Common mistakes to avoid when getting business auto insurance.

Whether your business has a whole fleet of vehicles or just one van for the occasional delivery, your business will need commercial auto insurance. If you’re like a lot of business owners, you know you need coverage but you want to make the process as painless as possible. As a result, you may rush through finding coverage and end up buying a policy that doesn’t align with your need. Protect yourself from costly errors by knowing what common mistakes to avoid.

Mistake #1: Focusing on the cost.

Premiums can vary widely from one insurer to another so it makes sense to shop around when buying commercial auto insurance. However, you don’t want to fall into the trap of always selecting the cheapest policy you can find. Keep in mind that the cheapest premium is not always a bargain if it affords little coverage. Your business will be better protected if you buy coverage to suit its needs. Obtain different quotes and compare the coverage, without letting the final price dictate your decision.

Mistake #2: Not buying enough auto liability insurance.

Auto accidents can be messy – and expensive. Damages from an accident and lawsuit could run into the $1 million range. If a business’s auto liability policy only covers up to the minimum legal liability amount, then you could be on the hook to pay for the rest of the damages. Talk to your insurer about how comprehensive auto liability coverage that can be customized to your needs.

Mistake #3: Not insuring mobile equipment properly.

Insuring mobile equipment such as forklifts and mobile equipment can be slightly more complicated for business owners, but coverage is still required. Generally, mobile equipment that is used on the job site will be covered under the general liability policy. However, if the equipment needs to be moved to another site and an accident occurs on the way, your general liability may not cover the accident. In this case, your commercial auto policy will need to step in.

Keep your business on the move and well protected by avoiding these mistakes. For the right commercial auto insurance policy contact Tompkins Insurance Agencies. We can help you find reliable coverage that will move with your company.