We are constantly bombarded with commercials and ads telling us that cheaper insurance is better, but sacrificing coverage for price can be a devastating mistake and end up costing you more in the long run.
Your goal should be to get the right insurance at the best price. Taking this step is the first part of managing your commercial auto insurance cost. The second important step is creating a risk assessment and formulating an action plan to keep your cost as low as possible. An experience small business insurance broker can help you identify the coverages that are important for your business, and create risk management solutions to stay properly protected.
Maintaining a good driving record and a low claim history are key factors in keeping your cost low. Depending on the size and scope of your business, there may be other ways you can save on commercial auto insurance cost. Although individual needs vary, we recommend that you consider the following tips to help mitigate your auto insurance cost:
- Create best practices for hiring drivers. Obtain MVRs for your potential new drivers and only hire those with good driving records.
- Have mandatory driver education training. Setting expectations and providing ongoing training to your drivers can build driver confidence and reduce potential tickets and accidents.
- Talk to your agent about deductible options. If you can afford a little more out-of-pocket if you have an accident, you may be able to save immediately on your commercial auto insurance.
- Ask your small business insurance broker about discounts available to you. Using a broker, who can select from a variety of top-rated insurance carriers, can help you find the best deal.
- Maintain your vehicles. Maintaining your vehicles is not only a great way to represent your company, but it builds pride in your employees. Driving a clean, well-maintained vehicle can motivate your employees to be their best behind the wheel.
As a small business owner you’re faced with a lot of difficult decisions, every day. Choosing the right auto insurance doesn’t have to be one of them if you work with an experienced small business risk expert.