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Does Your Business Need Uninsured/Underinsured (UM/UIM) Motorist Coverage?

Two toy cars crashed and one is flipped over representing a car wreck for uninsured motorist coverage insurance

Understanding Uninsured/Underinsured Motorist Coverage

How can uninsured/underinsured motorists (UM/UIM) coverage benefit your business? Understanding this crucial coverage is essential to safeguard your assets in accidents involving uninsured drivers or when the liability limits fall short. At Barnard Donegan Insurance (BDI), we specialize in guiding businesses through the complexities of UM/UIM coverage, ensuring you make an informed decision that aligns with your unique needs.

Uninsured Motorist Insurance Shattered car glass on the road after a collision, with shards scattered everywhere.Exploring the Importance of Uninsured/Underinsured Motorists (UM/UIM) Coverage:

UM/UIM coverage offers vital protection against bodily injury and, in certain states, property damage resulting from accidents with uninsured drivers. It is an additional safeguard for insured individuals when the other party’s liability limits are insufficient. Adding UM/UIM coverage to your commercial auto policy ensures comprehensive protection for your business assets.

Factors to Consider:

When considering UM/UIM coverage, evaluating several factors is crucial. At BDI, our experienced brokers conduct detailed assessments of your specific needs, weighing the advantages and considerations of this coverage. With our expert guidance, you can make confident, well-informed decisions aligned with your business goals.

Why Carry UM/UIM Coverage?

There are compelling reasons to consider carrying UM/UIM coverage for your business:

  1. Employees regularly operate company vehicles without personal auto policies.
  2. Employees or officers have opted out of workers’ compensation but still drive company vehicles.
  3. Your business frequently transports non-employees, such as customers or vendors, in company vehicles.
  4. Offering additional coverage as a benefit to owners or key personnel for personal use.

Reevaluating Coverage:

While UM/UIM coverage offers significant benefits, there are situations where reconsidering its necessity may be appropriate:

  1. Workers’ compensation typically covers employees for work-related injuries.
  2. State statutes prohibit duplicate workers’ compensation payments for lost wages and medical expenses.
  3. Employers often provide medical and disability coverage for non-work-related injuries.
  4. Employees with personal auto policies likely have primary UM/UIM coverage.
  5. Fleet owners may face increased costs due to losses.

How BDI Can Assist You:

At BDI, we specialize in navigating the complexities of commercial auto insurance. Our dedicated team provides the following:

  1. A comprehensive explanation of UM/UIM coverage tailored to your specific needs.
  2. Customization of coverage to align with your unique requirements.
  3. Expertise and strong relationships with insurance underwriters to secure competitive rates.

Moreover, our analysis of your commercial auto insurance program can uncover further opportunities to minimize uninsured exposures and optimize premium savings.

For more information about our risk management services and how BDI can protect your business, please get in touch with us at 830-303-8300 or request a consultation today.

Remember, making informed decisions about your business’s insurance coverage is essential for long-term success and peace of mind.

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