Travelers offers highly rated commercial vehicle insurance in Ohio. The company also provides a variety of other business insurance options, including inland marine, workers' compensation, and general liability.
- EMC Insurance Companies: EMC is in the top 60 business insurance companies in the United States. The company specializes in designing well-rounded insurance programs to protect the financial assets of many types of businesses and organizations.
An independent insurance agent in your area can help you learn more about these and other Ohio commercial vehicle insurance companies. A local agent can help you get competitive quotes for the coverage that fits your needs.
Ohio Commercial Vehicle Insurance Requirements
Ohio law requires that you have car insurance to drive any motor vehicle, whether for personal or business purposes. Business vehicle owners must have the following coverage, at a minimum, in order to comply with state law and avoid penalties:
- Bodily injury liability coverage: $25,000 for the injury or death of one person and $50,000 for the injury or death of two or more people
- Property damage liability coverage: $25,000 per accident
Trucks over 10,000 pounds have additional state and federal regulations that they must comply with, including additional liability insurance requirements. The amount of liability insurance required for trucks depends on several factors, including:
- The truck’s weight
- Whether the truck is involved in interstate commerce
- Whether the truck is transporting people, household goods, hazardous materials, etc.
Your independent insurance agent can help you learn more about the requirements for commercial vehicle insurance in Ohio.
What Commercial Vehicle Insurance Covers in Ohio
You need commercial auto insurance in Ohio to cover your business cars, trucks, and any other vehicles used in business operations. Your commercial auto insurance policy can cover:
- Vehicles that your business owns
- Vehicles that your business owns, hires, and leases
- All vehicles that are used for business purposes, including those that the business does not own, hire, or lease (e.g., when your employees drive their own personal vehicles for business purposes)
All commercial vehicle insurance policies in Ohio will include at least the state-mandated coverage for each vehicle on the policy:
- Bodily injury liability coverage: Helps pay for other drivers’ and passengers’ injuries when the policyholder is at fault in an accident.
- Property damage liability coverage: Pays for damage to someone else’s property when you are at fault for that damage (i.e., another party’s vehicle, a fence, etc.).
In addition, an Ohio commercial auto policy may include the following types of optional coverage:
- Collision coverage: Covers damage to your vehicle sustained in a collision, regardless of who was at fault.
- Comprehensive coverage: Covers the cost to repair or replace your vehicle if it is damaged or totaled by a non-collision event such as a hailstorm or theft.
- Medical payments coverage: Helps pay for medical, dental, and funeral expenses for you or your passengers, regardless of who is at fault for an accident.
- Uninsured/underinsured motorist coverage: Covers your driver’s medical expenses and your vehicle’s damage following an accident caused by an uninsured or underinsured driver.
- Towing and roadside assistance: Covers the cost of a service call if your company vehicle becomes disabled while on the road.
- Non-owned or hired auto liability insurance: Provides liability coverage for non-owned vehicles used for business purposes, such as when you rent or lease a vehicle or when you or an employee use a personal vehicle for business purposes.
Your local independent insurance agent can help you determine which coverage types may benefit your unique needs.
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Average Cost of Commercial Vehicle Insurance in Ohio
Ohio commercial auto insurance rates vary significantly from business to business. Your insurance company will consider the number of vehicles and drivers, the makes and models of the vehicles, the amount of coverage each vehicle needs, and more.
Remember that a company with a fleet of trucks will pay more than a small business with a few cars used for sales calls or deliveries.
You can minimize your risk of collisions and control costs by hiring experienced drivers with good driving records and by ensuring that your company’s vehicles are well-maintained. Limiting the number of hours your employees spend on the road each day is also a good idea to prevent problems with driver fatigue.
These activities not only promote safety and help avoid accidents, but also many insurance companies offer discounts to policyholders who provide their drivers with safety education materials and training.
An independent insurance agent can help you understand all the risks you face and get quotes for affordable commercial auto insurance in Ohio.
How to Find the Best Commercial Vehicle Insurance Quote in Ohio
Commercial vehicle insurance can cover everything from small cars to large buses, so Ohio businesses have varying coverage requirements and needs. Seeking the advice of a local independent insurance agent is the best way to get your questions answered and find affordable coverage.
An independent insurance agent in Ohio can help you obtain and compare a selection of customized quotes for your unique coverage needs.
