Businesses are constantly looking for ways to increase profits. Over the last several years, many businesses have started using transportation/delivery services as another stream of revenue. Commercial auto insurance protects businesses engaged in this endeavor.
Here are some tips to help you save money on commercial auto insurance.
This type of coverage is significant if you have employees who use their own vehicles to perform tasks on the job. This type of coverage also protects you when you borrow a car or operate a rental on a business trip. Adding Hired/Non-Owned vehicle coverage involves a relatively small cost and provides an extra layer of protection.
Check your employee's driving records before permitting them to operate a company vehicle. Remember that your employee's driving record may impact your premium. If your employees have an established track record of safe driving, that will lead to commercial insurance savings. Likewise, hiring employees with a poor driving history is a threat to your business.
If you are driving a commercial vehicle to perform personal tasks, you can add this coverage. Driver Other Car coverage provides similar benefits to a traditional auto insurance policy.
If you increase your deductible, you'll lower your premium. If you have enough financial flexibility to increase your deductible, you can enjoy long-term savings. Remember, accidents can happen at any time, so don't set your deductible past an amount you can't afford to cover.
Rental reimbursement covers you if your company vehicle suffers damage, and you need to rent a replacement until the necessary repairs are made.
Another option that can result in commercial insurance savings is bundling your commercial auto insurance. For example, buying your commercial auto insurance from the same provider you got your Business Owner's Policy from can help you qualify for a discount.
While your goal is likely to keep your premiums low, you have to make sure that your business has enough coverage if you are faced with a lawsuit. Lawsuits occur frequently, and most judgments result in payments of thousands of dollars. Having a high level of liability coverage is very important. You can purchase umbrella insurance for additional protection in case you exhaust your liability limits while handling a claim.
Many carriers eliminate installment fees if you plan to make your payments through Electronic Funds Transfer withdrawal. Using EFT payments helps you save money on fees and prevents you from missing a payment in the future.
You need commercial auto insurance that fully protects you while you're on the road. Use these saving tips to find coverage that aligns with your budget. If you have questions about your policy, contact us at Fuller Insurance Agency, and we will assist you.
