You might desideratum uninsured and underinsured motorist coverage for career vehicles.
Vehivle liability insurance pays claims against the insured Chauffeur for Belongings damage or personal injury. Motorists in all states must own this insurance. In spite of the charter, you or your passengers or employees can emerge as victims of an van accident caused by uninsured drivers. Uninsured and underinsured motorist coverage pays damages when the at-fault Chauffeur does not keep Sufficiently liability insurance. However, as a business owner, you may consider rejecting this coverage to lower premiums and expenses. To reject, you need to know your needs and state's laws, as well as the right forms for rejection.
Instructions
1. Examine other insurance policies that you hold to determine whether your uninsured or underinsured coverage is duplicated elsewhere. Health insurance can cover medical expenses arising from automobile accident injuries. Worker's compensation insurance provides medical and lost-wage compensation to employees injured while working. These types of policies may offer the some of the same coverage as you might get from UM or UIM insurance.
2. Discuss your business risks and insurance needs with an insurance agent. Obtain a form from your automobile insurance carrier or your insurance agent for rejecting uninsured or underinsured coverage. You may also find places on the insurance application for rejecting or waiving the coverage. Check the box on the form indicating that you reject the coverage or select coverage in an amount less than the coverage limits for your liability insurance. Most states require that you reject coverage or opt for lower coverages in writing. Otherwise, your automobile insurance will include uninsured or underinsured coverage at the same maximum amount as your liability coverage.
Provide the agent with information on the nature of your business, the number of employees and vehicles, and amount of sales. Explain to the agent all insurance that you have for your business, including, but not limited to, commercial automobile, and workers' compensation, health and property insurance. Also seek advice on your state's insurance coverage laws.3.
4. Decline the stacking of uninsured or underinsured coverage if you have multiple vehicles. Stacking allows the coverage limits to apply separately to each vehicle that you insure through the same company. Your coverage limit is the sum of the limits on each vehicle. If you reject stacking or accumulation of limits, your coverage will have the limits stated in the policy for one vehicle, but you will have a lower premium.
