Your business is only as safe as the tools you use. One of the best tools your business can use to protect your assets is a commercial auto insurance policy.

Understanding insurance can be tricky. That is why you should consult an independent insurance agent since one of the first steps toward making informed decisions is to understand your coverage and service options. Here are some easy steps to help you figure out your commercial auto insurance risks and needs:

1. Make sure you choose an insurer with the right combination of price and service options to suite your needs. Insurance isn’t just about price. It’s about the service, too. How are claims handled? How fast are they settled? How long will it take to get your vehicle back on the road? Do you have access to someone to assist you outside of business hours or online, and do they know the answers to your questions?

2. Research all of your policy options. Having the correct coverage is important. Most standard commercial auto policy generally includes coverage for the following:

•Injuries or damage that you create or 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 the damage that you may cause, you may be required by your carrier to purchase certain limits based on who you work for. For instance, if you work for a certain company, you may be required to carry $2 million in liability limits. You will need to consider how much you are willing to pay out of pocket if your liability in an accident is more than your policy limits.

3. Know how your policy is underwritten and priced. You most certainly can control your insurance costs. To get the best rates, run MVRs (motor vehicle reports) on your potential drivers. If you let your insurance lapse (expire), you’ll probably pay more for your next policy. Ask about discounts, including paid-in-full and renewal discounts.

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This entry was posted on Tuesday, May 4th, 2010 at 3:23 PM and is filed under Uncategorized. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.