Commercial Auto Insurance Minimum Requirements in Ohio
The Bureau of Motor Vehicles (BMV) makes it clear: It's against state law to drive any motor vehicle―including commercial― without having the proper liability insurance or proof of financial responsibility.
Ways to Establish Financial Responsibility
Besides taking out a vehicle liability policy, you can meet the state's mandate when you maintain any of the following:
- Bond (issued by your insurer or an authorized surety company).
- Proof of financial responsibility certificate (signed by your insurance agent).
- BMV-issued self-insurance certificate of self-insurance.
Determine Whether You Need Commercial Insurance
Trying to figure out if your business requires commercial insurance can be tricky. So, first ask yourself the following questions about your vehicles:
- What types do I have?
- How many are there?
- How are they used?
- Who drives them?
- Who owns them?
Addressing these questions can help you can begin to formulate an idea as to whether you need commercial insurance. However, in general, if you or your drivers use your vehicles for business purposes, they won't fit under your personal auto liability policy. This could even apply to private vehicles used for pizza or flower deliveries, or to transport passengers for a fee.
Here are a few more cases when commercial insurance might be appropriate:
- Your business equipment can't be removed from your vehicle.
- You need higher coverage limits than what's available with private auto insurance.
- You have workers using your vehicles for business purposes.
To make the final call, you may need to partner with both the BMV and your insurance carrier. The BMV can advise you on the legal requirements for your business; the insurance provider can assist you in knowing the amounts and types of coverage that you will need to protect your business assets.
Determine the Required Amount of Coverage
If you decide to pursue the commercial insurance aspect, your insurer will need to know some or all of the following to place you into the right policy:
- Vehicle owner
- Vehicle weight
- Vehicle usage
- Vehicle value
- Cargo types
Purchase a Commercial Policy
Commercial insurance policies widely differ in terms of coverage and cost. Try comparison shopping online or through the toll-free insurance company numbers to find the right coverage at the right cost for your business. Of course, your insurance agent can also be an excellent source of information.
Some insurers offer both private and commercial policies, so it might be possible to keep all your coverages with the same provider. However, don't overlook carriers that only specialize in commercial insurance.Choose a State:
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