Insuring Your Company Vehicle
There are lots of issues to think about when insuring an automobile that’s owned and utilized by your company. The questions that surround these problems, and just how you’d answer these questions, determines what insurance you have to correctly safeguard yourself, the employees as well as your entire business. You should keep in mind that with this insurance, you won’t want to go using the least expensive option. Your company is in danger whenever a business vehicle is within motion.
As an entrepreneur, you’ll need most of the same protections for cars, trucks, vans or other kinds of vehicles you utilize for business purposes while you provide for vehicles you use inside your personal existence. The Company Owner’s Policy you bought for the business doesn’t usually provide liability or any other coverages for vehicles utilized in your company. Which means you will probably require a separate vehicle policy.
Most states need you to purchase insurance for bodily injuries and damage to property that could derive from an automobile accident occurring when you or someone out of your organization is driving for business. The Company Auto Coverage Form (BACF) is easily the most generally used agreement for supplying business auto insurance. Even though the form refers simply to “autos,” autos are defined to incorporate cars, trucks, trailers, vans or any other vehicles created for experience public roads.
Many states also need you to have uninsured/underinsured motorist’s coverage and/or medical payments coverage, referred to as Personal Injuries Protection (Personal injury protection) in certain states. You can also buy physical damage coverage for vehicles your company owns, leases or hires.
Each vehicle you utilize inside your business could be individually “scheduled,” or for auction on your policy, together with corresponding coverages. Quite simply, you may choose different coverages for the various vehicles, with respect to the vehicles’ characteristics and also the coverage you’ll need for every.
