A comprehensive insurance policy for your commercial vehicle or fleet is a necessary cost of doing business in a responsible fashion. If your cars or trucks are out of commission, that can mean lost business and thus lost profits.
Furthermore, as any Poughkeepsie NY insurance agent will tell you, it is a requirement in New York State, as in most states, so it is critical to have this policy in place. Keep in mind that your personal car insurance excludes commercial use of your vehicle or your employees’ vehicles.
At the same time that you want to protect your business´s vehicles and the personnel who drive them, you also want to make sure that you are not paying more than you need to for the same coverage.
Furthermore, as any Poughkeepsie NY insurance agent will tell you, it is a requirement in New York State, as in most states, so it is critical to have this policy in place. Keep in mind that your personal car insurance excludes commercial use of your vehicle or your employees’ vehicles.
At the same time that you want to protect your business´s vehicles and the personnel who drive them, you also want to make sure that you are not paying more than you need to for the same coverage.
One strategy for keeping the premiums as low as possible is to review the factors that affect rates and then design your own company procedures for buying and using vehicles accordingly.
The recommendations below are based on information from the National Association of Insurance Commissioners. It identifies the following as important considerations for commercial vehicle insurance. Check with your Poughkeepsie NY insurance professionals for details in your area.
1. CHOOSE A GOOD BUSINESS LOCATION. One of the most important factors is your business location, which may be more difficult to change. Nonetheless, keep this in mind if you are still in the process of choosing a site to start up or to move. Premiums for theft will be higher in areas with higher risk of vehicle theft.
2. DESIGNATE SECURE PARKING AREAS. An indoor or locked parking garage may qualify you for lower premiums.
3. HIRE ONLY QUALIFIED DRIVERS. When you hire someone who will have access to company vehicles, part of the hiring or training process should be qualifying them as a driver. The candidate should hold a valid license in the state in which you are doing business, with any special qualifications, e.g., for trucks. In New York, check with the Department of Motor Vehicles. Verify that the person has the proper credential and a safe driving record.
4. CHOOSE A HIGHER DEDUCTIBLE. If your business can take on part of the risk, keep a high deductible. Just as with your personal car insurance, this will drive the premiums down since you will be assuming responsibility for more of the costs due to accidents.
5. INCLUDE SAFETY DEVICES. When buying or leasing a new vehicle, choose one with anti-lock brakes, side air bags, automatic seat belts, and daytime running lights for potential savings.
6. REMEMBER ANTI-THEFT DEVICES. By choosing theft alarms and a global position system (GPS) that helps in vehicle recovery in even of theft, you can lower your premiums dramatically.
7. SHOP FOR THE BEST POLICY AT THE BEST PRICE. You can ask for Albany insurance quotes from different agents to make sure you are getting the discounts you deserve.
Having a good commercial policy is more than adhering to the letter of the law. It also makes a statement about your commitment to the safety and well-being of your employees by assuring them that they will be well covered in the event of a mishap. Your local insurance professionals will attend to your unique situation and work to provide you with the policy that meets your need.
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