Questions to Ask Before Renewal - Commercial Edition
Get the right insurance for your trucks—and save money, too
Five things you should consider before your next renewal
Your vehicle insurance could be as much as 40 percent of your total operating budget. A Regular policy review is essential in making sure you have the right insurance for your truck—and your business. Plus, you could save big bucks if you qualify for additional discounts.
To get started, ask yourself these five questions—then give us a click or call!
1. Are all of my employees covered when they drive my trucks, even if they’re not listed on my policy?
You should always list anyone who regularly drives your vehicles. Ask one of our friendly agents if your policy covers temporary drivers when they have your permission to drive.
Some insurance companies will only cover named drivers on the policy. So, if you regularly employ temporary workers, you need to call your insurer and add them to the policy every time they drive to ensure they’ll be covered in an accident.
Some other insurance companies issue permissive use policies – which don’t require you to add temporary workers for them to be covered in case of an accident. Call us today so we can help decipher the best option for you!
2. Will my policy pay to repair my employees’ personal vehicles if they get into an accident while running a business errand?
If you often send employees on business errands in their personal cars or trucks, or, if you use rental vehicles, consider adding optional coverages to your policy to protect those vehicles. In many cases, a standard commercial auto insurance policy won’t cover damages in case of an accident. We can walk you through all options and help decide what may be a best fit for your needs.
3. Should I maintain my policy during the off-season if I’m not using my truck?
When the season’s over, consider switching to Comprehensive-only coverage instead of canceling your policy altogether. This coverage protects your vehicles against incidents like vandalism or hail that can happen when they’re sitting for long periods during the off-season.
If you do decide to cancel your Liability insurance, check with the Department of Motor Vehicles first. There may be some additional steps you need to take to comply with the insurance laws in your state.
In addition to having coverage in case of something like vandalism or hail damage, having continuous insurance often makes you a more attractive risk, so it may be easier and more affordable to start up again when the next season rolls around.
4. How quickly does my insurance company resolve claims?
Find out how long, on average, it takes your insurer to resolve claims. The faster they take care of your claim, the faster you can get back to work.
Also, ask if your insurance will cover a rental vehicle or provide downtime payments.
That way, if your truck’s out of commission, your business will stay profitable. These are important factors to consider when thinking about worst case scenarios – like your truck being out of service!
5. What can I do to control my insurance expenses?
Discounts can make a big difference, especially with commercial insurance. Different insurance carriers offer several, often different, discounts - like an experienced business owner discount and a discount if you have a General Liability or Business Owner’s Policy. Other ways that you can save include increasing your deductibles and paying your premium in full. It is important to remember, though, that if you increase your deductible, in the event of a claim you will need to pay more out of pocket before your insurance policy will begin to cover expenses.
Ready to get your free, no-obligation quote? Call or click today to speak with a friendly agent to get started.