Business Owners Resource Network

February 11, 2009

Hired and Non-Owned Insurance

Filed under: Business Insurance — natewatson @ 5:02 pm

car-wreck2

I was doing an insurance review yesterday for a tile company that services KCK, Shawnee, and Overland Park.  I noticed the owner didn’t have the coverage called “Hired and Non-Owned Coverage” This was alarming to me because the owner said he had been with his insurance agent for over 5 years! and he had never even heard of the coverage. When I explained that Hired and Non-Owned coverage was for when he or his employees were doing work for the company in their own vehicles, he asked me why he needed that coverage as all his employees should have their own insurance. I explained that most insurance companies would NOT cover the vehicle if you were doing company business in it. It is the business’s responsibility.

Send an employee out to get lunch for the office, business’s responsibility. Send an employee to the bank, business’s responsibility.                                 Send an employee to get parts, business responsibility.

Even if they are in their own car!

He was shocked that his agent had never told him about his and that his business had a huge hole in the coverage. When I did a complete review of all of his insurance, personal and commercial, I found quite a few places where he thought he was covered but he was not. He was surprised at all the questions I had considering his former agent had only asked him what he sold and how much he paid his employees. He had never even spoken with his agent after the initial setup. Now, with his new policy through me, he is set. And we setup a time for next year that we can talk about how his business has changed and if his insurance needed to change with it.

This is what I do. I make sure all of my customers actually get the insurance they think they already have. If this is something you want for your company, call me, I would love to help. 

How has your business changed since you started?

Nathan Watson, Nationwide Insurance.  913-322-3388.  x-14.                         Get the insurance you think you already have.

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