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Is Insuring Family Vehicles on My Business Policy a Good Idea?
It’s no surprise that as a business owner and proud family person, you are always looking for ways to benefit both aspects of your life. One of these may include insuring family vehicles with your business policy. While this may be a sound idea from a tax and legal standpoint, is it the right insurance move to make? The insurance agents of Shepard Walton King have the answers you are looking for.
Understanding Business Policies
A business auto policy is designed to protect vehicles owned or leased by your company. Additionally, it is meant to protect you or any employee while carrying out any sort of business-related matter. This means that your business auto policy may not provide your family with the protection they need in the event of an accident that is not directly associated with your business.
There are technicalities that go with the reasons why you shouldn’t insure your personal vehicles on a business policy. It’s important to understand that a business insurance policy is a precisely-worded legal contract that is designed to fit the specific needs of your business.
Weighing Your Options
If you and your family will be using company-insured vehicles for non-business activities, your business policy may need to be properly endorsed. Keep in mind that all of your needs may not be met. Your best option is to insure your personal vehicles on a personal auto policy. Your insurance costs may be paid from business accounts, but you and your family will not be left exposed to unforeseen consequences.
The truth is, protecting your personal vehicles with a business auto policy may not be the best plan. Don’t worry, the insurance agents of Shepard Walton King know what you need to keep you and your loved ones thoroughly protected. We will take every necessary step to help you find a policy that best suits your business and family needs. Contact our office in McAllen for more information today.