Top Determine Whether You Need Commercial Insurance

Keep in mind that commercial insurance does not only apply to companies with massive trucking fleets. It can also apply to small mom-and-pop operations, like florists or pizzerias. To help decide if your business requires commercial insurance, consider the following:

• Will you use a single vehicle or an entire fleet?

• How will your company vehicle(s) be used?

• Who will be driving your vehicle(s)?

• Will you be transporting a heavy load of tools or equipment?

• Will you require use of a trailer?

• Will you need higher limits of liability due to the nature of your business?

If you're still undecided, consult with an insurance agent.

Top Determine the Required Amount of Coverage

If you conclude that commercial insurance is the way to go, you'll then need to decide on a coverage amount based on:

• Who owns the vehicle(s)

• Weight of the vehicle(s)

• Usage of the vehicle(s)

• Liability insurance requirements

At the very least, depending on the nature of your business, you must meet the state's liability minimums:

• $500,000―For dump trucks.

• $500,000―For carriers of vehicles and mobile and modular homes.

• $500,000―For armored vehicles.

• $500,000―For retail store delivery vehicles.

• $500,000―For taxis and limousines.

• $750,000―For carriers of household goods (such as furniture, office supplies, and musical instruments).

• $750,000―For carriers of heavy machinery (like road and earth moving equipment, oilfield rigs, and structural steel).

• $1 million or $5 million―For carriers of general commodities that do not require transportation by special equipment or service (minimum is contingent on type of cargo).

• $1 million for 5 million―For tank vehicles carrying hazardous substances or materials (think butane, liquid fertilizers, and fuel oil).

• $1.5 million or $5 million―For buses (minimum is contingent upon number of passengers).

• $5 million―For carriers of explosives.

Questions? Contact the Nebraska Public Service Commission at (402) 471-3101.

Top Purchase a Commercial Policy

Once you decide on a policy, spend time researching as many providers as possible. Rates vary with each one. Some companies cover both private and commercial coverage. Others are commercial exclusive.

Top Proof of Insurance and Financial Responsibility

When driving, you or your employees must, at all times, carry one of the following:

• An insurance identification card or certificate issued by your provider.

• An approved self-insurance certificate.

• Proof of a surety bond.

Top Penalties for Failure to Maintain Financial Responsibility

No proof of insurance is considered a Class IV misdemeanor. You'll face the suspension or cancellation of your operation permit. This is contingent upon your response time to providing proof of insurance.