---
title: 4 Steps to Minimize your Company’s Auto Risk
description: Learn how to minimize your company's auto risk with these 4 essential steps.
image: https://blog.tsibinc.com/hubfs/shutterstock_2307410327.jpg
---
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{id=28145656379, name=Auto Coverage, slug=auto-coverage}
# Knowledge Corner
February 5, 2024
## 4 Steps to Minimize your Company’s Auto Risk
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Even though the economy and driving activity has gradually increased to pre-pandemic norms, we are unfortunately still seeing significantly high [commercial auto](https://tsibinc.com/insurance-services/commercial-insurance/automobile-liability/) insurance premiums. To reduce the insurance carriers, claim exposure and expenses, they are continually increasing rates, implementing strict [underwriting guidelines](https://www.irmi.com/term/insurance-definitions/underwriting-guidelines), and transferring additional responsibilities & cost to policyholders. Despite these challenges, here are 4 steps you can take to ensure safety and minimize risk.
1. **New Vehicle Acquisition**
You should never assume a newly acquired company vehicle is automatically insured. Most carriers only extend coverage to vehicles explicitly listed on your policy. There is a misconception that a company has a 30-day grace period for reporting new vehicles, however that is not accurate. Make sure you reach out to your broker to add any new vehicles to your policy ASAP.
2. **Driver Disclosure**
Each company driver needs to be disclosed to your broker. Don’t assume the driver has protection under your company policy. If your company driver(s) is not disclosed on your policy, then they do not have the proper insurance coverage and is putting your company at risk.
3. **After-Market Products**
If your owned vehicles have additional equipment or after-market products, reach out to your broker to discuss your specific circumstances. Unfortunately, many auto insurance carriers only cover losses to the vehicle itself and factory-mounted equipment.
4. **Driver Acceptability Standards**
Each insurance carrier establishes [driver acceptability standards](https://blog.tsibinc.com/driver-acceptability-standards), applicable to every individual operating a vehicle for business purposes, regardless of ownership. Among the challenges of hiring qualified individuals, having a clean or “acceptable” driving record is even more critical. Should it be determined that a driver does not meet the carrier’s minimum acceptability standards, the carrier will not provide coverage, placing your company at risk. This applies not only to employees operating company owned, leased, or rented vehicles but also to those using their own vehicles while working for business. To avoid issues, hire drivers who meet the minimum acceptable driving standards.
Not sure if your company has the proper coverage or want to learn more on what the carrier’s are looking for? [Contact](https://tsibinc.com/contact-us/) TSIB today and speak with one of our knowledgeable Risk Advisors.
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Image credit: shutterstock.com/g/SaiArLawKa2
Topics: [Construction Commercial Insurance](https://blog.tsibinc.com/topic/construction-commercial-insurance), [Auto Coverage](https://blog.tsibinc.com/topic/auto-coverage)
Written by [The TSIB Team](https://blog.tsibinc.com/author/the-tsib-team)
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