Commercial Insurance 101
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(NAPS)—If you own a business, it’s important to match the insurance you carry to the company you keep. Doing so can save you time andmoney down the road.
Commercial auto insurance can be especially important, so if you’re not sure what kind of commercial auto coverage you need, you may want to talk with an independent agent who specializes in that particular area. Independent agents work with you to put together a package that provides the protection that’s right for your business.
“Anyone who owns a business with a commercial automobile needs to have coverage that is appropriate for the industry and the size of the business,” says Brett Stalnaker of The Progressive Group of Insurance Companies. “An independent agent who specializes in commercial auto cover-age can provide business owners with the kind of advice they need to make the right choice.”
Here are some tips to help you find a commercial auto insurance agent:
• Get objective advice. There are different types of insurance agents. A captive agent represents only one insurance company. Independent agents represent a number of different insurance companies. Independent agents tend to be more flexible, because they can offer coverage options from various companies, increasing your odds of getting the combination of cover-ages, price and service that fits your business needs.
• Visit the Web site of a larger insurance company. Web sites such as driveinsurance.com can provide you with coverage option information and way to find an agent in your neighborhood.
• Seek referrals. These can come from professional organizations or other contacts such as other business owners. Chances are, other business owners in your industry can recommend an agent that they’ve worked with.
One size doesn’t fit all when it comes to business-related insurance. A business that you start in the dining room or garage with just one vehicle can grow to the point where several vehicles are added and you move to commercial property. As your business evolves, your protection needs will most likely change, too. Be sure to check in with your agent periodically to reassess your commercial auto policy.
Did You Know?
According to Brett Stalnaker of The Progressive Group of Insurance Companies, businesses with commercial automobiles need the right type of insurance. An independent agent specializing in commercial auto coverage can help. To learn more or to start your search for a commercial auto agent, visit progressiveagent.com.
Seven Tips To Finding The Right Commercial Auto Policy
(NAPS)—Finding a good deal on commercial auto insurance is about more than finding the lowest rate—it’s about finding the best all-around coverage to suit your company’s needs.1 Understanding what coverages and service options are available is the first step toward making better, more informed decisions so that you and your business are properly protected. Here are some tips from the experts at Progressive to help you find the right coverage, service and price.
2Know the company you’re dealing with—and its reputation for handling claims. Under-stand that you may pay more for “cheaper” coverage in the long run if the company lacks experience handling commercial auto claims. In business, vehicles need to be on the road—or you lose money. Insurance companies that don’t specialize in commercial auto coverage often don’t have their own claims representatives handling the process, so it may take longer to get vehicles back in service.3Look for discounts. Before initiating a quote for a policy, gather your company’s loss and financial records. This information could help you save a lot of money. You may qualify for discounts if you’ve carried increased liability limits in the past, if your employee base consists of experienced drivers or if your company’s credit rating is good. 4Don’t let your coverage lapse. Proof of prior insurance is important, so never let your insurance policy lapse. If you do, you will most certainly pay more for your next policy. 5Ask for referrals. Find out where colleagues in your business have found the best coverage and the best service. They may be able to refer you to an agent or com-any that really understands your business. 6Check driving records before hiring. If they’ll be driving a company vehicle, be sure to screen the Motor Vehicle Report (MVR) for every potential hire. 7Update the value of your equipment. If you’ve added, upgraded or phased out equipment, you’ll want your policy to reflect the true value of your fleet. This ensures you have adequate coverage where you need it and that you’re not paying for cover-age you no longer need.
Personal Or Commercial Car Insurance: Which Is Right For You?
(NAPS)—If, like many Americans, your family car is also used for purposes that could be considered commercial use, you may want to steer yourself into a chair and look over your insurance policy.
You’ll need to consider buying a commercial policy or making sure that your existing personal auto policy covers the vehicle for business use. Whether or not you need a commercial policy depends on how you use your vehicle and what company you have it insured with. Every company has different guidelines and may surcharge for business-use coverage on a personal auto policy.
If you’re not sure whether business use is covered on your personal policy, it’s important to call your insurance company or agent. The Progressive Group of Insurance Companies has put together these four questions you may want to ask:
- How do companies determine commercial use?
- Do you need more liability coverage than a personal auto policy provides?
- Do you need special coverage for situations encountered while conducting business?
- Do you need to list any employees as drivers?
Did You Know?
If, like many Americans, your family car is also used for purposes that could be considered commercial use, you may want to steer yourself into a chair and look over your insurance policy.