I am on my insurance soap-box again. I do not know why, but it probably has to do with some of my clients getting a raw deal.
This one is simple. As a small business owner, or any business for that matter, you may have an auto insurance policy. For your policy, you have liability coverage. But, do you have uninsured motorist coverage? And, if not, should you?
Uninsured motorist coverage pays for your employees injuries if he/she is injured as a result of an accident that was caused by an uninsured motorist. (If the motorist is underinsured, your insurance would also pay.) But, a lot of businesses do not carry it. After all, it does not protect your assets. So, why should you pay the extra premium for it?
First, it is a cheap benefit for your employees. Uninsured motorist coverage is inexpensive. By providing it, if your employee is injured in a motor vehicle accident with an uninsured or underinsured driver, he/she will be compensated. They may have workers comp coverage, but the uninsured/underinsured motorist coverage may provide more benefits.
Second, what if it is you in the accident? Now you are limiting your, or your partner's, or your key employee's, rights. Do you really want to do this?
Uninsured motorist coverage is an inexpensive way to protect you and your employees. At your renewal, ask your agent about it.