You know the old saying, “You must spend money to make money.” There are a lot of expenses involved in running your business. In order to maximize your profit each year, you want to make sure you are saving money where you can. One way business owners can save money is to pay close attention to the insurance rates they are paying for things like automotive insurance. Keep reading to find out how you can save on your commercial automotive insurance.
Require Good Driving Records
One of the easiest ways to save money on auto insurance for your company is to always make sure you are hiring employees with great driving records. The employees who will be operating your vehicles have a massive effect on your business. Handing over a company vehicle to someone is a huge responsibility. You want to make sure that the people you are putting behind that wheel take that responsibility seriously. During the hiring process, it is a good idea to conduct a thorough MVR background check. This will give you insight into a prospective employee’s driving behavior. This will also give you the chance to weed out candidates who will not be qualified to operate your vehicles.
Another great way to save money on insurance is to bundle your policies. Auto insurance will not be the only type of policy you will need to operate your business safely. Speaking with a qualified insurance representative who understands commercial policies will be a great way to check into possible bundle options for your company.
Research The Coverage You Really Need
Paying for coverage you don’t need can be a real drain on resources. Do your research to make sure you are only paying for coverages that you need. If you are paying for coverage you do not need, make changes to your policy to save some money. Your insurance representative can help you better understand each type of coverage and how it applies to you.
Keep Security a Priority
When you are insuring company vehicles, where the vehicles are garaged can have an impact on your insurance rates. For instance, vehicles that are kept in a secure garage or warehouse when not in operation, are considered a more secured insurance risk than those which are parked outside. If you have not been keeping your vehicles garaged securely, consider making this easy change to save money on auto insurance.
If you feel comfortable doing so, you can also reduce your insurance rates by requesting that your deductible be increased. A higher deductible will result in lower monthly or yearly premiums. Although this may not be a great option for everyone, depending on your particular situation, this might be something you’d like to consider. Speak with your insurance representative to find out if this might be a good option for you.
Ask About No Claims Bonuses
If your employees have avoided accidents, you might want to check and see if your insurance company offers no-claim bonuses. These are yearly deductions offered to customers who have not filed a claim in the past year.
Consider Automatic Payments
Another great way to save money is by using automatic payments. Most insurance companies will offer a monthly discount if you opt to use automatic payments for your premiums. Payments will be taken out via auto-draft each month. This not only saves you money, but it will also save you stress by taking that payment off your to-do list each month.
Running a business can be expensive. Use these easy tricks to save money on your commercial auto insurance.