In many situations, an employee drives his or her personal auto to perform a business-related task or activity for example travelling between worksites, client visits, transportation of clients, travel home from work-related events and even quick stops to pick up food for a meeting. It is important to consider the risk that assumes in these everyday occurrences.
Commercial Vehicle Insurance Singapore is not something that you should take lightly if you own a company vehicle or intend to use your personal car for work purposes. Take up one today! One good provider is Allegiance Associates, and they also provide a wide range of insurances you can consider for your company. Check out their site here today!
Read this article below by Marshall and Sterling Insurance to find out if it is a good idea for you to do so.
Will driving my personal car for business purposes on insurance cause any trouble?
Driving a personal auto in lieu of a company-owned vehicle may seem to minimize an employer’s liability, but companies can be held partially liable for damages in the event of an accident, and if an insurer discovers the individual was driving for business, it may take action against the employer for subrogation purposes. If the employee is making a work-related phone call or taking part in any business-related activity, the employer will be held accountable. Read more here!
Any firm that lets their employees utilize their individual cars for work should either buy hired and non-owned treatment for their car or make sure that it is inclusive of a insurance policy. The insurance coverage defends the company in times of liability when cars that are under employees are utilized in the name of the firm. If an accident occurs, these help the driver’s in his individually fashioned policy. This is the case where the cars are generally activated at their initiation of use. For the least annual quality, these policies are designed usually to prevent any damage to the driver.
According to general data provided by National Safety Council, about one million car incidents occur annually. Given that distraction causes driving accidents that can result in grave implications for firms, a firm policy that enhances the benefits of driving with care. Now that you know you need separate insurance, find out more information on this through an article by Insurance Information Institute below.
What having a separate insurance for business does for you?
As a business owner, you need some of the same insurance coverages for the cars, trucks, vans or other vehicles you use in your business as you do for vehicles used for personal travel. Your business owners Policy (BOP) does not provide any coverage for vehicles, so you must have a separate policy. Most states require you to purchase liability insurance for bodily injury and property damage that may result from a vehicle accident. Read more here
Your insurance agent will ask in detail how you use vehicles in your business; who will be driving them; whether you own, rent or lease; and whether you and your employees are likely to be driving their own cars for your business. The answers to these questions will indicate the types of coverage you need.
In general, only a BACF can provide the level of liability protection—the recommended minimum is $500,000—that even a small business needs to cover the potential damages in a serious accident.
To know about the benefits it has to offer you, check out this article by Singapore Car Insurance below.
The benefits it has to offer you
Many businesses purchase the commercial car insurance to enjoy the extended benefits should a need for a claim arises. These benefits include claims eligibility to having extended cover for the business-related tasks and above all having a peace of mind. Read more here
Various businesses opt for commercial car insurances to take benefit of the extended advantages it has to offer when an incident occurs. These advantages usually consist of laying claims over eligibility to have more cover in case of incidents. These linked benefits give you eternal peace of mind, so you never have to worry again how you will deal with unforeseen incidents and such circumstances.
- Allege Eligibility: this is an important step to undertake as without it the insurance company has the right to refuse any claim made after an accident over the vehicle in question.
- Customized Coverage is needed when a fully insured commercial vehicle is covering for very specific work-related activities such as delivery etc.
- Peace of Mindis the best thing you get with having this type of insurance.
To conclude, you will need to see whether you need commercial car insurance and for quotation intentions, you will need to relocate the compiled data and if it is missing anything then your insurance company may demand further details. After this step your details will be compared with inquiry. In the end you will need to go through stuff that tailors to your specific needs to target the best policy before you pay for it. This will help you prepare better for unforeseen circumstances and help you choose between an alternate if necessary.