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

• Drivers

Keep the state's liability insurance minimums in mind:

• $12,500 of bodily injury coverage for injuries or a death occurring to one person in an accident.

• $25,000 of bodily injury coverage for injuries or deaths occurring to more than one person in an accident.

• $7,500 of property damage coverage per accident.

Both an insurance company and a representative from the BMV can help you figure out how much commercial coverage you need.

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.

Proof of Insurance and Financial Responsibility

When it's time to provide evidence of your insurance or financial responsibility coverage, you might need to show one of the following documents:

• Insurance card or policy.

• $30,000 surety bond issued by an authorized surety company.

• BMV-issued bond (secured by real estate having equity of at least $60,000).

• BMV-issued certificate (for $30,000 cash or government bonds on deposit with the State Treasurer).

• BMV-issued self-insurance certificate (only available for companies or individuals owning a minimum of 26 vehicles).

Penalties for Failure to Maintain Financial Responsibility

If you have no proof of insurance or financial responsibility when a law enforcement official asks for it following an accident or possible traffic violation, you can still show your proof by:

• Mailing a copy of it to the BMV.

• Bringing the proof with you to traffic court.

• Sending a copy of it along with your traffic violation penalty payment to the BMV.

If you don't do so, the suspension process might begin, and you could face having your license and registration suspended for at least 90 days.