Commercial Auto or Hired & Non-Owned Auto Insurance
for Accountants, Advisors, Appraisers, Brokers & Other Finance Professionals
As an accountant, tax preparer, or financial professional, you may be required to travel for work — particularly if you specialize in auditing, international affairs, or if you work for yourself as an independent contractor.
Are the vehicles you use for work protected with a Commercial Auto or Hired & Non-Owned Auto Insurance policy? If not, your accounting, tax preparation, or finance business is at risk for the exorbitant cost of auto accidents — vehicle damage, medical expenses, legal trouble, and more.
No matter how carefully you drive your business vehicles, you still can't control the actions of others. And there's no way to know when you're sharing the road with dangerous drunks, texters, or other distracted parties.
That's why your business needs a Commercial Auto or Hired & Non-Owned Auto Insurance policy to prevent its assets from being drained by an unexpected car crash. Read on to learn more about these two valuable types of business insurance.
Commercial Auto vs. HNOA
Commercial Auto Insurance vs. Hired & Non-Owned Auto Insurance for Accountants, Bookkeepers, Tax Preparers, and Other Finance Professionals
As a finance professional, it's important that you understand the difference between a Commercial Auto Insurance policy and a Hired & Non-Owned Auto Insurance policy. That way, you can be confident you're choosing the coverage that fits your business's needs best.
Depending on your business, you may need only Commercial Auto, only Hired & Non-Owned Auto, or both. Read on to learn more.
Commercial Auto Insurance for Accountants, Tax Preparers, and Finance Professionals
If your accounting, tax preparation, or finance business owns vehicles that it uses for business operations, then a Commercial Auto Insurance policy is likely the right fit for you. This type of coverage can only protect vehicles that are owned and used by your business.
If you are an independent contractor or sole proprietor who uses your personal vehicle for business-related purposes, then you should also consider purchasing a Commercial Auto Insurance policy.
That's because Personal Auto policies generally exclude business-related accidents. So if you get into an accident in your personal car while…
- Driving to a client's office;
- Stopping by the bank to deposit business checks; or
- Running to the store to buy office supplies
…your Personal Auto Insurance policy will likely exclude the claim from coverage.
While Commercial Auto Insurance generally only protects business-owned vehicles, there are couple situations in which your policy may cover a non-owned vehicle — like when your car is so damaged that you need to rent a replacement.
But most of time, you'll need a Hired & Non-Owned Auto Insurance policy for vehicles that you do not own.
Hired & Non-Owned Auto Insurance for Accountants, Tax Preparers, and Finance Professionals
Sometimes accountants, tax preparers, and finance professionals need to drive a vehicle that is rented or owned by someone other than the business (e.g., one of your employees drives a personally owned vehicle for work). To protect your business from the potential cost of accidents, a Hired & Non-Owned Auto Insurance policy might be in order.
Having trouble thinking of a time when your business might need a rented or non-owned car? It might be more common than you think:
- You rent a car to pick a client up from the airport.
- You rent a car while on a business trip.
- Your employee drives his own car to pick up lunch for the office.
That's right, your business's Hired & Non-Owned Auto Insurance policy can pay for the damages when an employee gets into an auto accident while driving for business-related purposes. Remember: their Personal Auto Insurance policy would likely reject the claim.
Sometimes Hired & Non-Owned Auto Insurance can save you money, especially if you frequently rent vehicles. That's because you won't have to shoulder the additional charge for auto coverage when you pay for the rental — you'll already have it. Hired and Non-Owned Auto Insurance can usually be built in to your General Liability Insurance policy.
Auto Insurance Protects
Accountants, Tax Preparers, and Finance Professionals: How Commercial Auto or Hired / Non-Owned Auto Insurance Protects Your Business
Commercial Auto and Hired/Non-Owned Auto Insurance policies protect accountants, tax preparers, bookkeepers, and other finance professionals from the high costs of auto-related incidents. Generally speaking, most Auto Insurance policies can cover:
- Vehicle damage caused to car-on-car accidents or other collisions — like when the young intern backs into a fire hydrant.
- Medical bills, in the event that either you or other involved parties suffer injuries.
- Legal expenses, in the event than someone sues your business for the auto accident.
- Theft and vandalism. No matter how carefully you drive, some auto incidents are inevitable — especially those caused by other drivers.
When one of the above befalls your business-owned or rented vehicle, your insurance coverage kicks in to cover the damages up to the stated limits of your policy. You can also boost the protection power of your Commercial Auto or Hired and Non-Owned Auto Insurance policy by adding Umbrella Insurance to your small business insurance plan.
The protections of Commercial Auto Insurance and Hired and Non-Owned Auto Insurance policies can vary from provider to provider — which means it's important to discuss with your agent exactly what is and is not covered.
Get a Quote Today!
Finance Professionals: Get a Commercial Auto Insurance or Hired & Non-Owned Auto Insurance Quote Today!
Does it sound like your financial business could benefit from a Commercial Auto or Hired & Non-Owned Auto Insurance policy? Then contact an insureon agent to receive quotes for your business. You can also fill out our electronic application to receive your insurance quotes through email.