Get the right insurance for your trucks—and save money, too!
Here are five things you should consider before your next renewal. Your vehicle insurance could be as much as 40 percent of your total operating budget. A Regular policy review is essential in making sure you have the right insurance for your truck—and your business. Plus, you could save big buck if you qualify for additional discounts.
- Are all of my employees covered when they drive my trucks, even if they’re not listed on my policy?
You should always list employees who regularly drive your vehicles. Ask your insurance company if it covers temporary drivers as long as they have your permission to operate the vehicle.
Some insurance companies will only cover drivers who are named on the policy. So, if you regularly employ temporary workers, you need to call your insurer and add them to the policy every time they drive to ensure they’ll be covered in an accident.
Permissive use policies don’t require you to add temporary workers.
- Will my policy pay to repair my employees’ personal vehicles if they get into an accident while running a business errand?
If you often send employees on business errands in their personal cars or trucks, or, if you use rental vehicles, consider adding optional coverages to your policy to protect those vehicles. In many cases, a standard commercial Auto insurance policy won’t cover damages in case of an accident. Your agent or insurance company can walk you through all of your options.
- Should I maintain my policy during the off-season if I’m not using my truck?
When the season’s over, consider switching to Comprehensive-only coverage instead of canceling your policy altogether. This coverage protects your vehicles against incidents like vandalism or hail that can happen when they’re sitting for long periods during the off-season.
If you do decide to cancel your Liability insurance, check with the Department of Motor Vehicles first. There may be some additional steps you need to take to comply with the insurance laws in your state.
- How quickly does my insurance company resolve claims?
Find out how long, on average, it takes your insurer to resolve claims. The faster they take care of your claim, the faster you can get back to work.
Also, ask if your insurance will cover a rental vehicle or provide downtime payments. That way, if your truck’s out of commission, your business will stay profitable.
- What can I do to control my insurance expenses?
Discounts can make a big difference, especially with commercial insurance. Eaton offers several, like an experienced business owner discount and a discount if you have a General Liability or Business Owner’s Policy. Other ways that you can save include increasing your deductibles and paying your premium in full.
Protect your business in three easy steps
A business is only as safe as the tools it uses. One of the best tools a business can use to protect its assets is commercial Auto insurance.
Understanding insurance can be tricky. One of the first steps toward making an informed decision is to understand coverage and service options. Here are three easy steps to help figure out your commercial Auto insurance needs:
- Choose an insurer with the right combination of price and service. Insurance isn’t just about price. It’s about service, too. How are claims handled? How long will it take to get your vehicle back on the road? Can you get questions answered outside of business hours or online? Know the answers to these questions. Your time is money.
- Research your policy options. Having the right coverage is important. A standard commercial auto policy generally includes coverage for:
- injuries or damage that you cause
- your driver’s injuries
- injuries and damages caused by uninsured or underinsured drivers
- damage to or theft of your vehicle(s)
When it comes to damage that you cause, you may be required to purchase certain limits based on who you work for. For instance, if you work for certain home builders, you may be required to carry $1 million in liability limits. Consider how much you are willing to pay out of pocket if your liability in an accident is more than your policy limits.
- Know how the policy is priced. You can control your insurance costs. To get the best rates, run motor vehicle reports on potential drivers. If you let your insurance lapse, you’ll probably pay more for your next policy. Ask about discounts, including paid-in-full and renewal discounts.
Just like your customers rely on your professional skills, contact Eaton, a professional independent insurance agent who will be in your corner, researching and recommending the best options.