Protect Your Small Business with Hired and Non-Owned Auto Insurance
Small businesses have a number of insurance needs, and one of the most important is auto insurance. Hired and non-owned auto insurance can help to protect both you and your business from accidents involving employee-driven vehicles.
Hired auto insurance provides coverage for vehicles that are rented or leased for company business purposes. This type of coverage includes financial protection against liability, property damage, collision, comprehensive and medical costs resulting from an accident with an employee driving a hired vehicle. Rental bills may be included in the policy, making this type of coverage especially useful for companies planning trips or projects requiring multiple vehicles.
Non-owned auto insurance provides coverage for employees using their own personal cars for any company purpose or job-related travel. This can include visiting customers, attending meetings or running errands on behalf of the business. Non-owned auto policies also offer liability protection in case of an accident involving a driver who does not carry automobile insurance (or whose existing coverage is not enough).
Both types of policies provide protections that extend beyond existing personal car insurance policies—including covering legal costs in the event of lawsuit related to an accident while driving on behalf of the organization. As these types of claims can be expensive, it’s important to ensure your small business has adequate amounts of hired and non-owned auto insurance to prevent any sudden out-of-pocket expenses in the event that something happens on the road.
It’s important to discuss your specific needs with an experienced commercial insurance agent since requirements vary from one state to another. Your agent will advise you as you consider deductibles, limits and other details relevant to your particular situation. Some employers will even opt for additional coverages such as uninsured/underinsured motorist protection and emergency road service plans in order to further protect their drivers when they are out on company duty.
When selecting a policy for either type of auto insurance, make sure that you read up on all the details so that you know exactly what would get covered if anything were to happen while employees are behind the wheel carrying out business tasks. With some careful consideration and thorough research into different policies offered by various insurers, ensuring proper protection through hired and non-owned auto policies is within reach for any small business owner.