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18 wheelerA Battle Creek commercial auto insurance policy may be pricey for a company to maintain, but it is also essential for any business that has company-owned vehicles. Commercial auto insurance policies are usually put in place by a company to help protect themselves from financial liability should one of the company’s vehicles or employees be involved in an accident when using the business-owned vehicles. Despite the high cost of a commercial auto insurance policy, there are many ways to help keep those costs down or to even help lower the costs.

Higher Deductibles

When choosing a commercial auto insurance policy, it’s typically possible to choose among several different deductibles the amount of money the insurance company will expect to be paid in the event of an accident or any other type of claim. By selecting a higher deductible, the organization purchasing the policy will likely see a break in price for their annual premium.

Keep in mind, especially for small companies, paying a higher premium could potentially lead to difficulties coming up with enough funds to pay for any vehicle damages that the company incurs. Like any other large purchase, researching options and choosing the policy that is best for the company and the situation is prudent.

Payment Options

As a discount on the policy price can be given to a company willing to provide a bulk payment, it can be fairly important to pick a policy that’s affordable in one lump sum. By paying the full amount of the premium all at once annually, the business will even save on administrative fees, interest fees, and charges.

There are also some insurance companies that will offer a certain percentage (sometimes as much as a 10 percent discount off the total cost) if it is paid in full at the time of purchase. Additionally, by doing something as easy as setting up an auto pay electronically with the insurance company, which can usually be done on their website, the business can save by receiving a discount and eliminating the possibility of having late fees.

Bundling

While bundling is typically seen on TV commercials for cable and Internet service providers, it is becoming more prevalent with insurance companies as well. If a personal auto insurance company offers a discount for also having life insurance or homeowner’s insurance with them, they might also extend a discount for commercial auto insurance as well. Likewise, having a business liability policy with a company might qualify a business for a discount on commercial auto coverage. As always, a little research upfront can save money in the long run.

Have any questions on how commercial auto insurance can be incorporated into your business? Call us today at 269-441-5156.

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Allen-Harmon-Mason-Selinger Insurance Agency | 230 N Helmer Rd | Battle Creek , MI 49037 | (269) 441-5156
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