Business Auto Insurance or otherwise know as commercial auto insurance protects your business from significant costs from an auto accident.
This means if you have a company that delivers or uses vehicles in any way and one of the vehicles that are being used happened to be in an accident the company would be liable for the costs both bodily injury and property repair. Business auto insurance transfers the risk from your company to the insurance company. So it is imperative that if you own a business that uses vehicles that you should consider getting business auto insurance.
But if you have looked into business auto insurance or talked to others that have business auto insurance you probably found out that it can get quite expensive. So here are some tips to try and drive down the cost of business auto insurance when it comes time to get it. Or if you already have this coverage these tips will help you make better decisions in the future.
Hiring People That Have Clean Driving Records
Trying to lower your insurance premium starts with hiring employees that have a clean track record when it comes to driving. Just like personal auto insurance the same thing goes for business auto insurance. If the driver has had multiple violations or accidents the premium is going to be higher. If the employee’s duty requires him driving a vehicle you can request their driving record to determine if the employee would cause a raise in your premium.
Having additional safety features on a company vehicle can give you discounts to your insurance premium. Things such as anti-theft devices and rear view cameras add to a vehicles safety and insurance companies want to reward you for the added safety by adding discounts. The reason for these discounts is because the more added safety features you have the less likely you will be making a claim on your vehicle.
Having a Commercial License
If your business requires commercial trucks or tow trucks and your drivers have commercial licenses this could save you up to 20% on your auto insurance.
Paying Your Policy in Full
If your were to pay your entire premium for the term up front this can save you up to 15% on you business auto insurance policy.
Having Your Personal Auto Policy With the Same Company
If you were to have your business auto policy along with your personal auto policy this could qualify you for a multi-policy discount.
Looking into a General Liability Policy
General liability is a coverage that protects you from instances in business that could include bodily injury and property damage that could arise from business operations. If you are a small business owner or contractor this is something that you need to have to help protect your business. By having this coverage this could mean significant discounts to your commercial auto policy, especially if you are able to bundle this coverage.