Business auto insurance is an important part of any company’s financial safety net. Most states require minimum coverage, including workers’ compensation insurance. In addition to this basic cover, you can choose specific options and cover levels as you wish. For a solid foundation of protection, consider purchasing a Business Owners policy, which combines three essential types of coverage: commercial auto insurance for business drivers and commercial property insurance for the location of your business and equipment you own or rent.
Business auto insurance basics
Business car insurance covers both your company cars and those of your employees. Depending on your company’s requirements, business auto insurance can cost hundreds of dollars per vehicle or less. In general, the average cost per vehicle is about $750 per year. Some policies also cover non-owned cars, which can cost as much as $100 per year.
When comparing insurance quotes online, keep an eye out for multiple companies and policies. You can also search for discounts across multiple lines of coverage. Most providers offer discounts for bundled policies, and some also offer discounts for safety features.
Policy Limits
If you own or operate a business and use your car for business purposes, you may want to consider getting business car insurance. While not as cheap as a personal policy, it can protect your vehicles from damage and liability. The cost of business auto insurance varies widely depending on your needs.
One factor that affects the cost of a policy is the limit of coverage. The higher the cover limit, the higher your premium will be. You need to assess how much coverage you really need and decide if it’s enough. It is not recommended to lower coverage limits to save money. In addition, you should consider the risk and your budget before deciding on policy limits.
own risk
When it comes to comparing car insurance quotes, deductibles can be a crucial factor. You can choose to pay a lower or higher deductible to lower your premium. By increasing your deductible, you can reduce your premium by fifteen to thirty percent, or even more, depending on how much money you have available. It’s important to choose deductibles that fit your budget, as well as your savings and credit.
One option to lower your deductible is to enroll in a program with a company that offers a lower than average deductible. Companies like Liberty Mutual reduce the deductible by $100 each year for customers who make claims through no fault of their own. In return, customers will contribute $30 to a fund that grows annually, which will reduce out-of-pocket costs.
Exclusions
Online business auto insurance quotes may contain certain exclusions. For example, business auto insurance does not cover a personal vehicle used in the course of business. Some examples of business vehicles include: car dealerships, car repair shops, car storage companies, and vehicles used for product delivery. Other examples are home care and social workers.
Some policies also exclude certain types of real estate. If you insure equipment or a vehicle that is used for business, you are not covered if you cause damage. This means that you will not receive compensation if you hit someone with your vehicle or injure someone else in an accident. However, many insurers offer coverage extensions for the vehicle and property.
prices
Getting your business auto insurance rates online is a great way to get a more accurate quote and save money on premiums. There are several factors that affect the cost of your policy. The type of vehicle you drive can also affect the costs. A mid-sized sedan will be cheaper to insure than, say, a Mack Super-Liner. In addition, your driving history can have a major impact on your rates. A clean driving history and no claims history lower your premium.