Car Insurance for Businesses

May 9, 2017 · Posted in General Articles on Car Insurance 

State laws for motor vehicle operators are very specific on car insurance requirements and have substantial fines and penalties for those who opt not to buy insurance. Some small business start-ups may not be aware, however, of the fact that personal car insurance policies may not cover incidents and accidents that happen during business operations.

The most critical coverage to have is liability protection, specifically for bodily injury. This coverage provides money to pay for those who are injured in an accident where the business owner has been found to be at fault. Liability protection can also cover the costs of attorneys and legal fees if lawsuits or claims come out of the accident.

The term umbrella coverage usually refers to comprehensive car insurance policies. These policies specialize in protecting vehicles from items like damage from Mother Nature and even car theft.

Collision coverage is exactly what the name implies, insurance that takes care of the cost damages resulting from a crash. This insurance pays for damages to other vehicles, and crashes with other things like poles, trees, fences, or running off the road into a ditch.

Mobile electronic devices like PDAs, iPhones, and GPS systems are critical to most small business owners these days, especially those whose businesses rely on deliveries and salespersons. There is special insurance for data, audio and visual electronic items.

Electronic and data equipment insurance is for those items that are a permanent part of the insured vehicle. Coverage also extends to items like satellite radio units that can be removed but have some sort of permanent housing or mounting within the car.

Those who rely on leased vehicles and rental cars for short-term business needs should do some research on specialized coverage like hired auto insurance. “Drive other car” coverage is wise investment for companies that use rental cars frequently.

All car insurance policy owners need to make certain that they are covered for uninsured motorists. It is a sad fact today that many drivers do not abide by the law.

 

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