For many small businesses, the idea of a company car depends on the time of day. From 9 to 5, the vehicle is all business. Before or after those times? Well, that’s another story.
The truth is, many vehicles do double duty for personal and work use. So what is the best way to insure it? This is a common problem that can be solved with company car insurance for business vehicles from Nationwide.
Some businesses allow employees often use their own cars for work (picking up supplies, running to the bank for the company) or they use business-owned vehicles for personal needs (picking up kids from school, running errands for the family).
If this describes your company, you’re not alone — it happens all the time. But you’ll want to make sure you and your employees are properly insured behind the wheel with commercial vehicles insurance.
Basics of a company car policy
If your business owns vehicles and they are titled in the company’s name, your commercial vehicles need insurance for complete coverage. If you’re a business owner with no employees, and you use your vehicle driving to and from work, a personal auto policy will cover you.
Protect employee-owned vehicles with company car insurance
If you have employees and they use their vehicles for business use, be certain they have sufficient liability coverage with their personal auto policies. For example, if an employee drives his or her own car to make a bank deposit for the business and is in an accident with another driver, his or her insurance company will pay the claim up to her policy limit.
But if the other driver sues the employee’s company for additional damages, a basic business owner’s policy won’t suffice. Commercial vehicle insurance with an added non-owned auto liability endorsement could help protect the company’s assets from an expensive lawsuit.
Cover the business owner’s car with a company car policy
There are times when the business owner’s only vehicle serves double-duty for both company and personal use. In these cases, company car driver insurance is necessary. For added protection when it’s not used for business, Nationwide recommends an added drive other car endorsement to cover the owner and any family members who might drive the car.
Learn more about commercial vehicle insurance
You’ve worked hard to build your business – don’t put it at risk with incomplete van, truck or commercial vehicles insurance.