What if I use my car for my business, do I need different business insurance?
One thing many business owners seem to overlook is their vehicle coverage when used for business. It is important to determine vehicle ownership as well as how business owned and personal vehicles are used for the business.
Many business owners have grown to have multiple vehicles which may be leased or owned. It may be time to look at fleet insurance for the business.
Numbers vary depending on the type of business to qualify for fleet insurance. It’s important to note that trailers and some types of equipment may also qualify for fleet coverage. Fleet insurance generally reduces the insurance cost per vehicle for the company. Naturally, there is regular commercial auto insurance available to those that don’t qualify for a fleet policy.
Work with your licensed insurance professional to determine the best coverage available. If you’re looking to reduce insurance costs it’s important to understand a number of variables come into play in determining the premium.
The make and model of the vehicle(s) is always an important factor of the price of the premium. Purpose and mileage are also big factors in the pricing. The location of the business and types of driving are taken into consideration.
A huge factor in determining the premium is the driving records of all the drivers how may drive the company vehicles. A poor driving record of one or more drivers can not increase the cost, but even have the coverage denied.
Business use of a personal vehicle varies from carrier to carrier. No matter if you’re an employee, an independent contractor, or a business owner, it’s important to discuss coverage and protection with your licensed insurance professional. Even if your personal auto policy offers coverage, it would make sense to review your liability coverage. Increasing your liability coverage may be a good first step.