Having comprehensive insurance coverage for your company cars is crucial for many reasons. First, it provides financial protection for your business in case of an accident, and second, it helps your business avoid legal issues that may arise from accidents involving your cars.
Choosing the right insurance policy for your company cars is undoubtedly tricky, but there are a few things you should consider:
Type of coverage – Typical comprehensive coverage includes collision coverage and liability coverage. If you want additional coverage, this will often include medical payments, uninsured motorist coverage, and roadside assistance.
Deductibles – The deductible is the amount of coverage you'll have to pay before your coverage kicks in. Higher deductibles result in lower monthly payments but also mean you'll have to pay more when an accident happens.
Premiums – Shop around for different premiums from various providers to ensure you get the best price.
Claims process – Ensure to choose a provider with a straightforward claims process. A quick insurance process will help get your company back on track quicker.
Even if your insurance claims process is straightforward, it's stressful for all involved. That's why managing the risk and decreasing the likelihood of accidents for your company car drivers is best. There are a few steps that can be taken to work towards this, such as:
Driver training – Provide a training programme to all your company car drivers, including defensive driving techniques, safe driving practices, and handling hazardous conditions.
Regular maintenance – Ensure that all your drivers stick to their maintenance programme to keep their cars as safe as possible.
Driving background checks – Check all your company car driver's records to ensure they are fit to drive.
Use technology – Most new cars come fitted with driver assistance systems that help keep the car and driver safe, so ensure your company car drivers keep them turned on.
Encourage safe driving – Finally, create a safe driving culture in your workplace by recognising safe drivers. Also, encourage employees to speak up if they see unsafe driving from a colleague.
By implementing these strategies, you can effectively manage risk and minimise the likelihood of accidents for your company car drivers, ensuring the safety of employees and protecting your company's assets.