Top Determine Whether You Need Commercial Insurance

To help determine if commercial insurance is right for you, consider the following:

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

• How will you or your drivers use the company vehicle(s)?

• Who will drive your vehicle(s)?

• Will you transport 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?

Don't forget that commercial insurance is not restricted to 18-wheel rigs. It also applies to small businesses like newspaper carriers, snowplowing services, and food caterers.

If you have questions, don't be afraid to ask. Any good insurance agent should be able to help, and you can also contact the Oklahoma Department of Safety (DPS).

Top Determine the Required Amount of Coverage

If you opt for commercial insurance, you'll need to decide how much coverage to carry. To help reach a definitive figure, consider the following:

• Who owns the vehicle(s)

• Weight of the vehicle(s)

• Usage of the vehicle(s)

• Liability insurance requirements

Depending on your company, you might not need extra coverage. You will need, however, to carry the following:

• A combined $750,000 single limit minimum, covering bodily injury and property damage.

Questions? Contact the DPS.

Top Purchase a Commercial Policy

After deciding on how much coverage you need, be sure to spend time researching different carriers. Some provide coverage for commercial and private vehicles, and others only focus on commercial coverage.

Top Proof of Insurance and Financial Responsibility

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

• The insurance identification card or certificate your carrier issues.

• Proof of an approved surety bond.

• A self-insurance certificate.

Top Penalties for Failure to Maintain Financial Responsibility

No proof of insurance carries heavy repercussions. Penalties are as follows:

• Immediate suspension of your permit to operate in the state. You will have 60 days to provide proof of insurance and proof that you did not operate your company vehicle(s) during the suspension.

• Immediate cancellation of your license or permit to operate in the state if you fail to respond within 60 days.