If you own a business that employs drivers, you need to make sure that you have the right commercial auto insurance coverage. Part of ensuring that you have the right coverage includes getting the right price for your policy. After all, paying too much for your commercial auto coverage can take a big bite out of your budget. Here are some simple tips that will help you save money on your coverage.
Keep Your Policies Together
If you have separate carriers for all your commercial insurance needs, it's time to change the way you look at your coverage. Maintaining separate carriers may seem like the right thing to do, but it can actually cost you more money in the long run. When you bundle your policies together through one carrier, you're able to take advantage of lower premium costs across the board. That's because most carriers provide discounts when you have all your policies through them.
Don't be Afraid to Shop Around
If you've been with the same carrier for your commercial auto insurance for years, it's time to shop around. You may be able to save a lot of money on your coverage by switching to another insurance carrier. If you don't want to switch carriers, you can still ask for an audit of your current policy. An audit will allow you to find areas of your coverage that could be adjusted to provide you with lower premiums. It's a good idea to shop for better premiums at least once every two years.
Monitor Your Drivers
If you're not monitoring your drivers, you could be at risk for insurance issues. Before you send your drivers out again, be sure that you have up-to-date DMV records for each of them. A print-out of DMV records will allow you to ensure that your drivers don't pose risks for you, your company, or fellow motorists. It's also a good idea to make sure that each of your drivers has undergone a defensive driving course. These steps can help you save money on your commercial auto insurance.
Make Sure You're Getting Your Discounts
If you haven't checked to make sure that you're getting all your discounts, you may be spending too much for your insurance. In addition to the discount for bundling your policies, there are other discounts that you might be eligible for. These discounts include savings for being claim-free, or for being with the same company for an extended period of time. Before you pay your next insurance premium, make sure you've got all your discounts in order.
Contact a commercial auto insurance service for more help.
