Small business insurance provider The Hartford noted in a 2015 report that work-related vehicle claims cost a whopping $45,000 each. While these claims are relatively rare, accounting for less than five percent of all small business insurance claims The Hartford processes, they’re still frequent enough to warrant a policy review for any business owner who uses a car on the job or lets their employees do so.
Whether you’re driving for Uber, ferrying yourself from various clients’ offices for meetings and consultations, shipping and delivering packages, or renting an occasional vehicle on a business trip, you may be exposed to vehicle claims.
Here’s the thing many business owners don’t realize: personal auto insurance policies often exclude claims that happen while a driver is acting in a work capacity. So if one of your employees is driving to a client’s office to deliver a presentation and gets into an accident, their personal auto policy may not cover the damages.
The good news is that there are two business insurance policies that may be able to fill the coverage gap:
If you’re not sure about the current state of your auto insurance, check with your insurance agent to make sure you and your team are covered.
Of course, even if you have the right business insurance policy, it’s better to avoid making a claim if at all possible. Putting safety first means your employees (and your finances) stay out of harm’s way. As a business owner, it’s up to you to set the tone of safety for your team.
“Business owners should help to make it easier for the employees to do their job while driving,” according to Scott Marshall (@SafeDriver), driving safety instructor and owner of The Safe Driver blog.
One way you can do that is to not bother employees with phone calls and texts while they’re driving for work. “Promote having their seating compartment free from distractions,” Marshall says. “Perhaps even reward it.”
Other safety-first best practices include the following:
Remember: car accidents are costly but often preventable! Taking the time to build a safer workplace can keep you, your employees, and your bottom line in the best shape possible.
This post is part of a series about how small-business owners can manage the risks most likely to cause them losses. Check back for more tips on keeping your business safe!
Get Insured Quick has a unique customer service experience, and a better vision of how to streamline the process to give the best customer service. Get Insured Quick has helped many business owners and individuals find the right insurance, save time and money, and avoid the stress normally associated with buying insurance.