Insurance Compliance Measures – Protecting Your Company and Your Employees
Insurance

Insurance Compliance Measures – Protecting Your Company and Your Employees

Accidents happen. Whether you chose fleet, cents-per-mile, or fixed and variable rate reimbursement, everyone who drives for work should have appropriate insurance. Without it, your employees and your company could be exposed to devastating liability in the event of a serious accident.

June 14, 2021

Team Cardata
Team Cardata

Accidents happen. Whether you chose fleet, cents-per-mile, or fixed and variable rate reimbursement, everyone who drives for work should have appropriate insurance. Without it, your employees and your company could be exposed to devastating liability in the event of a serious accident.

But how much coverage is enough? And how can you ensure that your employees are up to date?
With hundreds of drivers on the road, often in different states and under different managers, this is no easy task. At Cardata, we take the burden off your shoulders. Our best-in-class compliance team provides simple set standards and rigorous verification protocols so you can be sure that your drivers, and your company, are fully protected.

Are your employees really covered?

Most drivers think that they have adequate coverage, but many do not. The most common source of confusion is the “Business Use” designation. Most drivers carry standard personal policies and assume that they’re covered during work hours. This is often not the case.

Standard personal policies typically only provide coverage for commuters. Using a vehicle throughout the day requires a special class of insurance called “Business Use”. This is not a commercial policy; it is a personal policy that has been approved for driving while on business.

Without a Business Use designation, insurers can limit or deny coverage by arguing that a driver misrepresented their risk profile. They can also insist that the driver’s employer pay for damages that exceed the covered amount.

For major accidents, this can leave companies on the hook on for millions of dollars and cause serious reputational damage.

The Cardata compliance advantage

Business use coverage is essential, but it can be difficult for clients to navigate. Different insurance companies call it by different names, and every driver’s insurance declaration is laid out differently. Add other coverage requirements and semi-annual renewal to the mix, and insurance verification quickly becomes unmanageable.

Enter Cardata. Cardata’s vehicle policy experts will help you select insurance requirements that fit your needs, and our dedicated compliance team will make sure that every driver you put on the road meets them.

After launch, the compliance team will complete a 12-point policy audit for each driver after every insurance renewal. With eyes on every policy, you’ll never have to worry that your drivers are out of compliance again. Connect with Cardata today and we’ll help you build a program that provides fair, tax-free reimbursement and keeps you protected.

About Cardata: Cardata provides precision vehicle reimbursement programs for the modern, mobile workforce. Cardata services save money, reduce risk, and make it easier for drivers. Cardata programs are compliant with the IRS and the CRA.

MEDIA Contact: Megan Dean
Marketing Communications | Cardata
Direct: 303-434-3307 | FAX: 929-235-7525
mdean@cardataconsultants.com

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