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When starting a small/home business there are lots of things that you have
to take care of. Setting up a home office for yourself and deciding how big
of a small business you re looking to start may be a couple things to worry
about. Insurance, however, may be the most important thing to consider when
starting a home business.
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There are lots of different kinds of insurance that can be taken into
consideration such as property insurance, workers compensation insurance,
and liability insurance. One type of insurance that is often overlooked is
small business auto insurance.
Many small business and home business owners wonder whether to get
commercial auto coverage or to buy personal auto coverage. Typically, if you
re going to be using your vehicle to deliver goods or services, personal
auto coverage will be fine. The main factor to consider is whether you ll be
driving other people around a lot, because then personal auto coverage may
not be the way to go.
This being said, commercial auto insurance is usually the safe way to go
for a few reasons. Vehicles that are in an accident while working may not be
covered by your personal auto insurance. Commercial auto insurance will help
provide coverage for you and all of your workers vehicles, against injury,
loss or damage to vehicles, and damage to other property. The link below
offers several places you can view to check out quotes and consider what
type of small business auto insurance is best for you:
http://www.americaninsurancedepot.com/auto.htm
Commercial auto insurance generally is offered with premium coverage s
such as a commercial package. Most policies will include multi-vehicle
coverage with the plan, plus claim-free premium discounts. What it will
actually cover varies from business to business, but generally bodily
injury, property damage, medical payments, collision, and comprehensive to
name a few. While your personal auto insurance will be good enough for you,
it will not be near good enough for a small business. That is why getting
commercial auto insurance will relieve you of worrying about using company
vehicles and will take the risk away from you and move it to the insurance
company s. Just remember that if a company vehicle is damaged in an accident
or even stolen, it is the company that has to repair or replace it.
As for the cost, typically a small business auto policy is priced no
differently than your regular auto policy. The price will be based on the
number of miles you drive, who is driving the vehicle, your driving record
and so on. Another thing to consider when thinking of the cost is the
liability limits and comprehensive and collision deductibles you choose. The
higher your limits the higher your premium, and the lower the deductibles
the more you ll pay. In order to minimize financial risk, higher liability
limits might be the way to go.
Commercial auto insurance would generally be the safer way to go and
possibly the smarter way to go. However, it is you that knows the size of
your small business and the type of small business auto insurance you need.
If there are simply a couple cars in the small business and you re not too
concerned, then go with the personal auto insurance. Just be careful when
driving the car under business related terms. So you have the tools and the
information as to what is best and how to go get your small business auto
insurance, Good Luck!!
About the Author:
Small business grants and small business resources to help you start and
run your own small business. Small business training, information, articles,
loans and more. http://www.sites-plus.com
October 2005
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