If your company needs to provide your employees with vehicles or provide some coverage for their personal vehicles, finding good coverage is a must. Let’s take a look at what Hired & Non-Owned Coverage looks like and which may benefit your business the most.
What is Hired & Non-Owned Coverage?
Hired Auto is when you rent, borrow, or hire any cars specifically for your business needs. For coverage you’ll need to consider hired auto insurance. The purpose of having hired auto for your business car is so that if the car is damaged while an employee is driving/using the vehicle, it can help pay for liability costs.
Non owned auto refers to cars your business doesn’t own, lease, or hire. Therefore, Non Owned auto insurance offers coverage for any type of car or truck that your business doesn’t own, lease, or hire. It can also aid in if the car is an accident by covering lability costs. An example of this would be if one of your employees used their own car for business purposes and they accidentally rear ended another car while fulfilling business purposes. Your non-owned coverage can help pay for the other person's damages to their car. This coverage can also help if the other driver made the decision to sue your company for medical expenses.
What are Some Examples of Coverage of Each?
Hired & non hired will help cover:
Damage to another person’s car
Bodily Injuries & Medical expenses of the other person
Any legal expenses when getting sued for negligence
Because hired and non hired does not provide coverage for the employee of the company it will NOT help cover:
Damage to your business car (if it’s not otherwise covered)
Bodily Injuries and Medical expenses for your employee if hurt during accident
Coverage to the vehicle while NOT being used for business purposes
If your business requires drivers and vehicles in order to achieve profit, we highly encourage looking into hired/non-owned coverage to protect your business’s vehicles. Our professional staff here at Danskin would be more than happy to sit down with you and discuss your options for hired or non-owned business auto insurance . If you’d like to learn more about auto insurance, visit our website or call today to speak with one of our professional agents at our Wall location at 732-449-3800 or our Jackson location at 732-364-4600.