Business Auto Insurance Program
Business Auto Insurance Program
Bancorp’s Business Auto Insurance can cover a combination of vehicle types and drivers, as well as some types of other motorized equipment. These programs provide protection for bodily injury and property damage while operating a company vehicle.
Personal insurance policies for privately owned vehicles may not cover damage to your privately owned car or truck when being used for business purposes.
Listen to our podcast where we discuss the difference between personal and commercial auto.
Top 3 Money Saving Reasons Why You Need to Buy Business Auto Insurance
- Keep Your Personal Finances Separate from Your Business Finances: Your CPA and your lawyer will tell you to set up a LLC, Partnership, Inc. etc. to separate your personal liability from your business liability. You do it for tax reasons and you do it to protect your families’ personal assets. It makes good sense. But when you add your business auto to your personal auto policy you just crossed that line, now your personal assets can be used to pay off a business auto claim.
- Protecting Your Business from Dangerous Insurance Gaps of Coverage: Most Business Liability policies protect you for $1,000,000 in liability limits. Most personal auto policies protect you up to $300,000 in liability limits or in rare cases $500,000. If you have a serious accident while driving your business vehicle, chances are the lawyer for the other party will sue you for at least a $1,000,000.00. In this case if you lose the lawsuit your auto personal liability limits are $300,000 the company will pay out to that limit only, you’ll be on the hook for the $700,000.
- Extend Your Business Auto Coverage to Rented and Your Employee’s Autos: Business Auto Insurance policies have a endorsement you can buy for little, or nothing called Hired and Non-Owned Auto which means if your employee, or you, drive your employee’s car to the bank on company business and have an accident on the way there, your Business Auto liability limits will be extended to that vehicle. Why is that important? Again, we live in a very litigious society and because of that we need to protect our business assets and our personal assets.
Don’t Let Everything You Own Ride Down the Highway At 60 Miles An Hour
In effect when you or an employee drive on behalf of the business that’s exactly what you are doing. Everything you own is in that car or truck going 60 miles an hour. It’s easy to protect your assets just fill out the quick quote form on this page or give us a call 800-452-6826.
Your Personal Auto Policy is not Designed to Cover Your Business Exposure
If you are transporting business property using your Personal car it may not be covered if that property is stolen or damaged in an accident. Generally, personal property from your home would be covered, but business personal property is specifically excluded under your homeowners’ insurance.
NEED MORE HELP?
Appointments are available at no charge or obligation to enroll, click the link below to request a virtual, in-person or telephone appointment or give us a call at (800) 452-6826.
Meet the Bancorp Insurance Commercial Line Agents
Pam Dressler
Commercial Lines Agent
Specialties: Business Contractors Wildland Firefighter
