Business Insurance – When Is It Helpful

If you are a business owner who uses a personal vehicle for both work and play you should be aware of the significant differences between personal and business vehicle insurance. For instance, if you are the sole driver of the vehicle most insurance companies will recommend that you maintain only personal insurance. If you use the vehicle for more specialized business needs, business insurance may provide the kind of coverage you need to lower the financial risk an accident or theft may impose on your business.

How Business Insurance Can Save You Money

Specialized business auto insurance can save you money and lower the risk to you and your company in the event of a disaster. If your employees operate your vehicle, it might be wise to invest in business vehicle insurance. Let us say for instance that your company regularly transports potentially hazardous chemicals and on one of these trips your employee gets into a car accident. If the contents of your vehicle harm others or the environment, you will be solely responsible for all of the damages caused by the mishap. Business vehicle insurance in an unforeseen accident like this can save you from a slew of potential financial and public relations headaches.

How to Choose a Provider

As you research possible insurance policy providers, be sure to choose a company that has a reputation for offering excellent business services. If you have an insurance agent that you trust with your personal policies, start with them. People within the industry are very aware of specific company reputations and offerings. Ask your agent who they would recommend for business vehicle insurance. Once you have a few referrals, start asking questions:

  • Who is protected under the policy?
  • What features protect you?
  • What features protect your employees?
  • What features protect your company?
  • What features are available?
  • What features are recommended for people in your industry?

Not All Drivers are Equal

Now that you have chosen an insurer, know what is covered under your policy, and understand what features are available to your business; you should also be aware of what employees are driving your vehicles. While employees are insured drivers under your company vehicle policy, it is up to you to do your due diligence regarding who is getting behind the wheel. Lower your chances of accidents and high risk situations by choosing only reliable employees with clean driving records and valid driver’s licenses.

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