Having auto insurance for your business is a must-have, but in many cases, the base policy alone might not be enough to cover you in all situations common and unexpected. We promise, you’ll feel a greater peace of mind knowing that you are fully covered in all areas of concern with just a few coverage add-ons. If you are looking to add coverage to your business auto insurance plan that is both affordable and provides proper protection, take note of these common additions that work great for others.
Hired and Non-Owned Vehicle Coverage
This policy will have you covered if an employee often uses their own vehicles for business errands. It is a small additional cost that is highly beneficial for many business owners to ensure proper protection. For example, you may often need to borrow a vehicle or rent a car on a business trip; however a basic commercial auto policy excludes this coverage unless you purchase the optional Hired and Non-owned Auto Liability and Hired Auto Physical Damage coverage.
Be sure to tell your Delaware business insurance professional that you need an “additional insured”. If your business involves contracts that may require you to have another party added as an additional insured to your policy, make sure your carrier is prepared to design your specialized plan.
Driver Other Car Coverage
If you own your own business and do not have a separate personal auto policy due to company ownership of all vehicles, it is important to add this coverage to your commercial auto policy so that you and your spouse are covered if either of you drive any other vehicles for personal use. It provides coverage similar to a personal auto policy.
This excludes other vehicles owned by another household member or borrowing a friend’s car.
Rental Reimbursement Coverage
In the event that your company vehicle is damaged in an accident and must be taken into the shop for repairs, this coverage will help to cover the costs of renting a replacement vehicle for the time being. This is a great coverage to beat the extra hassle when you are already in a rut.
Higher Limits Protection
It is understandable that you would want to keep you want to keep your premiums low. However, there is nothing more expensive than a policy that can not sufficiently cover you in the case of a lawsuit. Today’s society is so quick to go to court to settle disputes. Individuals often unreasonably sue and judgments can be in the hundreds of thousands of dollars or more.
Take advantage of liability coverage. If your business requires additional coverage than what is available on the auto policy, consider the benefits of an umbrella liability policy to extend your protection.
About IFS Insurance
At IFS Insurance, we specialize in protecting homeowners and renters throughout Delaware, New Jersey, Pennsylvania, and Maryland. Our quality solutions and commitment to excellence has allowed us to serve these states for over 50 years. For more information about our products, we invite you to contact us today at (800) 598-0420