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Commercial Auto Insurance

Contractors Insurance, an award-winning commercial insurance brokerage firm based in Ontario, are trusted by numerous contractors, tradespeople, and professionals. We specialize in providing personalized insurance plans and bundles, and one of those is commercial auto insurance.

If your business owns and uses a vehicle to transport employees, clients, and business-related materials and equipment to and from job sites, having a commercial auto insurance policy protects your business from financial loss. 

This type of insurance can cover repair, medical, and legal fees when a business vehicle is damaged and has damaged properties or causes bodily injury to people involved.

Contractors Insurance continues to provide commercial vehicle insurance and multiple policies covering other risks and liabilities that businesses in varying industries face. With our years of experience and excellent customer service, you know you’re in good hands.

What Is Commercial Auto Insurance? 

Commercial auto insurance is a policy that covers damages to company-owned vehicles. If you or an employee damages another vehicle, a property owned by a third party, or bodily injures a third-party individual, this business auto insurance protects you from financial risks. 

What Does Commercial Auto Insurance Cover? 

Auto Liability 

If you or your employee damages or bodily injures a third-party property or individual, this third-party liability coverage can provide legal defence and settlement fees.

Medical Coverage 

If you, an employee, or a third party gets in a covered accident while in a company-owned vehicle, this insurance type can pay the medical fees.

Collision Coverage 

If a company-owned vehicle collides with or gets hit by an object or another vehicle, this accident benefits coverage pays for damages to the company vehicle.

Comprehensive Coverage 

Business auto insurance pays for damages to your company vehicle caused by theft, vandalism, or natural disasters such as fire, flood, and other covered perils.

Uninsured Motorist Coverage 

If an uninsured motorist causes bodily injuries to your driver and passengers in your vehicle, auto insurance for business can pay for damages and medical fees. 

Who Can Benefit From Commercial Auto Insurance? 

Commercial auto insurance is vital for any business that relies on vehicles, from food trucks delivering delicious meals to taxis transporting passengers. It safeguards your business financially in the event of an accident, covering medical expenses and property damage. 

A commercial vehicle insurance policy protects your company vehicles, whether you operate a standard car, a massive tractor-trailer, or specialized rigs like flatbeds and tow trucks.

However, commercial car insurance does not cover the following:

  • Your personal vehicle, unless its sole use is for business purposes;
  • Items you transport in the vehicle;
  • Rented or leased vehicles; and
  • Vehicles used for ridesharing. 

Why You Need Commercial Auto Insurance in Ontario

Despite proper training and implementing precautions, accidents can happen when you’re in an industry involved in high risks and liabilities. Having commercial vehicle insurance in Ontario protects you and your business from financial loss if these situations arise.

Claims Example #1

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    While using the company car, your driver accidentally hits someone crossing the street, causing minor injuries.

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    The individual successfully sues. Your commercial car insurance policy can cover medical costs and provide legal defence and settlement fees.

Claims Example #2

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    An uninsured motorist collides with your business vehicles.

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    Your commercial auto insurance covers the damages to your company vehicles.

Claims Example #3

  • Problem Icon

    You leave your company car and find it vandalized the next day.

  • Outcome Icon

    Your insurance company covers damages to your company vehicle through your commercial auto insurance.

Leading Provider of Ontario Commercial Auto Insurance

As an award-winning commercial insurance brokerage firm, you can always expect these benefits from Contractors Insurance:

Personalized Insurance Plans 

Our customer-centric approach means being there at every step of the process. When you partner with us, we’ll be hands-on in customizing your insurance plans according to your needs, helping you identify and remove unnecessary riders. 

Transparency in Coverage and Limitations 

We explain your commercial auto insurance policy in plain English, outlining coverage details, exclusions, and what activates coverage. This ensures you understand your policy fully, avoiding hidden fees and confusion.

Thorough and Straightforward Insurance Education 

We believe informed clients make the best decisions. That’s why we educate you on cleaning business insurance before you buy. This empowers you to choose the right coverage to protect your business and ensure its long-term success.

How Much Does Commercial Auto Insurance Cost? 

A commercial car insurance cost can range from $100 to $300 monthly but varies based on factors like:

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Vehicle details: The type (sedan, van, truck), value, and annual mileage of your vehicles all influence the premium. Typically, larger, more expensive vehicles driven frequently will cost more to insure.
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Driver risk: The experience and driving history of your employees operating the vehicles are considered. Clean driving records with minimal accidents or claims can lower premiums and vice versa.
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Location: Commercial auto insurance coverage rates can vary depending on the province or territory you operate in, due to factors like accident rates and theft statistics. Areas with higher accident rates or theft may see increased premiums.
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Coverage Selections: The commercial auto policy offers core protections, but additional coverage options like comprehensive or collision insurance, or increased liability limits, will raise the cost. Balancing affordability and coverage is key. A higher liability limit might cost more, but it offers greater financial protection in the event of a serious accident.

Ready To Get The Coverage You Need? 

Contractors Insurance has garnered multiple awards and industry recognition for our personalized insurance plans and excellent end-to-end service. You can rest assured that you will only get the best from us. Secure your business’s future with us and have peace of mind knowing we’ve got you covered with tailored commercial vehicle insurance without the frills.

Contact us today for more details or get a free commercial auto insurance quote. A team member will reach out shortly.

Frequently Asked Questions About Commercial Auto Insurance

The number of vehicles required to qualify for fleet insurance can vary depending on the insurance provider. While some insurers may offer fleet coverage for as few as two trucks, the usual requirement is three or more trucks.

While private auto insurance is mandatory for all licensed drivers in Ontario, commercial auto insurance is optional for your business’s risk management plans. If you have existing policies, you can bundle commercial auto insurance with your other policies.

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