Tips to Help Businesses Find the Right Commercial Auto Insurance Policy

May 25, 2022

operating a business can be stressful at times, as you deal with different challenges. Businesses are at risk of being sued at any moment. Insurance provides a safety net during times of crisis. If you rely on commercial vehicles to complete tasks, one mistake could ruin everything you’ve worked for.

Research shows that millions of people are injured in auto accidents every year, and even minor car accidents could have fatal consequences. The auto insurance market continues to stay in demand due to the constant road dangers that drivers face. It’s also why purchasing auto insurance is a legal mandate in almost every state. While commercial auto insurance is not a high priority in some states, many business owners recognize that finding commercial auto coverage helps protect the long-term future of their investment.

The following commercial insurance tips can help you navigate a complicated auto insurance market:

  1. Research Current Information
    While there is nothing wrong with relying on past information to make current decisions, it’s recommended that you use the most recent information while searching for commercial auto insurance. Assess your company’s current needs, as well as the insurance companies you are thinking about working with. Try to research the carrier’s most recent insurance rates. It’s also recommended that you get current details on the coverage included in the policy. Assess the safety records of your drivers to make sure you aren’t hiring anyone that is high risk. Consider inspecting your vehicles to ensure that they are reliable and safe for use.
  2. Figure Out Your Deductible
    An important part of any insurance policy is the deductible. Your insurance deductible is the amount you are obligated to pay in the event of a covered loss before the insurance policy covers the rest. In most cases, setting a deductible is about future projections. You can set a low deductible, which increases your insurance premiums. Setting a high deductible lowers your insurance premiums. If you are unlikely to be involved in a major collision, you can take the risk of setting a high deductible on your commercial auto insurance policy. However, if there’s a strong chance that you have to lean on your policy in the future, then lowering your auto insurance premium is probably the best decision.
  3. Look for Discounts
    One of the most important commercial auto insurance tips is to look for available discounts. Qualifying for multiple discounts can lower your premium drastically. Many insurance companies offer discounts to businesses that have their drivers complete a safety training course. Another potential discount is installing the newest safety features on your commercial vehicle, which reduces the chances of an accident or potential theft. Contact your provider to inquire about any discounts they are offering.

Other Things to Consider

Purchasing commercial auto insurance is a worthwhile investment. If you are left unprotected, one mistake could damage the entire future of your business. It’s recommended that you shop around and assess rates from multiple car insurance providers. Assessing multiple quotes can help you find a policy that aligns with your needs.

Consult with Gant Insurance Agency

Purchasing commercial auto insurance can help you save a lot of time and money in the future. If you have any questions regarding coverage, contact the experts here at Gant Insurance Agency, and we will assist you.