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Protecting Your Business: How to Choose the Best Commercial Auto Insurance

Oct 11, 2023

Business Insurance

Protecting Your Business: How to Choose the Best Commercial Auto Insurance

In 2020, there were 35,766 fatal car accidents across the United States. 1,593,390 crashes resulted in injuries, and 3,621,681 caused property damage. These statistics provide you with an alarming picture of how common road accidents are! If not anything else, you must resolve to arm your business with the right commercial auto insurance to protect your financial interests and prepare for any eventuality on the road.

Equipping your business with the best commercial auto coverage is the best option. Let's continue reading to learn some practical and tested tips that may help you choose the best insurance that aligns with your business's unique requirements.

Review and Re-Assess Your Coverage

Your business needs vary, and what you need in the existing year may not be a requirement in the coming year. The same goes for insurance needs. It would be best if you kept looking for better and improved commercial auto insurance coverage options that may be more effective and affordable.

Constantly compare insurance coverages and rates that work best for you so that when the time comes to renew your policy, you are equipped with the most updated information required to select the best commercial auto insurance.

Fix the Deductible Based on Exposure to Risks

You have to fix a deductible when you buy certain coverages in your commercial auto insurance, such as collision insurance and comprehensive insurance. It is the amount you pay from your pocket for activating your claim. It is also one of the factors based on which your insurance provider estimates your commercial auto insurance premium rate.

The higher the amount you fix as deductible, the lower the insurance cost will be, and vice versa. If your business operations involve frequent use of commercial vehicles, the odds of getting into an accident increase. As the chances of filing a claim increase, it is better to have a lower deductible, as you may have to pay it multiple times in a term.

However, if you are less likely to have accidents, in this case, you can afford to fix the deductible at a higher amount.

Look for Discounts

Ask your insurance provider if your business qualifies for any discounts they may have on offer for commercial auto insurance. You may get a discount based on several factors, such as:

  • You have licensed commercial drivers.
  • Safe driving records of your drivers.
  • Pay your insurance premium upfront.
  • Pay your premiums through an electronic fund transfer (EFT), automatically deducting monthly premiums.
  • Your business has a steady growth record, establishing you as a low-risk, reliable business.
  • Get a multi-car discount if you have several vehicles in your commercial fleet.
  • If the vehicles are fitted with safety equipment such as lock brakes and airbags.
  • Bundle multiple commercial insurance coverages.

Protect Your Business with Commercial Auto Insurance from Humble Insurance Group

 Our team of professionals at Humble Insurance Group offers personalized commercial auto insurance coverage that best suits your business's financial interests. Contact us today and allow us to help you get the best insurance. You can also call us at (425) 226-8221 for further assistance.

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