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  • Commercial Auto Insurance Minimum Requirements in Wyoming

    WY Commercial Auto Insurance Minimum Requirements &In-State-Name&

    Owners of all vehicles―private and commercial―must prove that they can pay for any damages or injuries their vehicles cause. This is called "financial responsibility," and it's especially important in Wyoming, where the law requires that the owner of the vehicle at fault in an accident is responsible for all of the damages in that accident.

    Ways to Establish Financial Responsibility

    In this state, you can establish financial responsibility when you:

      • Purchase an insurance policy.
      • Secure a bond with a surety company that is authorized to do business in Wyoming.
      • Deposit with the state treasurer.

    Determine Whether You Need Commercial Insurance

    A private insurance policy might cover some business use of your vehicle, so it can be tricky to know whether you should buy commercial insurance. Consider the following questions:

      • How many and what kind of vehicle(s) do you need to insure?
      • How is the vehicle(s) being used?
      • Who drives the vehicle(s)?
      • Who owns the vehicle(s)?

    For example, if you own a roofing company with three trucks that carry equipment and employees, you will need a commercial policy. But if you run a home-based business like Avon or Tupperware, your private insurance is probably enough.

    You would also need commercial insurance if any of the following apply:

      • Your vehicle carries business equipment or hazardous materials.
      • You or your business regularly picks up and delivers goods and/or people.
      • You need to protect your employees when they use your company vehicle(s) or their own vehicles on company time.

    Determine the Required Amount of Coverage

    Because commercial vehicles are used differently from private vehicles, you will need to consider the following when purchasing an insurance policy:

      • Who owns the vehicle(s)
      • Weight of the vehicle(s)
      • Usage of the vehicle(s)
      • Legal requirements

    Purchase a Commercial Policy

    Your private insurance company probably also offers commercial insurance, but remember there are also companies that specialize in commercial policies, so shop around to get the coverage and rates that are right for you.

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