We all know how quickly auto accident bills can rack up. Now think about those bills being pushed back on you as a business owner. If I had my way, none of my clients would be able to deny Hired & Non-Owned Auto coverage. If you own any type of business, you should have this coverage. Period - End of Story.
Shortly put, it's coverage for automobiles that are not owned by the company, but are used or rented for company use. I'm not sure what a lot of insurance brokers have been advising their clients of lately, but I've seen a plethora of potential clients come in with no clue what Hired & Non-Owned Auto coverage actually is. You should note that the typical personal auto liability policy does not cover business related transport.
The cost for Hired & Non-Owned Auto coverage is usually nominal. But the risk of not having this coverage can be catastrophic. Usually the cost of this coverage is less then $200 per year for $1,000,000 in coverage for the average risk. Have you ever had an employee head out for a company errand to Staples, pick up lunch for the office or drop a deposit off at the bank? Have you or any employee gone to visit a client for an appointment or rent a car for a business trip? Most likely you answered yes to all of these. And all of these examples are instances where Hired & Non-Owned Auto coverage would apply.
We've had some really unfortunate cases where companies go under due to declining Hired & Non-Owned coverage. Although, those cases are extreme, they're not rare. Any time you are involving a vehicle in any incident, the damage to another person or thing is multiplied extensively.
I remember in high school getting lectured on how our vehicles are "just like weapons...they can kill easily." With the claims I have reviewed in my insurance career, that statement has never rang so true.