All posts in Commercial Insurance

How Much Fleet Insurance Do You Need?

How Much Fleet Insurance Do You Need?

Commercial Auto Insurance Minimums

If you have any number of company vehicles, you need to invest in a commercial auto insurance policy, also known as a fleet insurance policy. Just like most states have a minimum amount of coverage required for your personal auto insurance, there is also a minimum amount of coverage needed for your commercial auto insurance policy. Investing in the minimum amount of coverage needed can help to ensure that you and your employees stay safe while on the road.

If you are only looking for the minimum amount of coverage for your company cars, you may have a hard time finding a policy. Many insurance providers will not write a policy that only covers the minimum amount because they take on an increased risk when insuring company cars. While you may have to pay a little extra for your commercial auto insurance policy, it simply means that you have added protection.

Unlike personal auto insurance policies, typical commercial auto insurance policies have a combined single limit. This means that instead of separating liability coverage into personal injury and property damage, it is combined into one limit. These coverage limits typically range from around $500,000 to millions of dollars.

The cost of a commercial auto insurance policy will depend on many factors, including how your vehicles are used and the nature of your business. One of the best ways to help save money on your rates is to compare policies. Working with an independent insurance agent will help to make the process of comparing policies much easier.

For all of your commercial insurance needs, contact the insurance professionals at the Insurance Agency of Dean Davis in Austin, Texas. As an independent insurance agency, we will work with you to ensure that you have the right amount of coverage, all at the right price.

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5 Common Insurance Mistakes to Avoid

5 Common Insurance Mistakes to Avoid

Unfortunately, the average American lives such a busy lifestyle that they are willing to just sign the paperwork of all insurance policies as recommended by their agent. However, in order to receive optimal peace of mind in your home, health, car, and life, you must have the right insurance policies in place. Proper coverage can mean the difference between financial ruin and smooth recovery when an accident occurs. Gathered is a list of some common insurance mistakes many people make, and how to avoid them:

  1. Many homeowners who have experienced a drop in their home’s market value think that as a result, they should mirror their homeowners’ insurance coverage. However, this can prove to be consequential. This mistake could leave you in financial ruin since your policy will no longer cover the amount it would take to rebuild after a disaster.
  2. While you may be inclined to work with any insurance company who has the best price, this may result in regret in the future. You want to find the best price, but with the right insurance provider who will be there with you through each claim and each renewal.
  3. Many homeowners fail to purchase flood insurance for a variety of reasons. Whether you think that your homeowners’ insurance policy already covers flood damage, or you feel that flood insurance is unnecessary because you live in a dry area, you will likely regret this decision once a flood arrives. Floods are known for wreaking havoc in neighborhoods that do not usually experience flood conditions.
  4. While you may think the state has put in place the minimum required auto liability insurance because it is a sufficient amount, it is likely not going to suffice. If you are involved in a multi-vehicle car accident, the minimum liability amounts will likely leave you with a hefty amount of out-of-pocket expenses.
  5. Whenever you are renting, you must purchase renters insurance. This is an inexpensive insurance policy that provides you with optimal protection from a variety of perils.

Contact Dean Davis Insurance in Austin for all of your Texas insurance needs. These very common insurance mistakes are preventable if you have the right insurance policies through Dean Davis Insurance.

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Commercial Insurance for Small Business Owners

Although small business owners do not have as many employees or customers as large corporations, that does not mean they do not have the same concerns. Small businesses have to deal with the same problems, just on a smaller scale.

The top five concerns of small business owners include both internal and external problems. When it comes to internal concerns, talent management, such as recruiting and marinating staff is the number one problem. External problems that small business owners encounter include taxes, government regulations, and healthcare reform, and the functionality and reliability of technology.

Although there are many obstacles for small business owners to overcome, there are also many opportunities. Half of all small businesses are expected to grow in 2014. The 28 million small businesses that operate in America account for one-third of all employment in the country.

