Top Ways to Insure a Company Car
Your company car isn’t just a company car. During business hours it handles the demands of the office. But after business hours, it switches roles and manages household errands. Business owners understand that a company car will be used in this manner. In fact, most businesses that offer employees the use of a company car expect it to fulfill multiple roles throughout its life. So if the car performs multiple duties, it also needs to be insured with the sort of coverage that allows for such versatility. That’s where business auto insurance comes in.
The Basics
If your business owns a car or cars, and these cars are on the company’s title, these vehicles are commercial vehicles. Therefore, personal insurance will not work for these cars. They require business car insurance for the most comprehensive coverage. However, if you own a business that has no employees and you use a car to drive to and from work, your personal insurance will cover the vehicle without any problems.
The Right Protection
If your employees use their personal vehicles for business purposes, you need to ensure that the employee has a personal insurance policy with sufficient liability coverage. In case they get into an accident while not on company time, then their personal auto insurance will take care of the claim. You also need to ensure that you have a company car policy with a non-owned auto liability coverage that protects your business if the other driver involved in the accident sues your company for damages, your business needs to be protected.
The Business Owner’s Car
Say you’re a business owner. You only have one car at the moment. This one car will manage all the duties that are required to be done between home and work. This car needs a company vehicle policy. The coverage will provide extra protection for the times the car is used to carry out personal errands. Insurance companies also offer an option where they cover the car even when the owner’s family members drive the car. So, ensure that you choose the right options, or ask for them whenever you’re buying a car for your business. If you already have a car, then check your policy document or speak to your agent to ensure you have the required coverage. After all, you don’t want your claim to be rejected for any reason that is within your power to control.
The Commercial Vehicle Insurance
You spend a lot of time and effort in building your business. It’s only natural that you will want to protect it from any unforeseen events. Therefore, overlooking the right sort of insurance coverage for a tool as vital as the company car, would be putting your entire business at risk. Start doing your research into the right insurance products for your company car now. Compare offers and options to choose the one that gives you the maximum cover for the most reasonable premium amount. And then all you have to worry about is meeting your business targets.
