Jan 24
Do You Need Auto Insurance for Your Business?
If your employees drive a company vehicle, if you have delivery trucks of any kind, and even if you use your car for work purposes or ask employees to drive their cars to do work for you, then you need auto insurance for your business.
It’s a whole lot easier to save money on your business’ car insurance than it is for just about any other kind of insurance that you will buy for your business. The goal is to choose the highest deductible that you can afford – and make sure that you can afford it – and you premiums will fall accordingly. Another way to save is to knock off the collision and comprehensive coverage for the older vehicles you use for your company – the insurance and/or cost to repair damages is most likely more than the car is worth.
One place you don’t want to skimp, however, is on the liability limits you choose for your policy. Follow the standards provided by your state and you could end up with far too little coverage. Costs for damages and liability will then come out of the company coffers or even a lien on future earnings. Go for at least $1 million in liability coverage and you should be fine.
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