Commercial Auto Insurance
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Commercial Auto Insurance Information
Tennessee businesses using vehicles are subject to state laws requiring minimum amounts of coverage. Some vehicle types must also have liability insurance to comply with federal regulations. Your agent can help you understand the laws your company must follow.
Contact Bradley Insurance Agency in Knoxville, Tennessee, to learn more about your company’s commercial auto insurance options.
What Commercial Auto Insurance Is Required in Tennessee?
Tennessee companies can choose to satisfy the state’s minimum insurance requirements in the following ways:
- Maintain auto insurance that meets the state’s minimum coverage limits for property damage liability and bodily injury liability.
- Provide a cash deposit as dictated by the state of Tennessee and pass a background check proving there are no unsatisfied judgments against you.
- File a surety bond equal to the minimum required cash deposit as proof of financial responsibility.
Auto insurance helps provide financial protection for your company. Your company could be liable for third-party injury and property damage claims in an at-fault accident without proper auto insurance coverage.
Your agent may advise your company to purchase more than Tennessee’s minimum required amount of auto liability insurance coverage, depending on your situation.
If you finance company vehicles, your lender typically requires full coverage auto insurance, which may include the following:
What Optional Commercial Auto Coverages Are Available?
- Comprehensive insurance may help cover non-accident-related damages, including fire, vandalism, weather damage or theft.
- Collision insurance may help pay for damages to the covered vehicle after colliding with another vehicle or object.
- Guaranteed asset protection (GAP) insurance may help pay off your company’s vehicle in full if it’s a total loss after a covered accident or incident.
Your agent may also recommend adding the following optional coverages:
- Medical payments coverage may help pay accident-related medical bills if a company vehicle driver or passenger is injured in an accident up to the policy’s limits.
- Uninsured/Underinsured motorist insurance may help cover damage to your company vehicle if you are in an accident with a driver that doesn’t have appropriate insurance coverage. Tennessee companies typically receive quotes that include this coverage, but you can decline it in writing.
- Rental car reimbursement may help cover the costs of renting a car if the insured vehicle is being repaired after a covered accident or incident.
Tennessee companies that borrow, rent or lease vehicles can satisfy the state’s minimum liability coverage requirements by maintaining hired and non-owned auto insurance (HNOA).
How to Get Tennessee Commercial Auto Insurance
Contact Bradley Insurance Agency today to compare commercial auto insurance quotes.