Archive for the ‘Automobile (Commercial)’ Category

Basic Understanding of Business Auto   Leave a comment

Many people don’t know that Business Auto Coverage (BAC) provides protection against a broad range of hazards arising out of “autos”. This is different than “mobile equipment” Which is generally defined as automotive equipment designed for use on public roads.
You will find in the BAC two types of coverage, Liability and Physical Damage. You can also get other coverages which are basic to business auto exposures, and added by an endorsement to the policy. Each state may have different kinds of coverage, but some may be Personal Injury Protection, Medical Payments or Uninsured Motorists.
LIABILITY COVERAGE.
Liability coverage protects those who are “insured” from legal liability for bodily injury, property damage to others, or caused by auto accidents. Generally the insurer also agrees to defend insured against all liability claims for which coverage is afforded.
PHYSICAL DAMAGE COVERAGES.
Coverage for accidental damage to those designated as “covered autos,” in your policy without regard to fault, is available through Physical Damage coverage. Physical Damage is generally broken up into subsections
The first section, collision or overturn and the second section, causes other than collision or overturn, which may be either “all-risk”, (Comprehensive) or for named perils (Specified Causes of Loss).

Posted September 4, 2012 by leecountyinsurance in Automobile (Commercial)

Finding the Right Commercial Auto Policy   Leave a comment

We all know that price is a big consideration when looking for a commercial auto policy, but keep in mind; you also need to find the best all-around coverage to suit your company’s needs.

First and foremost, you need to understand what coverage and service options are available for your risks. This will help you make a more informed decision so that you and your business are properly protected. Here are some tips that you should consider when researching the right coverage for your company.

  • Know the insurance company you’re dealing with. What is their reputation for handling claims. It does you no good to get “cheap” coverage if in fact they don’t pay claims, and this could cost you more in the long run. Also, make sure the company specializes in commercial coverage. An independent insurance agent will generally have several choices of insurance companies.
  • Look for discounts. Before seeing an agent for a quote on your commercial auto policy, get your company’s loss and financial records together. It may help you save quite a bit of money. There are a lot of discounts for things like increased liability limits in the past, if your employees consist of experienced drivers, or if your company’s credit rating is good.
  • Don’t let your coverage lapse. If you have continuous coverage, your costs will be lower than if you let your policy laps, so never let your insurance policy lapse.
  • Check driving records before hiring. Make sure you request a Motor Vehicle Report (MVR) for every potential hire if they will be driving company vehicles.
    As your  independent agent, we can help you find the right coverage through the right company, and know the discounts that each of these companies offer. Call us at 239.656.5551 or visit our site: www.lciquotes.com

Posted September 4, 2012 by leecountyinsurance in Automobile (Commercial)

How to protect your business commercial auto risks in three easy steps   Leave a comment

Your business is only as safe as the tools you use. One of the best tools your business can use to protect your assets is a commercial auto insurance policy.

Understanding insurance can be tricky. That is why you should consult an independent insurance agent since one of the first steps toward making informed decisions is to understand your coverage and service options. Here are some easy steps to help you figure out your commercial auto insurance risks and needs:

1. Make sure you choose an insurer with the right combination of price and service options to suite your needs. Insurance isn’t just about price. It’s about the service, too. How are claims handled? How fast are they settled? How long will it take to get your vehicle back on the road? Do you have access to someone to assist you outside of business hours or online, and do they know the answers to your questions?

2. Research all of your policy options. Having the correct coverage is important. Most standard commercial auto policy generally includes coverage for the following:

•Injuries or damage that you create or cause.
•Your driver’s injuries.
•Injuries and damages caused by uninsured or underinsured drivers.
•Damage to, or theft of, your vehicle(s).

When it comes to the damage that you may cause, you may be required by your carrier to purchase certain limits based on who you work for. For instance, if you work for a certain company, you may be required to carry $2 million in liability limits. You will need to consider how much you are willing to pay out of pocket if your liability in an accident is more than your policy limits.

3. Know how your policy is underwritten and priced. You most certainly can control your insurance costs. To get the best rates, run MVRs (motor vehicle reports) on your potential drivers. If you let your insurance lapse (expire), you’ll probably pay more for your next policy. Ask about discounts, including paid-in-full and renewal discounts.

