Tom's Blog
This past year has looked different than most years in many ways. Due to the Pandemic, more people have been working from home and many people have decided to explore being their own bosses. Running your own business has its perks, but many things need to be considered before this happens. For example, depending upon the type of business you are running, have you considered what that means for whether your business auto is covered under your personal auto policy? As your life changes, so might your N.C. auto insurance needs.
Consider the Usage of Your Business Auto
As a new business owner, you need to consider any type of changes pertaining to the usage of your personal vehicle. For example, are you and the listed drivers on the Declarations Page of your N.C. auto insurance policy still the only ones driving the vehicle? If so, you may be able to continue coverage under your N.C. personal auto insurance policy as long as you are not transporting any goods for delivery. If your business requires other people/employees to use your vehicle on a regular basis, in the scope of your business (or transporting goods), you may need a commercial auto insurance policy.
Some typical businesses requiring the usage of your personal auto that may be acceptable to still cover under a N.C. personal auto policy include:
- Doctors
- Realtors
- Lawyers
- Sales Representatives
- Consultants
- And More
You May Need a Commercial Auto Insurance Policy
Depending on the type of business you are in, your auto insurance needs may change. If you are ever in question about coverage issues, it is recommended you immediately contact your local N.C. independent insurance agent. Some variables that may point to the need for a commercial auto insurance policy may include the following:
Weight of the Vehicle- Vehicles that weigh over 10,000 pounds are excluded for coverage under a personal auto policy.
Vehicles Used to Deliver/Transport Goods- If you are using a vehicle to deliver goods (examples include florists, pizza delivery, hazardous materials, etc.) you will need to have a N.C. commercial auto policy in order to have coverage.
Transportation for Hire- If you are in the business of transportation for hire, you will need to have a commercial auto policy. Examples may include taxi services or transporting the elderly. *Keep in mind that some situations of transportation for hire may not apply (Uber/Lyft) and a personal auto policy may suffice. Contact us at Paramount Insurance for questions or concerns pertaining to coverage needed for ridesharing activities.
Does Your Company Car Need a Personal Auto Insurance Policy?
If you are working for a company and are provided with a company auto to drive for business and personal use, do you need to have that car insured under a personal auto policy? This is a great question that gets asked all the time and needs to be addressed. Typically, the company car has coverage provided under the business commercial policy. However, it is a great idea to cover yourself under your own N.C. personal auto policy as well. Paramount Insurance Agency is here to help you find the best suited insurance options for your auto needs, both on a personal and business level. Call us TODAY at 866-869-3335.
