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Do you need commercial auto insurance?

1/25/2017

 
​​If you drive your car for work, and not just to work, this article is for you.

If you occasionally use your vehicle during a workday, this article is also for you.

Many of my neighbors in Napa Valley occasionally drive their vehicle in some work-related way. It could be just to pick up something for the boss on the way home. Most have personal auto insurance. And that may be just fine.

But often, personal auto insurance isn’t enough. They could be exposed to a risk they didn’t know about. Let’s explore this a little more.
 
Does a personal auto insurance policy cover business use?
Yes. Sometimes.

It’s the “sometimes” that confuses people.

Insurance companies know that people occasionally use their personal vehicle for things related to work. So even though personal car insurance policies do not cover a “business vehicle,” many (not all) personal policies do allow some business use of a private passenger vehicle.

Confused yet?

Let me put it simply:
  • If your vehicle is a business vehicle, you won’t be covered by a personal policy.
  • If your vehicle is a personal vehicle that is used occasionally for a business purpose, you may be fine. (However, you’ll want to check your specific policy before relying on this.)
 
Who determines if your vehicle is a business or a personal vehicle?
In all gray areas, the insurance company determines whether your vehicle is a business vehicle or a personal vehicle- often after a claim is made.

And that’s where you can get into trouble.
 
Who might need a commercial auto policy?
If your vehicle is your business, or if you answer yes to any of these questions, you may need to consider a commercial policy:
  • Do you move supplies from one location to another?
  • Do you carry tools and equipment in your truck or van?
  • Do you use your vehicle to get from one job site to another?
  • Do your employees ever borrow your truck or van to pick up supplies?
  • Is your van or truck equipped with specialized equipment like hydraulic lifts?

Do these "ifs" apply to you?
  • If you are an electrician, a general contractor, or a plumber...you may need commercial insurance.
  • If most of your work day is spent driving from one location to another (delivery, service, or sales) ...you may need commercial insurance.
  • If you are incorporated...you may need commercial insurance.
  • If your business has significant assets...you may need commercial insurance.
 
Commercial auto insurance has unique benefits.
The good news is that if you need commercial auto insurance, you’ll get increased coverage and features available only to this type of policy, such as:
  • Higher liability limits
    Much more protection if you are sued.
  • Combined Single Limit coverage
    No separate limits for property and bodily injury. Instead, one large single “bank” to draw from.
  • Hired auto coverage
    If your business rents or leases a vehicle, you’re still covered.
  • Non-owned auto coverage
    If you borrow your employee Sam’s truck, you’re still covered.

​These benefits may make it worth your while to consider a commercial policy.
 
My advice:
Call your local agent if you use your vehicle for more than just getting to work. Only your agent can help you determine which auto insurance policy is right for you.
​
Don’t wait until after a claim to find out if you had the right policy.
​
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Bruce Sackrison is an insurance property and casualty broker affiliated with Professional Insurance Associates helping clients with insurance needs for personal, commercial and business insurance. Bruce can be reached at 707-931-0186, bruces@sackifs.com

New year, new resolutions, and time to review your insurance

1/11/2017

 
​It’s a new year, and if you’re like many of us, you’ve made some new year’s resolutions.

But I bet those resolutions did not include calling your local insurance agent.

Insurance can be dull. I get that.

But an annual review is an important habit that helps protect your financial security. As your life changes, so also should your insurance.
​
Here are 5 life changes that should prompt a call to your agent:
 
1. Married, divorced or widowed.
This one is at the top of my list.
​
Marital status changes often affect your auto, homeowners, and life insurance. The joy or sadness of these events makes it easy to forget the importance of calling your agent when they happen. These life changes require a thorough review of your insurance.
 
2. Teenage driver.
Two things that can increase your risk (and possibly raise your premium): Did your teenager get their permit or license last year? Second, did your teenager get their own car? These events change your auto insurance. Lots of people want to ignore these inconvenient realities, but they are ignored at their peril. The good news is that by working with your agent, you can still find ways to keep your premium down.
 
3. New baby.
Whether it’s a “brand new to the world” tiny baby, or the adoption of a child of any age, a new child in your home means many new responsibilities. One of those responsibilities (one that’s often forgotten) is to make sure you’ve updated the beneficiaries on your life insurance policies. You also need to make sure that you still have enough life insurance.
 
4. Housing: Moved or renovated.
Buying or selling a home, or renovating your existing home- these all may change your insurance needs. I find when I’m doing insurance reviews that many people are over or underinsured. Both situations are bad. The worst time to find out that you are underinsured is after a fire. Even adding structures outside of your home can affect your insurance. If you’ve added a deck, a pool, a storage shed, or a garage, call your agent.
 
5. New valuables.
If your economy has gotten better, you may have purchased some nice things recently. You may assume that these are automatically covered by your insurance. But that’s not always the case. Collectables, jewelry, fine art, and even some expensive electronics- these may require additional coverage.
 
My advice:
This list isn’t exhaustive. There are other life and property changes that may require a phone call to your agent. Are you retiring soon? Has a child gone off to college? Have you purchased a collector car? How about your driving patterns; is your mileage increasing or decreasing? Are you using your car more and more for your business? These things matter.

​Call your local agent this week and set up a time to review your policies. It could make a big difference for you in 2017. Happy New Year!
​
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Bruce Sackrison is an insurance property and casualty broker affiliated with Professional Insurance Associates helping clients with insurance needs for personal, commercial and business insurance. Bruce can be reached at 707-931-0186, bruces@sackifs.com
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    Bruce Sackrison

    Napa, California
    (707) 931-018

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