When you own a business, there are a number of commercial insurance policies to consider to ensure that your property, revenue, and company are protected. If your business has company cars or employees use their personal vehicles for business purposes, one of the types of insurance you need is commercial automobile insurance.
Business automobile insurance policies come with multiple options, and it’s important to speak with Smyrl Insurance about what is most important to you. There are a few things you’ll definitely want to look out for, however, and discuss with Smyrl. Here is our list of the top five things to address when choosing a commercial automobile policy:
1. Good driver discounts
Just like personal automobile insurance policies, commercial vehicle insurance policies may also be eligible for good driver discounts—reductions in the premium if the listed drivers have a clean driving record. In addition to checking with Smyrl Insurance to be sure you benefit from this discount, it’s also something to keep in mind when you are hiring new drivers and employees who may use company vehicles or personal vehicles for business use.
2. Rental Reimbursement
Even with the best of precautions, accidents can happen. In the event that a company vehicle is damaged and needs to be repaired, you may have to make use of a rental car in the interim. Rental reimbursement is not a given in every commercial vehicle policy, so be sure to ask your business insurance agent at Smyrl Insurance whether this type of coverage is part of the policy you are considering.
3. Hired and Non-Owned Vehicle Coverage
Hired and non-owned vehicle coverage is a type of coverage that protects you in the event that an employee uses a vehicle other than a company-owned one. You could, for example, rent a vehicle if you’re traveling for business, or an employee may use his or her own vehicle to drive to a worksite or run a business errand. In these circumstances, a standard commercial automobile policy will not cover you if there is an accident. Hired and non-owned vehicle coverage is optional, fairly inexpensive, and can save you a lot of money if you find yourself in this situation.
4. A Multi-Policy Discount
Just as with your personal insurance policies, you may be eligible for a discount if you stack commercial insurance policies. You most likely have a general liability policy, and may have other policies such as commercial property insurance. It makes sense to purchase your commercial automobile policy from the same agent, and to inquire about a multi-policy discount to potentially reduce your premium.
5. Driver Other Car Coverage
Driver other car coverage is something you definitely want to ask about if you only drive a company vehicle and therefore do not have a personal automobile insurance policy. This type of optional coverage provides protection if you drive another vehicle—not the one insured through your commercial automobile policy— for your own personal use, such as using a friend’s car to go grocery shopping.
If you are a business owner with company vehicles or employees who use their personal vehicles for business purposes, use these five tips as a springboard to talk with a business insurance expert at Smyrl Insurance today about how to protect yourself in the event of vehicle-related liability.