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Car Insurance Buying Tips For Small Business Owners

Many people own small businesses today. It is crucial to have the right car insurance policy if you own a business where employees have to drive to different locations. Here are some great tips on choosing the perfect car insurance for your small business.

 

The first thing to know is that if you put your name on the title of any vehicles that you own for your business that you will need to purchase a personal car insurance policy. It is often better to register all of your business’s vehicles under the business’s name so that you can purchase a commercial policy.

One great aspect to a commercial car insurance policy is that you can add a business interruption coverage stipulation. This means if an employee gets hurt while driving the vehicle then the car insurance company will help to compensate for some of the wages that have been lost. You cannot add this option onto a standard personal car insurance policy.

Commercial car insurance coverage is similar to personal coverage. This means that the location where the vehicles are parked, the number of automobile accidents that have been accrued, and the safety of the vehicles.

Employers need to make sure that they screen their employees carefully. Make sure to ask each employee about their driving record. It pays to hire employees that have no traffic tickets or automobile accidents on their driving records. Having even one employee who has a terrible driving record can make car insurance premiums go sky high.

When choosing an insurance policy, it is important to shop around for the right coverage.  Having enough coverage on each vehicle that is owned is crucial especially if the titles are in the owner’s name alone. A small business is often a LLC or limited liability corporation so it is a much better idea to register the titles under it in case an automobile accident incurs hefty monetary damages.

Small business owners should spend at least three weeks shopping for car insurance coverage. It can be very helpful to meet with insurance agents directly. With small businesses, owners want to make sure that they save as much money as they possible can on the coverage that they buy. It is vital to buy the right type of coverage with the correct policy terms so that the business does not have to worry about any liabilities that a driver might cause when they are behind the wheel.