Commercial Auto Insurance Minimum Requirements in Mississippi
Mississippi doesn’t differentiate between private and commercial vehicles when it comes to establishing financial responsibility. All vehicle owners must be able to prove they can cover the cost of damages sustained during an accident.
Ways to Establish Financial Responsibility
You can establish financial responsibility when you purchase an insurance policy including coverage that meets that state’s minimum requirements (see "Determine the Required Amount of Coverage," below).
Determine Whether You Need Commercial Insurance
The following factors might help you determine whether you need commercial coverage:
- How many and what kind of vehicle(s) you need to insure
- How the vehicle(s) is being used
- Who drives the vehicle(s)
- Who owns the vehicle(s)
Sometimes it’s difficult to determine whether you need a private auto insurance policy or a commercial one. Businesses generally need commercial policies for the vehicles they use for matters related to their businesses, but if you’re a sole proprietor who has one vehicle set aside for, say, business-related traveling, you might be able to get by with a private policy.
In the following scenarios, the vehicle owners usually need commercial insurance:
- Your business equipment cannot be removed from the vehicle(s).
- You or your business picks up and delivers goods and/or people.
- You have multiple vehicles used by craftsmen or skilled workers (aka artisan use).
- The coverage limits on a personal auto policy are not high enough.
- You need to protect your employees when they use your company vehicle(s) or their own vehicles on company time.
Contact the Department of Public Safety (DPS) if you still need help determining whether your vehicle requires commercial coverage.
Determine the Required Amount of Coverage
When you start shopping for commercial coverage, insurance providers will want to discuss with you the following:
- Who owns the vehicle(s)
- Weight of the vehicle(s)
- Usage of the vehicle(s)
- Liability limits requirements
Purchase a Commercial Policy
Many insurance carriers offer commercial coverage in addition to the kind of traditional liability coverage you’d purchase for a private passenger vehicle. Be sure to shop around for the company that can provide exactly the coverage you need for your vehicle.Choose a State:
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