When it comes to protecting yourself, you need to think about more than just your business. As entrepreneurs, we are often quick to purchase policies that cover our own lives or our companies. However, we fail to purchase adequate protection for one of the most crucial things to both our business and personal lives: our car. Auto insurance is a contract in which one party agrees to pay for anotherís financial loss resulting from a specific event that has caused damage to their car. It may not come cheap, but you donít ever want to be caught without it. You never know when that next storm will come or when somebody will miss the red light and run into your car instead.
Protecting your car Ė and any cars your business may provide to employees Ė is an expensive business, which entices many to try and cut corners. Like any other insurance, naturally, there are minimal packages available. But, do you really want to risk not having the full protection if you some day by accident hit that Porsche Boxster? Guaranteed, if you hit an expensive sports car, minimal insurance packages will not be enough to cover you. You will wind up on the side of the street wondering why you hadnít paid those few extra dollars to get you complete coverage.
There are normally government laws that make it mandatory to have minimum protection for your car. But, as entrepreneurs, when have we ever settled for just the minimum? Donít we always strive to put in 110 percent of ourselves in our business? Donít we work longer hours than most to get our company off the ground and running? Donít we sacrifice much of our personal lives for the sake of our babies Ė our businesses, that is? In one fell swoop, failing to adequately protect your car can take all of that away from you.
As expensive as auto insurance is the good news is that it offers more different ways to save money as does, for instance, life insurance. First and foremost, it is important to evaluate when and where you will be using your car. Do you really need to take that trip in the bad weather or heavy traffic? Also, keep your car in the best possible condition so as to minimize the chance of damage. And, make sure your vehicle is stored in a safe place at night. If itís a garage, verify the security of that garage with its owner/
Another sure fire way to cut your coverage costs is to try and increase your deductibles. This will necessarily decrease your premiums. Just make sure that when the time comes, you can actually afford to pay those deductibles.
Finally, while itís crucial to buy adequate protection for your cars, it is equally important not to buy what you may not need. For instance, coverage for vehicles that are used strictly by your employees for business may not need to include medical claims if those would be covered under your companyís workerís compensation package.
Auto insurance may be a headache to deal with now, but the real pain comes when you donít have what you need.