Things You've Got To Know If You Have Auto Insurance For Employees
For some jobs, having employees behind the wheel is necessary. If you have employees driving as part of their job duties, you'll need to have insurance to cover them while they drive. While most employers know the basics business auto insurance, it can be confusing to go beyond the basics. Here's a look at three things you've got to know if you have automobile insurance for employees of your company.
Tip #1: Know When You Need Business Auto Insurance
At the basic level, it's easy to know when you need business automobile insurance. If the name of your business is on the title of your vehicle, you need it. While this type of insurance can be double or even triple the price of traditional auto insurance, the added coverage is worth the cost. When your business vehicles are covered, you can even have coverage for "business interruption," which means you can be compensated for lost time.
Tip #2: You Can (and Should) Cover Non-company Vehicles
Even if your company doesn't actually own their own vehicles, you can cover your employee's cars as long as they're on company business. And this coverage can extend to employees that drive every day or once a year. Insurance policies allow for "hired" or "non-owned" coverage as part of your liability coverage. You will need to specifically add this coverage, but it protects you if an employee is injured while driving, plus damage to vehicles or property. This coverage can also extend to rental cars, as long as it's for business.
Tip #3: Make Sure You Get Covered for the Right Industry
Auto insurance companies tailor you business coverage to your specific industry. Rates will be different whether you're a caterer, an electrician, or a salesman. Different industries require different vehicle types, and will travel different places (and different lengths). Make sure you get coverage for the industry that you're in, or you could end up paying too much.
Covering your workplace automobiles can be tricky, but it's not something you have to do alone. If you attempt to find your own coverage, it would be easy to spend too much money, or to not have protection that you need. That's why it's often best to trust your insurance company with this decision. Your auto insurance company or places like Reinhardt's Insurance Agency has likely dealt with hundreds of situations just like yours, and knows exactly how to make sure you get the right coverage for what you need.