You would never drive your own car without the proper auto insurance. Your company vehicles deserve the same consideration. Business insurance will protect you, your company, and your drivers from liability. It can also cover the cost of auto repairs if your company vehicle is involved in a collision. Here are four tips that will help you choose an auto insurance policy for your business:
1. Start with your personal auto insurance company.
If you're happy with your current car insurance, you may want to look into the business policies your insurance company offers. As an incentive for brand loyalty, some insurance companies offer discounts for customers who take out multiple policies. If your insurance company offers this kind of deal, it can save you some money.
2. Make sure you have enough liability coverage.
Liability coverage is legally required for all drivers, but the amount of liability coverage business owners must have is often higher. When choosing a policy, make sure it covers property damage in addition to collision damage. Property damage insurance will cover costs incurred if your vehicle damages structures or items owned by other people. Business auto insurance should also cover medical bills. If your employee is hurt while driving the company car, you will be required to pay for their medical treatment; business auto insurance can be used to cover the cost.
3. Request a personalized quote.
Researching is a vital step in choosing an insurance policy. However, you can only get an accurate price estimate when you speak to an insurance carrier directly. The price you'll pay for auto insurance depends on the type of vehicles you use for business, the type of cargo you transport, how frequently your vehicles are driven, and how much protection you require. An insurance representative can take down your information and give you an accurate, personalized insurance quote which you can use to reach a final decision.
4. Strongly consider choosing comprehensive coverage.
Business owners aren't legally required to have comprehensive coverage. Some owners choose to forgo it in order to save money since it does come with a larger price tag. However, comprehensive coverage can save you a lot of money and keep you from going into debt if your business vehicle is totaled. With comprehensive coverage, your insurance company will pay for auto repairs regardless of fault. This can be very important if one of your business vehicles is damaged in an accident where the responsible party is uninsured or unable to be located.