So you are considering purchasing SR22 insurance. The question becomes, what is SR22 insurance? This is an auto insurance policy that covers business and personal vehicles. You can get coverage for the full motorcycle or a specific segment such as a moped, truck, SUV or car. There are several important factors to keep in mind before you purchase this type of insurance policy. First, know your legal responsibility to your company or organization. Liability insurance is available to private business owners and to workers on a company’s premises when they are participating in work-related activities. Your coverage options will depend on the type of policy you select. You may need to have a high deductible to protect your business assets. You also could require a higher percentage of coverage to protect your personal assets. SR22 policies provide the legal liability protection, your company needs to protect its assets in the event of a lawsuit. Second, consider the risk you are incurring by carrying liability coverage. In the event of an accident or damage caused by your employees or your business vehicle, you will be responsible for paying the costs associated with it. This includes medical expenses, property damage expenses, and liability claims. A high percentage of premium cost will be associated with the risk of liability and the amount that you can reasonably expect to pay out of pocket for any claim.
What to look for when choosing sr22 insurance
When choosing SR22 insurance, it is important to consider both the premium cost and the level of liability protection you will need. If your business has one vehicle, you do not want to pay the same premium amount for two separate policies. Likewise, if you run multiple vehicles on a daily basis, liability protection should cover your vehicles as well as your business equipment. The type of insurance coverage you select depends on the type of business operation you conduct, your financial investments and the nature of your products or services. Third, think about what you can do to protect yourself from liability claims. A common law claim is a consumer product liability claim. If a product you sell causes harm or death to a customer, you could be held liable for the claim. For example, if you sell lawn mowers and an acquaintance accidentally kills himself while operating one, you could be held liable for his death. The damages awarded in such cases can be quite substantial. You will want to include a clause in your business insurance policy that prohibits your business from being held liable for such events. Lastly, it is always important to consider how other insurance companies are treating your company. Each insurer treats a different business differently and may be more or less willing to work with you. Some insurers are willing to work closely with you to help reduce the cost of your policy while others are not. As you shop around, talk to several insurance brokers to get an idea of their price range, the level of customer service they provide, and their level of resistance to working with you to develop a plan to protect your business assets. We offer Sr22 Insurance give us a call today! Many suspended drivers may need this type of insurance as well.