As a business owner, you’re faced with an avalanche of paperwork and requirements. Many of your administrative chores are confusing and unfamiliar. At least securing auto insurance is simple and straight forward. Or is it? Before you purchase IN Commercial Auto Liability insurance, make sure you’re aware of the top commercial auto insurance myths. What you don’t know can cost you.
All insurers are available 24/7. If you’re someone who tends to pay bills right before they’re due, you may assume you can call your auto insurance company at any point before your premium is due to pay a bill by phone. Actually, many companies are available only during business hours. To avoid a coverage lapse, make sure you pay in advance of the actual deadline.
You must pay premiums in advance. You absolutely can pay your premiums upfront (and you may get a discount for doing so) but many insurance providers offer monthly payment plans.
Your insurance covers all employees driving company vehicles. Many commercial auto insurance policies cover only employees who are specifically named on the policy. When in doubt, check it out before handing the keys to an employee. According to a recent study from the Insurance Research Council, after a period of decline, commercial vehicle personal injury protection claims are on the rise. Should your company vehicle become involved in an accident resulting in injury, expect to pay more to settle that claim if it’s not covered by insurance.
If you only use commercial vehicles seasonally, you’ll save money cancelling your insurance during the off-season. Commercial auto liability insurance covers more than accidents, it protects you should your vehicle become stolen, vandalized, or damaged by weather events. Additionally, if you cancel your policy in the off-season, you may find renewing your insurance during the busy season costs you much more.
Whether you’re in need of a new commercial auto liability policy or are concerned that yours isn’t sufficient to protect your interests, call Walker & Associates Insurance at (888) 760-7292. We will work with you to craft a policy that protects you and your business.