For many businesses, automobiles are among the most essential and expensive assets. That’s why company vehicle protection is so important. Even so, there are still over 28 million uninsured drivers on the road today.
Fortunately, protecting your employees and business assets is a better deal than you may think. Let’s talk about the key benefits of commercial auto insurance for businesses!
The cost of auto insurance is the same every month. You can even pay them six to twelve months in advance, depending on your policy.
This steady stream of expenses is much better than the disastrous cost of replacing a totaled vehicle. As you likely know, the average cost of a new tractor-trailer is $80,000 to $120,000 on average.
If you have more than a dozen employees, the chances of having to pay this once every year or two are high, and who is to say it will be that infrequent?
Small Claims Add Up
Even if you have to pay for minor accidents or maintenance out of pocket, these costs add up quickly. Having an insurance policy with comprehensive coverage can eliminate a lot of these costs and keep your auto expenses quite steady on the low end.
If you’re spending $4,000 to $6,000 to maintain every vehicle each year on top of fuel and routine maintenance, then you may save money with the right coverage. Most policies have optional add-ons and comprehensive coverage to cover basic wear and tear, which can save you a fortune on a larger fleet!
In many states, it’s the law to have insurance on your auto fleet. That’s true whether these are large or small vehicles.
For that reason, it’s best to protect yourself from potential legal jeopardy. Insurance is a great way to play it safe on the financial front, but also legally.
If an unfortunate event occurs where you are caught without the minimum amount of insurance, this could cost you serious fines on top of whatever damage or citations your employees may have caused or received. Depending on the circumstances, you may be held personally liable for all uninsured or underinsured incidents with your fleet!
It’s Relatively Inexpensive
Business auto insurance isn’t too expensive when it comes down to it. Like many things, insuring in bulk tends to be much cheaper than insuring individual vehicles relative to each vehicle.
You can also bundle it with your other business insurance packages like cyber, medical, workers’ compensation, and more. At such low rates, auto insurance for businesses is a no-brainer!
Get Commercial Auto Insurance Today
Now that you know the key benefits of commercial auto insurance, get some for your business today. The longer you wait, the longer you court disaster, either legally or financially (or both).
Stay up to date with our latest tips for your business, and don’t hesitate to contact us with any questions or for help finding the right policy for your needs!