In today's litigious society, it is important for all business owners, both big and small; to make sure their employees using company vehicles for business are properly insured when they leave the parking lot.
From companies with employees using trucks to haul goods and services to businesses where employees use company cars to transact business, it is important that business owners make sure the proper insurance is in place in order to avoid a potentially damaging lawsuit.
Among the things to take note of are:
- Commercial auto insurance covers your company in the event there is an accident where an employee is using the vehicle for business reasons;
- Not having commercial auto insurance could leave a business liable for the entire expense of things such as accidents, theft, and more;
- An employee's personal car insurance will not cover business-related items;
- A business can select comprehensive, collision, liability, uninsured and under insured motorist protection to name a few;
- If you have a number of vehicles and drivers, consider fleet insurance.
One of the first things to come up for a business owner when shopping around for commercial auto insurance coverage is the price.
Given how troubling the economy has been in recent years, business owners should remember that there are ways to save money on commercial auto insurance.
Among the ways to lower your company's commercial auto insurance costs are:
- Where the vehicles are located. Parking them in a garage or away from dangerous streets, high crime areas helps;
- Making sure your employees have good driving records;
- Purchasing vehicles that insurers generally charge less for on premiums like domestic and mid-sized sedans;
- Consider a higher deductible, which translates into lower premiums;
- Quality safety features on the vehicle are important too, like anti-theft gadgets, GPS tracking, air bags and more.
The most important factor to remember as a small business owner shopping for commercial auto insurance is that you need to shop around.
Get plenty of quotes, get some background information on the insurance providers, find out their financial stability and also whether or not they have a history of claims against them, and use referrals.
With all that said, you and your business should be able to drive off with savings.
Photo credit: taskinsurance.com