If you own a business and you or your employees utilize company vehicles, purchasing a good commercial automobile insurance policy is essential in order to protect your company in the event that a company vehicle is involved in an accident or stolen. However, few business owners want to pay more for more commercial auto insurance than necessary. The good news is that it is possible to save money while also buying the insurance policy that serves your business best. Use the following tips to help your company save money on your commercial auto insurance policy:
Bundle All of Your Commercial Insurance Policies
As a business owner, you will need to carry a variety of insurance, including liability insurance, workers compensation insurance, and property insurance, in addition to commercial auto insurance. If you want to lower the cost of your commercial auto insurance and the cost of the other necessary insurance policies, you should do business with one insurance company. Many insurance companies that offer commercial or business policies will offer a discount if you opt to carry all of your insurance with one company. Over time, bundling the insurance policies that your business needs can save you a good amount of money.
Choose a Higher Deductible
Your company's commercial auto insurance premiums will be affected by the deductible amount that you choose. The lower your deductible, the more you will pay in insurance premiums. Thus, when you want to save some money, it is a good idea to choose a higher deductible. When you have a high deductible commercial insurance policy, make sure that you set aside the whole deductible amount so it is easily available in the event that you have to file a claim. Opting for a higher deductible and having the deductible amount if needed is an easy way to keep insurance premium costs down.
Carefully Vet Those Who Have Access to Company Vehicles
When you purchase a commercial auto insurance policy for your business, you will need to provide information about the employees who will be driving the company vehicles. Just like personal auto insurance, driving records will make a difference. If those who will have access to company vehicles have a bad driving record, you will pay more for the policy since they will be considered a higher risk to insure. A good rule of thumb is to only hire employees with good driving records if they will be using company vehicles.
Contact a company that provides commercial automobile insurance for more information.