Hey, guys. Jason here with 303 Insurance Brokers. I wanted to share with you another insurance tip of the day. What I wanted to talk about today was commercial auto insurance.
When To Consider Switching From Personal Auto Insurance To Commercial Auto Insurance
As a small business owner, when should you think about moving your vehicles from a personal auto policy over to a commercial auto policy, and what does that do? What are the advantages of doing that?
If you are a handyman, a plumber, a realtor, or an insurance agent and you’re using your vehicle specifically for work. Should you have your car insured as a personal auto policy, or should you do it on a commercial policy?
Advantages Of Commercial Auto Policy
The answer is you should do it on commercial insurance. It is going to be better separation between your company and your home from a liability standpoint.
1. Liability
It will be easier to bring if you start to grow and have employees run errands in your vehicles. There’s going to be better coverage for them. So there’s a whole bunch of great reasons to think about commercial auto insurance.
2.Get Higher Limits
Each day you or your employee drives your vehicle, you risk getting into a wreck. Wrecks involving business vehicles could lead to lawsuits.
Punitive damages, attorney’s fees, and medical expenses can easily reach six figures. This amount could exceed the limits of a personal auto insurance policy.
3. More Security
Commercial auto insurance policies can be customized. You can select from a variety of common policy add-ons (endorsements) that would benefit your needs, such as new vehicle replacement cost coverage, towing reimbursement, roadside assistance coverage, to name just a few.
Your insurance broker is an excellent source of information and can assist you in building a policy that is perfect for you.
4. Your Equipment is Covered Too
While the details of each insurance contract vary, commercial auto insurance generally covers any equipment that’s carried in your work vehicle.
So if you get in an accident and destroy your inventory, you may be able to add that to your insurance claim. Your insurance also covers things like theft and vandalism, which is a big advantage for delivery-based businesses that work in high-incident areas.
Check With Your Insurance Agent If Switching Is Best For You
If you’re using your vehicle as a key part of your business, reach out and talk to me. Let’s talk about what it looks like for commercial auto insurance versus personalized car insurance. What fits best for you and your situation.
Feel free to reach out to me. Jason@my303insurance.com or 303-506-2755, and we’ll talk to you real soon.
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