You need business auto insurance if your company owns, leases or hires vehicles. It’s also worth having if your employees use their personal vehicles for work-related businesses. Coverage is available for a range of commercial vehicles, including delivery trucks, semi-trucks, and tractors.
More Coverage Options Than Personal Auto Insurance
Businesses are more prone to significant risks than individuals, given the large value of their assets. This means that they need more than just basic auto insurance with limited coverage. A business automobile policy is customized to provide comprehensive protection against complicated risks.
In addition, if you finance or lease your business vehicles, collision coverage will come in handy. It covers the cost of car damage, regardless of the perpetrator.
Should You Insure Your Employees’ Personal Vehicles?
Your employees ought to be protected. This is particularly true if they use their personal vehicles for work-related purposes. You risk being liable for any resulting accident if such individuals are uninsured. To err on the side of caution, get a non-owned auto insurance policy. That way, your business is indemnified for liabilities associated with the covered vehicles.
Let’s say you provide food delivery service to customers within your zip code. You can get your restaurant staff insured with an employee non-owned auto insurance policy. In case of an accident involving one of the company cars, you can file a claim on behalf of the driver.
When is the Best Time to Insure Your Business Automobile?
You should get business auto insurance as soon as you purchase a commercial vehicle. Even when your company is small, you need to think and plan ahead. Insurance provides long-term financial protection. It’s even more critical when your business is just getting off the ground as a messy lawsuit can bring it to a grinding halt.
If you don’t own a company vehicle yet but have staff members that use theirs for business purposes, consider getting non-owner insurance as an add-on or standalone coverage. This policy will protect your business from risks and compensate your staff for medical bills and damages to their vehicles.
How Much Does Business Auto Insurance Cost?
Several factors determine the cost of business auto insurance, including the number of commercial vehicles you own, your insurance history, the vehicle type and its usage. It also depends on your coverage needs. For instance, the number of employees on your payroll that use their vehicles for commercial purposes may affect the cost of premiums. It could also be influenced by your city’s risk profile.
You should budget between $60 to $250 each month on average for insurance. Discounts are also available, depending on the insurer. Some provide up to 25% savings for good drivers, multi-policy holders, and employees who drive a set number of miles. The best way to ensure you get the most appropriate coverage at the best rates is to work with an independent insurance agency.
You can get quotes and quickly apply for coverage from credible insurers online without ever leaving the comfort of your home. Such providers let you discontinue payments at any time without incurring any fees.
Where Should I Begin?
Start by talking to an independent insurance agency. These companies work with multiple insurers to bring you multiple quotes. Once you narrow down your options, you can go on and make a purchase.
Secure More Deals with Business Auto Insurance
Along with being advantageous to you and your staff, business auto insurance is essential for your clients. An appropriate vehicle insurance policy indicates that your company is prepared to handle unforeseen circumstances. In turn, it builds trust and inspires confidence among customers. In most cases, they will consider you a reliable supplier for long-term relationships.
You shouldn’t wait until a client requests a certificate of insurance before you get business auto insurance. In actuality, it’s a good idea to get insured before your company starts to use a vehicle for business. That way, you are well-prepared to meet clients’ requests for proof. If you need commercial insurance for multiple vehicles and drivers, you can get a quote from the top insurance providers in the industry.
You can narrow down your business auto coverage options and make an informed decision. Simply contact us today.
