Risk & Business Magazine General Insurance Services Spring 2020 - Page 29

PERSONAL AUTOMOBILES We know what it took to build this business. vehicle records and PAP coverages regularly and maintaining records to help reduce risk exposure. Establish standards for personal vehicles: Even employees without any incidents on their motor vehicle records can be a risk to your business if they are driving personal vehicles that are not properly maintained. Establish company guidelines for maintaining personal vehicles. If employees are compensated for time spent driving or if they routinely use their personal vehicles for business, consider regularly collecting maintenance reports to gauge the reliability of personal vehicles. Make the company policy clear: After you create guidelines for the use of personal vehicles at your business, be sure to communicate them to your employees in a clear and timely manner. Although it is common to have policies against the use of intoxicating substances or mobile devices while driving, reminding employees of all of your company policies is an effective way to mitigate risk. Establish rental vehicle policies: The use of rental vehicles for business also presents exposure to risk. It may be beneficial to establish a relationship with a particular rental vehicle agency to determine which vehicles best suit the needs of your business and employees while traveling. You should also give your employees guidelines on which rental vehicle insurance coverages to accept during the rental process. OBTAINING APPROPRIATE LIABILITY INSURANCE Additional coverage may be needed if any potential risks from personal auto use threaten your business. A standard Business Auto Policy (BAP) will protect your business from any additional liability after an employee’s PAP has paid for damages related to personal auto use. Although employees who have personal vehicles should be required to have PAPs, obtaining liability insurance should be a priority to protect your business. In the event of a serious accident, your employees’ PAP coverage may not be adequate to pay for all the damages. Be sure to prepare a list of vehicles that may be used by employees and the type of business they may be used for, and contact General Insurance Services in order to discuss your coverage options. + Matt Weber was raised in Fort Wayne, Indiana, and attended Purdue University West Lafayette where he earned a bachelor’s degree in Sales & Marketing with minors in Organizational Leadership & Supervision and Communications. He worked in the Electrical Wholesale and Wine & Spirits industries before moving to NWI and joining GIS. Matt is a resident of Michigan City and enjoys being involved in the service of the community. He is a firefighter on the Long Beach Volunteer Fire Department, as well as a board member for the Lakefront Career Network. Matt has recently married and enjoys spending time with his wife, golfing, and being outdoors. And we know what it takes to protect it. To find out how West Bend can help protect your valuable business, contact this Official Supplier of the Silver Lining ® . (219) 879-4581 www.genins.com