Do you own a business where employees are driving company vehicles as part of their job? If so, you are well aware of how much insurance premiums can be. While this type of insurance is necessary in order to give your business protection, there are ways you can save money on those insurance premiums. Here are four things to consider:
Hire Employees With an Excellent Driving History
One of the main factors that determine how much you pay for insurance premiums is how responsible your employees are on the road. Each employee that you put on the policy will have their driving history considered by the insurance company, which has the potential to increase the insurance policy if the employees are bad drivers.
Consider asking to see their driving history report during the interview process. A report can be obtained through your local DMV and will let you know if they happen to have a history of moving violations or accidents.
In addition, hiring employees with a license to drive commercial vehicles could help save you even more money. Be sure to ask your insurance agent if they look at this endorsement favorably when it comes to your premiums.
Increase Your Deductible
A high deductible insurance policy may be great for a business that is just starting out. You may not have the cash on hand to pay for a high deductible if necessary, so a lower deductible will help offset the money that you owe if someone gets into an accident.
However, once your business grows and has enough cash in reserve, you should be able to raise your deductible to lower your insurance premiums. Your insurance agent can tell you more about the potential risks of doing so and if it is worth it to you.
Ask About Discounts
Chances are that you have several insurance policies with your business, such as property and liability insurance. Bundling multiple policies together with the same insurance agency could give you a discount for your loyalty. Ask your agent about what kind of savings you can expect if you bring your auto insurance policy over to them as well.
In addition, you could also save money by paying for the policy in full or using auto pay. You can always get a refund for the time you did not use if you cancel the policy or change companies, so if you have the cash on hand, there is no risk of paying up front in exchange paying up front.
Contact a company like Crowel Agency, Inc. for more information and assistance.