Just like your customers rely on your professional skills, call an independent insurance agent who will be your trusted advisor who will research your options and recommend the best options for your business!

“Our blogs are for general education and information only and may not represent your unique needs. Coverages will vary. Please contact your insurance agent to verify your specific policy terms and conditions.”

Basic Understanding of Business Auto   Leave a comment

Many people don’t know that Business Auto Coverage (BAC) provides protection against a broad range of hazards arising out of “autos”. This is different than “mobile equipment” Which is generally defined as automotive equipment designed for use on public roads.

You will find in the BAC two types of coverage, Liability and Physical Damage. You can also get other coverages which are basic to business auto exposures, and added by an endorsement to the policy. Each state may have different kinds of coverage, but some may be Personal Injury Protection, Medical Payments or Uninsured Motorists.

LIABILITY COVERAGE.

Liability coverage protects those who are “insured” from legal liability for bodily injury,  property damage to others, or caused by auto accidents. Generally the insurer also agrees to defend insured against all liability claims for which coverage is afforded.

PHYSICAL DAMAGE COVERAGES.

Coverage for accidental damage to those designated as “covered autos,” in your policy without regard to fault, is available through Physical Damage coverage. Physical Damage is generally broken up into subsections

The first section, collision or overturn and the second section, causes other than collision or overturn, which may be either “all-risk”, (Comprehensive) or for named perils (Specified Causes of Loss).

Posted September 4, 2012 by leecountyinsurance in Automobile (Commercial)

Cell phone distraction affects and impedes driving for all but a few of us.   Leave a comment

A recent study out of the University of Utah found that there are very few, a whopping 2.5% of those studied, who can actually multitask by driving safely and talking on their cell phone. Most of the rest of us, 97.5%, could not stand up to the challenge of chatting on our cell phones and driving in a simulated test. It those 97.5% of people, about 20% percent longer to brake when they needed to, compared to how quickly they could brake without the distractions of their cell phone.

So when you are talking on your cell phone and driving, you might think you are one of the few, the proud, the 2.5%, and can do it safely, but there is a 97.5% chance you can’t. A lot of people don’t realize the damage that this can cause to not only property, but to individuals as well, and just because you may be insured, the consequences of cell phone or PDA (personal digital assistant) distractions could be a life changing event and not just damage to property…think about it!

Do I buy a Personal or Commercial Auto policy?   Leave a comment

Everyone agrees that selecting the appropriate tool for a job is the difference between success and failure in any profession. So why should it be any different when managing the risk associated with your commercial insurance policies. While price should always be considered, having the appropriate coverage (tools) can also mean the difference between staying in business or folding up shop because you are under or not even insured. Having the proper coverage for you, your business, and your employees could give you the needed protection in the unfortunate event that one of your vehicles is involved in an accident.

So, if you own a business and you or your employees use a vehicle for any business-related activities, you may need a commercial auto insurance policy that’s tailored to more closely suit the needs of your business instead of just a personal auto policy. Sit with an independent insurance agent to determine your exposures and solutions.

Asking yourself the four questions below will help you determine if you might need a commercial auto policy instead of a personal auto policy:

1) Do you need higher liability limits than your personal auto policy (PAP) provides? Most of the time, commercial auto policies provide significant higher limits of liability, but may be lacking in areas that are not associated with commercial auto risks.

2) Do you need any special coverages while conducting business? Commercial auto policies usually offer additional coverages not found in the PAP—such as hired and non-owned auto or coverage for towing a trailer that is used for business

3) Do you need to list any employees as drivers? This is a big difference, and this is easily done with a commercial auto insurance policy.

4) Do you use your vehicle for business purposes? If you use your vehicle in the course of doing business, you might need a commercial auto policy.

Making good and informed decisions about your insurance needs will help you manage all of your risks, and allow you to sleep better at night. Make sure you consult an independent insurance agent before engaging in a new business or taking on new roles as a business. They represent multiple carriers and can help you find the right commercial policies that will fit not only your business, but your budget as well

Posted September 4, 2012 by leecountyinsurance in Automobile (Commercial)