There are a lot of options for commercial auto insurance, and it’s a competitive industry, but you still need to take some precautions in order to find a policy that will not only be affordable, but will also give you the full cover you need. Good coverage doesn’t need to be expensive; you just need to know what to look for and what information to gather before you start asking for quotes.
Before you start looking at insurance companies conduct your own risk assessment. Check if there are any ways you can lower your risk. Look through your employee’s driving records – driving records are a major factor in premium rates, so taking these into consideration can help you to attain a more affordable policy.
Although a CDL (Commercial Driver’s License) may not necessarily be required in order to drive your vehicles, it is often the case that drivers who hold these have higher driving skills and may qualify for discounts. If you do have any employees who hold CDLs, make sure you mention this when you ask for a quote from the insurance company.
It is worth asking your agent if there are any discounts that your business may qualify for. Not all of these are pointed out and you may have to ask in order to find out about them. For example, some insurance firms will offer discounts on their auto insurance policies to businesses that have been in business for a minimum amount of time, and pay in full up front.
Make sure before you request a quote that you have all of the information handy that can affect the quote or conditions of the policy, including details of any special equipment, any inventory that is transported in the vehicles, and any relevant details regarding employee driving records. Supplying accurate information in full when requesting a quote from an insurance company will help you to get a realistic idea of what kind of cover they are able to offer you, as well as the price of the premiums.
It is also advisable you conduct an online search for feedback on the company before you do business with them. Typing the company’s name, along with “complaint” into a search engine, for example, will bring up any previous feedback on social media or forums from clients who have had negative experiences with that particular firm. While not all feedback will be warranted, if there is more than one client complaining about the same issue, you’ll know that there is probably something in it and will be able to take that into account when making your decision.
It is important to regularly review all of your insurance policies in order to make sure that you are not over-paying or paying for cover you no longer need. In order to make sure you have the commercial auto insurance that gives you the full cover you need without paying for unnecessary cover, it is a best to review your insurance options annually.