Rental Cars and Collision Insurance

An email from a bank I worked with several years ago...  I was reading your August newsletter (Simmonds on Bank Insurance) and saw the section on Renting Cars, and it brought up a couple questions.  You say that there are requirements and hassles that the credit card company will put us through, but if our business auto policy is adequate why … [Read more...]

Know Your Drivers

Use the resources of your insurance company to help you learn the driving records of your employees.  Check your regular drivers and even those employees who only drive occasionally.  Do you really want someone with four speeding tickets in the past four months driving on your dime? … [Read more...]

Figure Adequate Liability Insurance Limits

How about a way to figure out how much liability insurance a business should have?I have seen many such formulas. I have never bought into any of them.Here are the "normal" liability insurance policies for most businesses:Auto Liability Insurance - Pays for bodily injury and property damage caused by a motor vehicle accident. Should include … [Read more...]

Should You Buy Collision Damage Waiver When Renting A Car?

Renting a car? Buy collision damage waiver insurance offered by the rental car company. After an accident you want to toss the keys on the rental car counter saying, "See you around boys!" Doing anything else will lead to hassles far in excess of the $20 a day you'll pay for the insurance. … [Read more...]

Even Without A Car You Can Have An Accident

Reviewing a new clients insurance.  The corporation owns no cars.  They also have no coverage for an auto accident."So what?" says my client.Your employee is driving to an appointment in her own car.  She causes an accident.She is going to get sued and so are you - as employers are responsible for the actions of their employees.Buy non-owned auto … [Read more...]

Personal Use of A Business Auto

If you provide a car to an employee who does not own a car insured by a personal auto policy, that employee has an insurance problem.Under a personal auto policy coverage is extended to protect the insured when she is driving a friend or neighbor's car - or any non-owned vehicle.That coverage is not provided on a commercial auto policy.Talk with … [Read more...]

Livery and Your Personal Auto Policy

Livery is carrying goods or people for a fee. There are insurance coverage issues to consider when a business uses a personal vehicle owned by an employee.  Most personal auto policies exclude coverage when the vehicle is used for livery.  The purpose of the exclusion is to remove coverage for a vehicle held out to the public as being for hire - a … [Read more...]

Collision Damage Coverage for Rental Cars

Never rent a car (Hertz, Avis, etc.) without buying the collision damage waiver.Either buy it from the rental car company or use a credit card that includes the coverage. Call your credit card company. Most “gold” or preferred cards offer the protection.Don't depend on your personal or commercial auto insurance. The rental agreements … [Read more...]

Smart Money Article – Insurance Issues of Laid-Off Workers

A writer from Smart Money magazine called yesterday with some questions about insurance for people who have lost their jobs.Article Here.Scott Simmonds, CPCU, ARM, CMC"The Guy With the Big Insurance Brain"Providing Unbiased Insurance Assurance℠ … [Read more...]

Saving Money on Personal Insurance

Here's an article that includes some comments from an interview I did.Info on home and personal auto insurance. … [Read more...]