If your business is flourishing during such a rough time, props to you! Those who are profiting in a tough economy should reward themselves for this accomplishment. There are always ways to expand and grow your business while you are doing well; from hiring new employees to buying new office equipment. In our opinion, one of the best purchases you could make during this time is a new company car or cars. Having a company vehicle has its benefits and can improve company image, especially if you have traveling salesmen. Of course, a new car will come with a change in commercial insurance policies. Connecticut business owners should already know that, though!
If you are thinking about purchasing a company car, we have a few benefits to point out:
• A company car will look professional to clients.
• Offering a company car to an employee is a huge perk. This can be seen as a part of their compensation package.
• Employees can claim tax deductions on the expense of the car, including mileage, gas and maintenance.
• Employers can also claim tax deduction on the expense of the car as well as depreciation deduction.
As you can see, having a company car affects you, your employees and even the client!
If you decide that you are ready for a company car or even ten company cars, it is important that you speak with your insurance agent. There are commercial insurance policies in Connecticut that must be put in place. Yes, we are talking about commercial auto insurance! These vehicles are your full responsibility, no matter who is driving. If you are interested in this policy and would like to know more about it, feel free to contact us!