Commercial Business Experience DiscountWhen looking for a commercial auto insurance policy, there are many different types of discounts that may be able to help you save money on your premiums. One of these is the commercial business experience discount.
About Commercial Business Experience Discounts
Compared to the kinds of discounts you find with regular passenger car insurance, this commercial auto insurance discount is a bit different.
A commercial business experience discount is simply a premium discount given to businesses that have been operating for a specified time period. For example, some providers offer a discount to companies that have been in operation for more than 3 years.
Why do companies offer business experience discounts?
Most businesses that fail close their doors within the first year. If you've been in business for a longer period, it shows you’re likely to stay in business. If your insurance company doesn't need to worry about you going bankrupt and closing your doors before you pay your premiums, you're considered a lower risk.
Many people think a trucking business must involve fleet vehicles, several different office locations, and a full staff of employees. It's true that many companies in need of commercial auto insurance meet this criterion, but a business experience discount typically applies to the single owner/operator seeking liability insurance for a commercial vehicle as well.
More Ways to Save On Commercial Auto Insurance
Being eligible for a commercial business experience discount doesn't affect your ability to receive other discounts on coverage for your commercial vehicles.
Discounts may be offered for:
- Paying your premiums in full.
- Arranging an electronic funds transfer for your payments.
- Bundling your auto insurance with your business owner's liability insurance.
- Having loss prevention procedures in place at your business or for owning a company where travel is limited within the local area.
Discounts can be up to 15% off your total bill.
Because the type of discounts offered for commercial auto policies will vary according to your location and your insurance company, contact your insurance agent for details regarding the savings that are available for your business auto insurance.
If your current insurance company does not offer discounts that apply to your situation, consider obtaining online quotes for a new commercial auto insurance policy. Investing a few minutes comparison shopping could result in a significant savings.Compare Commercial Insurance Rates in 3 Steps
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