Company Car? Verify You Have The Proper Insurance And Evidence
Many employers provide employees company cars. Oftentimes, the employee is told that he or she need not worry about the insurance issues for this car; the employer will handle all of that. But this advice may be shortsighted since coverage gaps can crop up that may impact the insured employee in unforeseen ways.
Since your employer provides you a company car, consider the following risk management recommendations.
Verify that corporate insurance is in place and that it provides primary coverage. Also, check the liability limits to confirm that they are adequate. Carefully adhere to any restrictions on personal use, including possible prohibitions of other drivers.
It is the drivers responsibility to prove the vehicle is insured at all times by making sure there is a liability card in the vehicle to show police when asked. If it's not there or you cannot find it, the ticket goes on the drivers record.
Consider a personal umbrella liability policy which could add additional valuable coverage and higher limits to the primary vehicles liability insurance. Portion of this article courtesy of International Risk Management Institute, Inc.