5 Things to Look for When Purchasing Commercial Auto Insurance
As a business owner, you face a lot of potential liability issues when operating your business. If you operate a business that relies on auto equipment such as construction, pest control, landscaping, commercial and residential painting, or electricity, you will need commercial auto insurance to protect your business. Your workers and individuals are vulnerable in their interactions on the road. As a business owner, you know how important having comprehensive insurance coverage is. There is little to no room for error when it comes to protecting your financial investment and business operations. This article will discuss what to look for when choosing a policy to protect your automotive needs for your business.
1) It starts with the employees
Before you even begin to place coverage on a vehicle for an employee, make sure to carefully assess the employee's driving record. There are a lot of reasons why someone may be a bad hire because of their driving history. You will be looking for “at fault” insurance claims, speeding tickets, accidents and more to determine if you should trust them behind the wheel. These behaviors can lead to more than complaints from other drivers but increased insurance costs and liabilities for the company.
2) Replacement vehicle coverage
Depending on the type of business you are running, your vehicles may become damaged or need to be replaced frequently. Long distance driving, rough terrain and weather can all be factors that lead to your company needing a replacement or temporary vehicle to be able to maintain the same level of efficiency for the company. Make sure to purchase a policy that would cover this expense through “rental reimbursement” coverage.
3) Go for the gold policy
When it comes to your business and the service you provide, you never cut corners. SO don’t start now. Make sure to purchase a policy that covers accidents, weather, drivers, rentals and can help guide you throughout your policy. You need a policy that will help you and not hinder your ability to work. Your employees are at more risk by driving vehicles, so assess the driver coverage as well.
4) Additional Drivers
If you are running a business that may require multiple people to share a vehicle or piece of motorized equipment, listen up! Make sure to add the additional insured coverage to your policy, so that it is easy and safe for all of your employees to switch out and drive vehicles and equipment as needed. This will help with work efficiency and lower the risk of liability for the company.
5) Hired and “non-owned” coverage
A lot of companies choose to allow their employees to drive their own vehicles to the job site or ask them to drive during the day to multiple locations, etc. Whatever the reason, if the person is driving for work, make sure that your company is covered for hired drivers, cars and for vehicles the business does not own. If you take a business trip and rent a car to visit with clients, this policy would protect your vehicle and any business liability for the duration of the trip. As you can tell, choosing coverage depends on your business needs. Use Insuravita to choose the right policy for you.