Tylersport, PA -- (SBWIRE) -- 06/01/2023 -- By their very nature, startups are often strapped for cash, and their budgets can get even leaner during hard economic times (like the current nationwide recession). However, one thing that certain startups should invest in without question is hired auto coverage. USMC Insurance, a nationwide Managing General Agent (MGA), explains a few reasons why hired auto coverage can protect fledgling businesses.
Due to limited funds, startups often rent vehicles rather than purchasing them, or commit to a short-term lease if employees will be traveling for work frequently. If an accident should occur in a hired car (defined as a rented, leased, or borrowed vehicle), hired auto coverage will cover the potentially devastating legal fees and other expenses (including medical expenses) from the accident.
Another important role that hired auto coverage plays is closing the "gap" that can occur when a commercial auto insurance policy does not cover the business-related use of vehicles not titled to (or owned by) the company. If anyone involved with the company is held liable for property damage or personal injury, this insurance can supplement legal costs and settlements that commercial auto insurance cannot.
Startups may have trouble accessing reliable, affordable commercial auto insurance at all in their early days, especially if the company is particularly small. However, with hired auto coverage, even the smallest business can often meet the criteria to fulfill an insurer's underwriting requirements.
Most companies that rent, lease, or borrow vehicles — especially startups — should consider HNOA coverage for these possible problems. The peace of mind alone can be a massive relief and make it easier to focus on what matters most: building the business into something great!
To look into hired auto coverage or learn more about USMC Insurance, visit https://usmcinsurance.com/.
About USMC Insurance:
Founded in 2012, USMC Insurance is a managing general agent (MGA) providing both specialized and traditional property and casualty insurance. This family-owned company draws on over 100 years of combined experience to offer business insurance programs to brokers and agents across the nation, with a special interest in underserved niche markets. To find out more, visit https://usmcinsurance.com/.