Commercial Auto Insurance for IT Businesses
Commercial Auto Insurance is an essential part of your business protection plan if your IT company must travel to conduct its services, meet with clients, or repair media devices. Auto accidents account for some of the most costly and likely claims you could face, which is why your IT business benefits from a policy that covers the high costs of related vehicle repairs, medical expenses, or potential lawsuits.
Regardless of how often you use vehicles for your IT business, a comprehensive Commercial Auto policy will protect you and your employees when you need to take your business on the road.
What is Commercial Auto Insurance?
All motorized vehicles – both business and personal – require auto insurance, according to most state laws. A Commercial Auto Insurance policy covers vehicles owned by your company to carry out work for your business. Your policy will typically cover:
- Medical expenses for injured persons involved in the auto accident
- Damages to the property of other individuals as a result of a motor vehicle accident
- Liability claims when your company is sued for its negligence regarding the accident
A single auto accident can tie your IT business up in an expensive and drawn-out liability suit. Without adequate or appropriate coverage, you risk the financial stability of your business each time you or your employees must travel for work.
Small IT Businesses: When Do You Need Commercial Auto Insurance?
Though there is some overlap between Personal and Commercial Auto Insurance policies, there are a few distinguishing factors. For starters, your Personal Auto coverage may have severe restrictions regarding the use of your vehicle for business purposes. Some policies may not cover business-related accidents at all. Additionally, Commercial Auto policies usually have higher liability limits, which offers your assets greater protection. Your Commercial Auto policy may also have provisions that cover employees' cars used for company business.
To help you decide when a Commercial Auto policy is appropriate, consider:
- Who owns or leases the vehicle – you or your business?
- Who drives the vehicle – you or your employees?
- Is the vehicle is principally used for business (e.g. meeting clients to repair their systems)?
If you mostly use the auto for business-related activities, a Commercial Auto Insurance policy is likely a better fit for your business. Talk to a TechInsurance agent today to learn more about your options.
Commercial Auto Insurance for Tech Businesses:Coverage Options
Commercial Auto Insurance for IT professionals helps protect your company from financial setbacks that accompany a serious auto accident. This coverage ensures you can repair or replace your damaged company vehicle and have the funds to defend your business against an auto liability claim. As you mull over your options, here are a few key coverages you may include in your Commercial Auto Insurance plan.
Auto Liability Coverage for IT Businesses
Auto liability claims can be costly for a small-business owner. When you or your employees are responsible for a collision, there's a good chance the other driver
in the incident will hit your business with a lawsuit.
When the third party involved in a crash sues your business, your Auto Liability coverage helps pay for:
- Your attorney's fees
- Settlement costs
- The third party's property damage and medical expenses
The amount of coverage per incident depends on your policy's limits. Any amount past your limits will be your responsibility, so be sure you carry adequate coverage.
Physical Damage Coverage for Tech Businesses
Commercial Auto Insurance also includes physical damage coverage. This protects your company when:
- Your vehicle is damaged in a collision
- Someone steals your company vehicle
- Your vehicle is vandalized
- Your vehicle is destroyed due to a natural disaster
This portion of your policy can compensate your business for the cost of repairing or replacing your insured auto, saving you thousands of dollars.
Auto Protection Tips for the IT Office
A safe work environment isn't a static concept. Because your work can take place anywhere you or the IT professionals who work for your firm go, you need a business protection plan that account for your mobility. Here are a few risk management tips that can help your business implement safer practices in the office and on the road:
- Consider Hired and Non-Owned Auto Insurance. If your company doesn't own any vehicles, you may consider purchasing a HNOA policy. That way, if one of your employees uses their own vehicle to run company errands and has an accident, your coverage can supplement their personal policy in the event of a liability claim. Learn more about HNOA by checking out our article, "IT Contractors & Business Owners: Why Hired & Non-Owned Auto Insurance Matters."
- Vet your drivers before they operate company vehicles. Before your employees get behind the wheel of a company car, make sure they have good driving records and are trained properly. They will also need a Personal Auto Liability policy, as they could be sued as individuals.
- Know your commute is not covered. Unfortunately, your Commercial Auto policy and Hired and Non-Owned Auto do not cover you and your employee's daily commutes to and from the office. Only collisions or other covered events that occur while carrying out business duties will be compensated. For commute-related collisions, you will need to depend on a Personal Auto Insurance policy for coverage.
IT Business Owners: Online Insurance Quotes in Minutes
TechInsurance understands that the needs of IT businesses are unique and ever-evolving. That's why we work expressly with top-tier insurance providers that develop products to account for the challenges and risks businesses in the tech field face. Our small business insurance policies are tailored to the specifications of your company, which means you won't experience gaps in your plan or pay for coverage you don't need.
So let's get going and see which business protection plan fits your needs. We'll start by sending you competitive quotes for comparison as soon as you complete our quick online application.Source: www.techinsurance.com