Business Auto Insurance
Business auto insurance is a necessary business expense to protect your company from accidents that can (and will at some point) happen. Because even with “How’s my driving” bumper stickers, you can’t always manage the way company vehicles are operated, or how other drivers can influence a situation. A Business Auto Insurance Policy can help protect the assets of your business and save a company from a financial disaster.
Business Auto Insurance can cover owned vehicles such as autos, trucks, and vans. Vehicles that are rented, loaned, leased, or used by your company can also be covered as long as they are being used for business use. The coverages are similar to your personal auto insurance. It is important to review each policy and be aware of the coverage differences.
Liability: Protects you in case a third party claims that you (or an employee driving an insured vehicle for business purposes) are legally liable for an accident that causes bodily injury or property damage.
Collision: Provides coverage for collisions if an insured vehicle is damaged in an accident that involves overturning the vehicle or striking another vehicle or stationary object (building, telephone pole, guardrail, etc.).
Comprehensive or Other Than Collision (OTC): Covers damage to an insured vehicle caused by a variety of risks, including theft, vandalism fire, lightning, hail, and flood.
Towing and Labor: Pays towing and labor charges if an insured vehicle breaks down (available for an extra premium).
Medical Payments (Med Pay): Pays for bodily injuries from an accident that involves an insured vehicle, regardless of fault, up to a set amount. This covers anyone in the vehicle, or any pedestrian injured.
Information required to obtain an ACCURATE quote for business auto insurance include:
- Year, Make and Model of all vehicles
- Vehicle Identification Number (VIN #) of all vehicles
- Vehicle classification (owned, rented, use of the vehicle)
- List of all authorized drivers with their driver’s license numbers.
Additional coverage may be warranted for certain vehicles such as a tanker truck, semi-truck or a forklift. Call for information, we are always here to answer questions even if we aren’t your agent.
For companies that have multiple vehicles there is special insurance to save money on a business auto policy. It is referred to as Fleet Insurance. This type of policy is classified differently with different companies but provides an alternative to insuring each vehicle separately.
Some ideas to keep your premiums affordable include:
- Screen and hire good drivers.
- Choose safer vehicle models.
- Maintain your vehicles by performing routine maintenance.
- Ensure the vehicles have safety and/or anti-theft devices.
- Discuss a hirer deductible.
There are many other ways to save on your premiums. Give us a call today to discuss risks, and how we can help.