• Look for discounts. Before initiating a quote for a policy, gather your company's loss and financial records. This information could help you save a lot of money. You may qualify for discounts if you've carried increased liability limits in the past, if your employee base consists of experienced drivers or if your company's credit rating is good.
• Don't let your coverage lapse. Proof of prior insurance is important, so never let your insurance policy lapse. If you do, you will most certainly pay more for your next policy.
• Ask for referrals. Find out where colleagues in your business have found the best coverage and the best service. They may be able to refer you to an agent or company that really understands your business.
• Check driving records before hiring. If they'll be driving a company vehicle, be sure to screen the Motor Vehicle Report (MVR) for every potential hire.
• Update the value of your equipment. If you've added, upgraded or phased out equipment, you'll want your policy to reflect the true value of your fleet. This ensures you have adequate coverage where you need it and that you're not paying for coverage you no longer need.
• Check the options for managing your policy. See if you can handle routine tasks online and over the phone instead of having to visit an agency or mail in forms. It saves time-and in business, time is money.
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