Auto Insurance for Business Owners
BUSINESS AUTO INSURANCE KEEPS YOUR BUSINESS MOVING
You’ve planned and prepared and then planned again, and now your dream of owning your own business is a reality. Nice job! Now the real work begins. But before you dig in too deep, make sure you have a plan to protect everything you’ve worked for — that includes the vehicles you use to keep your business moving.
Running a business takes time and thinking about auto insurance might not be the first item on your list of to-dos. But just like the car you use every day to get to work, the vehicles you use to do the work need protection too. Are your vehicles properly covered? Let’s take a look at what you need to consider.
A PERSONAL POLICY PROBABLY DOESN’T COVER IT
You might think your personal auto policy is enough to keep your business covered too. But your business has its own set of needs, situations and concerns that a personal policy probably won’t cover.
Personal auto policies are written specifically for individuals and families. They protect your personal assets if you’re in an accident. A commercial auto policy is designed to protect you against the higher risks that come with owning a business. You can plan and control a lot of things, but you can’t plan an accident. A commercial auto policy protects the finances and future of your business when the unplanned happens.
HOW DO I KNOW IF I NEED A COMMERCIAL POLICY?
If you’re a business owner, you’re obviously pretty savvy and know how important it is to have a plan.
But knowing all the ways to protect your business can be still be confusing. Let’s break it down.
A good rule of thumb — if a vehicle is used to help run your business in any way, a commercial policy is probably necessary. Need real examples? Here’s a snapshot of scenarios that require commercial coverage:
- You use your vehicles to transport goods, services or supplies
- You use your vehicle to transport people for a fee
- Your vehicles are owned, leased or titled in the name of your business
- You need higher limits of liability because of the nature of your work
- Your employees not listed on your policy drive your business’s vehicles on a regular basis
- Your vehicles have ladder racks, or other equipment used regularly in the course of your business
Bottom line — If you’re using your vehicle to benefit your business, then make it your business to protect yourself, and everything you’ve worked for. Don’t wait until something happens to figure out if your dreams are covered.
Related Topics: Small Biz Smarts