Thursday, 12 May 2016

Commercial car insurance, Do I Need It?

Extra protection for business car insurance

do I need commercial car insurance
Many people who run a business, especially those that run a business out of their homes, do not realize that they may need commercial car insurance as an extra protection for their businesses. 
However, if you drive for work or your employees drive for work at any time, obtaining commercial auto insurance may be a smart idea.
The types of coverage available to you in a commercial car insurance policy are basically the same types of coverage offered in your individual auto insurance policy. You will want to make sure you have the basics included in your commercial auto insurance policy. 
Make sure you have at least liability, collision, and comprehensive coverage in your commercial auto insurance policy. You also will want to include in your commercial auto insurance policy medical payments, also known as personal injury coverage, and uninsured motorist coverage.

Listing business on policy

When you are looking to purchase a commercial car insurance policy, you will want to make sure that your business is listed on the commercial auto insurance policy as the principal insured. If you use the name of the business rather than your name, you can avoid any misunderstandings or confusion if you need to file a claim or if a claim is filed against you.
As you determine your level of coverage, you should also sit down and think about some other details that are exclusive to commercial auto insurance. 
If you have employees who drive their cars for business related matters, you may want to obtain a “non-owned” endorsement to cover anything that should happen to them or their vehicle while they are on company business. Also, if you use rented vehicles for your business, you will also want to obtain coverage for those situations, too.

Get some quotes

Purchasing commercial car insurance is similar to purchasing your individual auto insurance. You will want to save money but get quality customer service, so you will want to get several quotes to compare prices and levels of coverage. 
Know what your budget is, so that you know how much coverage you can afford. Also, check into your commercial auto insurance provider to make sure they are financially sound. You can go to A.M. Best, Fitch, or Standard and Poor’s for financial ratings. Also, ask other business owners and mechanics for recommendations. You want to save money, but you also want to get the best coverage, too.

Do not skimp

Commercial auto insurance is not necessarily a place to skimp on your business expenses. If you or any of your employees drive for your business, either as part of your services or to run errands, they are most likely not covered under your individual insurance policy. 
Obtaining a commercial auto insurance policy offers you and your business protection in case anyone is involved in an incident while on the job.

Benefits to business car insurance from Youtube