Business auto insurance coverage has a lot of gray areas. For example, if an employee runs an errand for their job using their personal vehicle and gets into an accident, which pays out: the employee’s insurance or the company’s?
The truth is that it’s complicated; the answer depends on the extent of the company’s coverage and the circumstances of the accident. That’s why business owners need to understand what they’re paying for when they purchase commercial car and commercial truck insurance in Glendale, AZ.
One common question is whether the employee’s personal insurance has an impact on the business’s insurance, particularly when they are driving a company vehicle. Most personal auto policies have an exclusion stating that there’s no coverage for use of a vehicle furnished or available for the policy holder’s regular use – such as company vehicles. However, if the employee is using their own vehicle on behalf of the business, their personal auto insurance may have an impact.
As you shop around for commercial car and commercial truck insurance, be sure to take into consideration all the potential risks. If you’re unsure how much coverage you need to protect your business, talk to an independent insurance agent for advice.
Starting a business always involves risks. However, it’s also smart business to limit risks whenever possible. That’s where insurance comes in. Here are some tips about protecting your venture with liability insurance in Peoria, AZ.
Don’t Skip Coverage
One of the most common mistakes small business owners make is neglecting to secure any insurance coverage because they don’t want to pay for it. However, these people aren’t considering what not having insurance could cost them. A single bad incident could wipe out your new venture financially if you’re not protected.
Talk to an Independent Insurance Agent
You have a lot of options for liability insurance; an independent insurance agent will help you pick the policy that’s right for your business without bias. Don’t hesitate to ask them questions as you shop around, especially if there are any terms you don’t understand.
Revisit Your Policy as Your Business Grows
Businesses change a lot in the years and months after they first open. That means your risks will change too. When it comes time to renew your policy, take the opportunity to shop around again and ensure all your needs are met. Keep in mind that you don’t have to wait until the designated renewal time to change your liability insurance plan.
Insurance policies come with a lot of lingo to learn. One important term to understand is “premium.” Simply put, an insurance premium is the amount of money the company will charge for the plan. However, it’s a bit more complicated than that; two people applying for similar policies may be charged radically different amounts. When shopping for plans, work with a qualified insurance company in Peoria, AZ, to ensure you get the best price possible.
How Premiums Are Calculated
Four core components go into calculating your premium: what kind of coverage you’re receiving, how much coverage you’re receiving, your personal information, and local competition.
Insurance coverage comes in many forms, and those forms have different price tags attached. For example, an all-risk home insurance policy will come with a higher premium than a named-perils policy. Likewise, it’s common sense that an insurance company will charge more for more coverage.
The impact of your personal information and your location is where things really get complicated. Everything from your age and occupation to prior claims history and address can affect the premium quotes you receive. Since every company weighs these factors differently, it’s crucial to shop around instead of accepting the first premium you’re offered.
Buying your first home also means insuring a home for the first time. Get the best deal possible on your policy by doing your research and preparing ahead of time. Here are some tips for saving money when you’re shopping for homeowners’ insurance in Glendale, AZ.
Don’t Wait Until the Last Minute
Shopping for an insurance policy isn’t nearly as exciting as shopping for your dream home. However, make sure you get started early so that you don’t feel pressured to choose the first plan that sounds good. When you wait until the very end of the home buying process, you won’t have as much time (or energy) to do the necessary research for finding the best deal.
Use an Insurance Agent
If you’re like most people, you don’t know much about homeowners’ insurance. An insurance agent, however, has all the industry knowledge you need. With an agent on your side, you’ll not only save time but also you can have greater confidence in your ultimate policy choice.
Establish Your Insurance History
Insurance companies judge you based on how much of a “risk” they think you are. If you have an established no-claims history, you’re more likely to get a good deal. The best way to establish this history is to have renter’s insurance for a few years before buying a home. However, if you lived with someone who had homeowners’ insurance, you may be able to establish a history through their company.