Protecting your most valuable assets entails securing the right insurance policies. For those businesses that make use of third-party vehicles to undertake work tasks, initiating hired non owned auto insurance is essential to retaining comprehensive coverage. Without these policies in place, a business can find itself in financial turmoil resulting from a single accident.
Understanding Hired Non Owned Auto Insurance
There are two aspects to hired non owned auto insurance. A reliable policy will typically offer coverage for both hired and non-owned vehicles, which are defined by the following:
- Hired – Hired vehicles are those rented for business purposes. While rental companies usually offer insurance for their vehicles, it may not be sufficient in all events. In this case, it’s a good idea to supplement the rental company insurance with a policy of your own.
- Non-Owned – For those businesses that allow employees to use their personal vehicles, a non-owned policy would be suitable. Though most personal vehicles are insured by the owner, this coverage may fall short if damages exceed that of the existing insurance policy.
Policies Suited to Your Needs
When it comes to comprehensive insurance coverage, a hired non owned auto policy should be a part of the total insurance plan. Even in cases of limited vehicle use, these policies can be greatly beneficial to diminishing the effects of auto accidents. With the right protections in place, your business can achieve the success you so deserve.