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Definition: A contract for an automobile in which one party agrees to pay for another party’s financial loss resulting from a specified event (for example, a collision, theft or storm damage)

The same type of policy you purchase for your personal use is also necessary for your business. If your business provides employees with company cars, or if you have a delivery van, you need to think about auto insurance. The good news here is that auto insurance offers more of an opportunity to save money than most other types of business insurance. The primary strategy is to increase your deductible; then your premiums will decrease accordingly. Make sure, however, that you can afford to pay the deductibles should an accident happen. For additional savings, remove the collision and comprehensive coverage from older vehicles in your fleet.

Never cut corners on automotive liability coverage. Minimal packages of 25/50/25 (per person bodily injury/total accident coverage/property damage) are available; however, hitting an expensive sports car can quickly wipe out the insurance company’s coverage. Pay the extra few dollars for higher coverage of 100/300/100. Most states have laws concerning uninsured motorists coverage. Supplement the standard auto policy, as the costs are minimal.