Ohio Commercial Vehicle Insurance FAQs
Commercial vehicles are generally exposed to more risks than most personal vehicles. Business autos tend to be out on the road more, and for that reason alone, they have a greater risk of being involved in a crash.
If your commercial vehicle is involved in an accident that results in serious injuries or fatalities, you can be faced with a very expensive lawsuit. And even minor fender-benders can result in property damage costs and loss of income for your business.
Any business that owns vehicles needs commercial auto insurance to protect itself from the large financial losses that can result from a crash. And crashes are all too common on busy Ohio roadways.
Yes, commercial auto insurance is required by law in Ohio.
Commercial auto policies in Ohio must include the following types of coverage, at a minimum, for every vehicle listed on the policy:
- Bodily injury liability coverage
- Property damage liability coverage
All commercial vehicle insurance policies in Ohio will include at least the state-mandated coverage for each vehicle on the policy:
- Bodily injury liability coverage: Protects your business if you or one of your drivers injures or kills someone else while driving a company-owned vehicle. It covers an injured party's claims for damages, including medical expenses, lost wages, and pain and suffering. It also covers your legal defense fees if another party involved in the accident sues you.
- Property damage liability coverage: Pays for any damage that you or one of your drivers cause to the property of others (e.g., another driver’s car) and for your legal defense if you are sued.
In addition, your Ohio business auto policy may include the following types of optional coverage:
- Collision coverage: Covers damage to your vehicle sustained in a collision, regardless of who was at fault.
- Comprehensive coverage: Covers the cost to repair or replace your vehicle if it is damaged or totaled by a non-collision event such as a hailstorm or theft.
- Uninsured/underinsured motorist coverage: Covers your driver’s medical expenses and your vehicle’s damage following an accident caused by an uninsured or underinsured driver.
- Medical payments coverage: Helps pay for medical, dental, and funeral expenses for you or your passengers, regardless of who is at fault for an accident.
- Towing and roadside assistance: Covers the cost of a service call if your company vehicle becomes disabled while on the road.
- Non-owned or hired auto liability insurance: Provides liability coverage for non-owned vehicles used for business purposes, such as when you rent or lease a vehicle or when you or an employee use a personal vehicle for business purposes.
Ohio state law requires that all motor vehicles registered and operated in the state carry the following minimum insurance limits:
- Bodily injury liability coverage: $25,000 for the injury or death of one person and $50,000 for the injury or death of two or more people
- Property damage liability coverage: $25,000 per accident
Trucks over 10,000 pounds have additional state and federal regulations that they must comply with, including additional liability insurance requirements.
Business owners in Ohio can deduct from their taxes the ordinary and necessary cost of any business insurance policy as a business expense. This includes any insurance policy that is common, helpful, and appropriate for your industry.
What’s more, most businesses are required to carry some types of business insurance — including commercial auto insurance — because of state laws, industry regulations, or contracts. Premiums for these policies are tax-deductible.
In addition, self-employed people who use their cars for business-related purposes can deduct many of the expenses associated with that vehicle, including car insurance premiums. If you use your car strictly for work-related purposes, you can write off all costs associated with operating and maintaining it. If your car use is mixed between business and personal reasons, you can only deduct costs related to the business usage of the vehicle.
Commercial vehicle insurance costs in Ohio can vary significantly from one business to the next. In general, commercial auto insurance costs more than personal auto insurance.
The following factors influence what you’ll pay for Ohio commercial vehicle insurance:
- The number of vehicles your business is insuring
- Each vehicle’s type, year, make, model, and safety features
- Each vehicle’s passenger capacity if used for transporting people
- Whether your vehicle(s) will be used to transport hazardous materials
- The estimated number of miles your vehicle(s) will be driven annually
- The driving histories of the employees who will be operating the vehicles
- The amount of coverage you wish to purchase
Liberty Mutual, Nationwide, Travelers, Progressive, and EMC are some of the best commercial vehicle insurance companies in Ohio. They are highly rated for offering broad coverage, top-notch customer service, and a variety of affordable options for business owners.
There is no such thing as a one-size-fits-all policy when it comes to commercial auto insurance. A business that relies on a few cars for making local deliveries will have vastly different needs than one that uses heavy trucks for interstate commerce.
A local independent insurance agent can help you find a competitively priced policy that meets your state’s coverage requirements. Contact an independent agent in Ohio to begin comparing customized commercial vehicle insurance quotes.
https://www.bmv.ohio.gov/dl-mandatory-insurance.aspx