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Everything You Need to Know About Business Car Insurance

Last updated on May 23rd, 2022 at 04:25 pm

Understanding when you need business car insurance can be a struggle. Plus, finding the right coverage for your business is often difficult when there are so many providers and policies available. If you use your vehicle in a commercial capacity — i.e. to drive to client meetings, then you must have business car insurance. Failing to take out cover could result in huge expenses and penalties. With that in mind, here is everything you need to know about business car insurance. 

When do I need business car insurance? 

Broadly speaking, if you or your employees are using your car for business then you need to take out business car insurance. Some examples of when you will require commercial auto insurance include driving to meetings with existing or potential clients, making deliveries to customers, and traveling between different work locations. Business auto insurance will help cover the cost if you have a road traffic accident while you’re conducting business. If you’re unsure whether you need business car insurance, then speak will a specialist insurance company for expert advice. 

What happens if I don’t have coverage? 

If you don’t have business car insurance and you end up in an accident while conducting business, then you will be responsible for the costs. This includes both property damage and personal injury to the other driver or passengers. In some cases, you will still be required to pay these expenses even if the accident was not your fault. Keep in mind that your personal auto insurance will not cover you if there is evidence that you were conducting business at the time of the accident. If you find yourself or one of your employees in a car accident then you need to know who to go to, even if it wasn’t your fault. Be sure to get in touch with a car accident lawyer if the other road user is saying it is your fault. They will be able to give you lots of helpful advice and fight your corner, especially if you are adamant and there is proof it wasn’t your fault. Make sure when you are choosing your lawyer that you shop around and find the best one for the job. 


How much does it cost?

Business car insurance policies offer higher liability limits. This means they are typically more expensive than personal auto insurance coverage. Quality business care insurance is not cheap, but having adequate cover is crucial to protect you, your employees, and your business assets. 

For that reason, it’s advisable to take out quality auto insurance with the highest liability cover possible. The Insurance Information Institute recommends that small businesses take out minimum liability protection of $500,000. This will ensure that you are covered for potential damages caused by a serious road accident. In some cases, you can add business cover to your personal auto policy. If you choose this option, then check the terms carefully and make sure that the policy offers adequate cover for your business requirements. 

How do I choose the best policy? 

Choosing the best business car insurance can be difficult, particularly when there are so many insurance providers and policies available. It is essential that you consider the level of cover that you will need. For instance, if your vehicle is only used by you then you can take out a policy that covers the main driver, whereas you will need to apply for a multi-driver policy if your employees also drive your car for business purposes. You can also take out a policy that includes theft and damage from flooding or severe weather. Compare the different policies carefully and choose the best coverage for your business.   

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