Business Auto Insurance

Do You Really Need It?

Business Auto Insurance

I know many small business owners ask this question and then decide to just add their business vehicle to their personal auto policy. Sometimes you even tell your agent or the insurance company that this car is used for business. But if you had an accident while driving your business truck or car you may be out of pocket much more than what you saved.

Top 3 Money Saving Reasons Why You Need To Buy Business Auto Insurance

  1. 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.
  2. 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.
  3. 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 employees 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 and one of our Business Auto Specialist will call you back, or if you would rather please give us a call 800-452-6826.

Your Personal Auto Policy Is Not Designed To Cover Your Business Exposures

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.

Free Business Auto Insurance Quote

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Rex Lesueur

“You saved my backside more than once and have gone completely out of your way as a company to help me out. Good job!”

— Conner Ross, Ross Roofing, Brookings, OR

“Bancorp® Insurance saved me thousands of dollars off my insurance program. I couldn’t believe how much money I saved!”

— Mark Jaeger, Sam’s Bond’s Garage, Eugene, OR

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Lori Tabuyo

“Lori at Bancorp was quick, professional and helped us achieve all our insurance requirements to get our company up and running in short order. She even went above and beyond to research the best rates for us with accurate information and great follow through. On a scale 1–10…Lori and Bancorp get a 10!”

— Doug & Jana Johnston, Denove Construction & Design Co. Inc., West Linn, OR

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Pam Dressler

“I chose Bancorp as I was referred by my sister Leslie Lancaster. In the end Pam was wonderful and the cost of my bonding/insurances was $540.00 less then the few other places I chose. Pam has also been right on top of any emails and questions that I may have.”

— Cara Tapken, Trans-Con LLC, La Pine, OR

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