Business insurance is available for small businesses to help ease the mind of small business owners. There are three main small business claims made to insurance companies. The first is damage to the building or its contests due to an event like a fire or earthquake. The second is loss of income, such as if the business closes. The last reason is due to loss of data or company information, usually due to some type of computer failure or fraud.

The Insurance Agency of Dean Davis, located in Austin, Texas, can provide your small business with the best commercial insurance to fit all your needs.

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Who needs commercial auto insurance?

Commercial auto insurance is a necessity if your business has even one employee driven vehicle. Making sure you have the proper insurance can save you thousands of dollars on accidents and possible insurance fraud.

If you are in need of a fleet insurance auto policy, you must have a company listed as the owner of all vehicles, whether it is a corporation or a sole proprietor. Fleet insurance may be used to insure hundreds of moving trucks your company owns, or the single vehicle that your company uses for the occasional delivery.

Most companies run into problems with their insurance agency when an accident happens while an employee whose name is not on the insurance policy is driving. Many insurance companies view allowing employees who are not listed on the insurance policy to a drive company vehicles as fraud.

Commercial auto insurance differs from personal auto insurance in that it does not cover items in the vehicle. If your company cars are full of company materials, such as tools or products, it is a good idea to also purchase liability insurance. Make sure to buy the proper amount of liability insurance to cover your vehicles in the event of damage, loss, or theft.

The easiest way to save money when purchasing commercial auto insurance is to hire drivers with clean, safe driving records. Having just one bad driver on your insurance can raise you premiums by as much as 10%. Many companies also offer discounts when GPS devices are installed in vehicles. GPS devices are a fairly cheap way to bring down insurance costs and it can also help you keep track of your drivers while they are out. Always make sure to update and change your policy as often as necessary to protect yourself from any potential problems.

The Insurance Agency of Dean Davis, based in Austin, Texas, offers commercial insurance for your company. They also offer home, auto, and life insurance policies to fit your lifestyle.

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How to Track and Manage the Expenses for Your Small Business

Many people believe that you can cut corners and take short cuts when it comes to running a small business.  The truth to this matter is that you cannot.  Running a small business is just like running a big business, small business owners should be aware of a few things that will help them manage the expenses of their small business.

Staying Organized

When it comes to tracking and managing the expenses of a business, the first thing that you should do is get organized.  If you are organized, it will be easy for you to keep a record of financial instances for your business.  Staying organized will help you in the long run, especially around tax time.

Separation

As a small business owner, you need to know how to separate business finances from personal finances.  If you do not separate the two, you may find yourself in debt for a number of reasons.  It will be in your best interest to open a bank account for your business and one for personal use.

Dig In the Paperwork

Many business owners do not like the sight of paperwork or the thought of completing it, but in the event of any legal matters, it all comes down to what is present on paper.  This is one reason why you should make sure that you stay on top of your paperwork.  Keep all of your documents and files in a folder and create a copy online for safe keeping.  You should have at least three copies of each document that involves your business.

For more information regarding business insurance in the Austin, Texas area, contact Insurance Agency of Dean Davis today!

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Insuring Against Injury On Your Company’s Property

Injuries can happen, and they can happen on your company’s property. General liability insurance is often necessary to protect yourself against these risks. General liability insurance will be able to help you in the event that someone is injured on your company’s property or through the actions of your company or employees. These types of settlements can become quite costly, as they often involve extensive medical bills as well as additional costs such as lost wages.

Injuries that occur among your own workers, however, need to be covered under a different type of policy. Commonly, this is a workers compensation policy. Workers compensation insurance takes over any time one of your workers is injured while on the job. This can include injury that is on your company’s premises, but it also includes any injury that occurs at client sites or while traveling due to work. Workers compensation is required for full-time workers. In the event that workers compensation insurance coverage is exceeded, an umbrella insurance policy may be able to take over.

For more information about general liability insurance and other forms of necessary commercial insurance contact the experts at Dean Davis Insurance.

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