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Get the Coverage You Need for Commercial Auto Insurance in Colorado
Colorado is home to over 690,000 small businesses that employ more than 1.2 million employees throughout the state.1 If your small business owns or operates any vehicles for business, you’ll need to have commercial auto insurance in Colorado to help protect you and your employees. Commercial auto insurance, known as commercial vehicle insurance, helps cover property damage costs and medical expenses if you or one of your employees is in a motor vehicle accident while driving a company vehicle for business.
Why Is It Important To Have Commercial Auto Insurance in Colorado?
If your business owns and operates any commercial vehicles, you’re at risk of facing expensive legal fees and lawsuits after a car accident – even if you’re not at fault. Commercial auto insurance can help cover the costs of repairs and medical expenses if you or one of your employees get into an accident while driving for work. The best way you can protect your operations is to make sure you have the right types of Colorado business insurance to make sure you’re protected against unexpected events.
Commercial Auto Insurance Coverage
If your small business depends on any company vehicles to get the job done, you’ll need commercial car insurance to keep you and your employees protected. In CO, commercial auto insurance policies commonly include the following coverages:
- Bodily Injury Liability Insurance Coverage helps pay for the other driver’s medical expenses if you or one of your employees causes an accident.
- Property Damage Liability Insurance Coverage pays for damage that you or your employees cause to someone else’s property.
- Drive Other Car Coverage covers your business’ executive officers and their spouses if they drive vehicles that aren’t on your commercial auto insurance policy.
- Collision Coverage helps pay to fix or replace your business’ car if you hit something, like another car or pole.
- Comprehensive Coverage can help pay for damages caused by theft, fire or natural disasters.
- Medical Payments Coverage can help pay for medical expenses for your employees and their passengers in the event of an accident, such as medical treatments and rehabilitations, dental care or funerals.
- Uninsured/Underinsured Motorist Coverage helps pay for you or your employees’ medical expenses or to fix your car if you get into an accident with another driver who lacks enough liability coverage or is uninsured.
- Hired and non-owned auto insurance offers lawsuit liability coverage if you or your employees are involved in an accident with a personal, rented or leased car that was used for business errands. However, this type of commercial vehicle insurance coverage won’t pay for damages to the personal, rented or leased car.
Who Needs Commercial Auto Insurance Coverage?
There are many types of small businesses that can benefit from having commercial auto insurance in Colorado. Some of the most common industries that typically need commercial auto insurance include:
If your business uses any types of vehicles for work purposes, like cars, pickup trucks, box trucks or commercial vans, commercial vehicle coverage will help safeguard your operations. Some examples of commercial auto coverage for certain types of vehicles include:
Box Truck Insurance
Box truck insurance is a type of commercial auto insurance that’s designed specifically for businesses that use box trucks or straight trucks for work purposes.
Commercial Van Insurance
Commercial van insurance is a type of commercial auto insurance that protects your company-owned vans used for business.
How Much Is Commercial Auto Insurance in Colorado?
The cost of commercial auto insurance in Colorado is heavily dependent on your industry and the types of vehicles your business operates. There are several other factors that may influence the cost of your commercial auto coverage, including the:
- Type of business you have
- Type of vehicle employees drive
- Driving records of your employees
- Typical travel radius driven
- Type of load company vehicles typically carry
- Location of your company
What Are the Requirements for Commercial Auto Insurance in Colorado?
In Colorado, all vehicles are required by state law to have a minimum amount of auto liability insurance coverage. Colorado’s minimum liability coverage limits for both personal and commercial auto insurance are:2
- $25,000 bodily injury liability per person in an accident
- $50,000 bodily injury liability per 2 or more people in an accident
- $15,000 property damage in any one accident
Keep in mind that these minimum limits can vary depending on the types of vehicles your business uses. Your insurance agency may recommend higher liability coverage limits based on your industry and the types of vehicles you own.
In addition, your business or industry may require additional types of coverage. You can find out what your other insurance requirements are by checking your USDOT number with the Federal Motor Carrier Safety Administration.
Frequently Asked Questions About Commercial Auto Insurance in Colorado
What Is the Difference Between Commercial and Business Insurance?
Commercial insurance is another name for business insurance that some insurance companies use. Both commercial insurance and business insurance are designed to help protect your company and employees from unexpected losses. With commercial insurance, your business will be protected from costly claims, like bodily injury, lawsuits, data breaches and property damage.
What Qualifies as a Commercial Vehicle in Colorado?
Under Colorado state law, a commercial vehicle is defined as any self-propelled or towed motor vehicle used on a highway in commerce to transport passengers or property.3
What Is the Definition of Commercial Insurance?
Commercial insurance can help protect your small business from claims alleging bodily injury, lawsuits, data breaches and property damage. From general liability insurance and commercial property insurance to workers’ compensation coverage, each policy protects you in different ways. You can also add coverage to your policy, like commercial auto insurance and professional liability insurance.
What if I Use My Personal Vehicle for Work?
If you use your personal vehicle for work purposes, like visiting clients or making deliveries, you’ll need to have commercial auto insurance. Your personal vehicle can be registered as a company car under your commercial auto policy, so you can receive protection while driving for business tasks. In most cases, you’ll need both commercial and personal auto insurance.
Keep in mind that most commercial auto insurance policies don’t cover incidents related to driving your commercial vehicle for personal use. A personal auto policy is most helpful for protecting you and your immediate family members when driving cars for personal use.
Get a Free Quote for Commercial Auto Insurance in Colorado From The Hartford
We’re an insurance company backed by more than 200 years of experience. We know that small business owners face unique risks, so it’s important to be prepared when something unexpected happens. That’s why we make it easy for you to get a fast and free quote for commercial auto insurance in Colorado. Llame al 855-860-9763 to get a quote from The Hartford today.
Additional Colorado Commercial Insurance Coverages
Last Updated: 10/26/2023
1 U.S. Small Business Administration, “2022 Small Business Profile – Colorado.”
2 Colorado General Assembly, “Mandatory Automobile Insurance in Colorado.”
3 State of Colorado, “General Regulations (FMCSR Part 390).”
Divulgaciones adicionales a continuación.