Business

Why Employers Need Extensive Car Insurance for Their Drivers

Published

4 years ago

October 28, 2021

Do your employees drive as part of their daily work duties? Whether you have delivery drivers or just send employees on errands, your drivers need extensive car insurance coverage.

If your employee gets into a car accident on the clock, you’ll be liable for damages and injuries if your employee caused or contributed to the accident. The other driver could sue your employee directly, but when they realize the other party was on the clock, they’ll probably sue you instead.

When your employee gets into a car accident with an underinsured driver, and the accident is not your employee’s fault, you’ll be left to pay for company vehicle repairs out of pocket if you don’t have the right insurance coverage. If your employee was driving their own car, they’ll be responsible for the physical damage.

To cover yourself and your employee in a car accident, here’s why you need more than just a standard car insurance policy. You also can’t rely on workers’ comp to carry you through an auto accident situation.

Workers’ compensation insurance won’t cover property damage or third-party injuries

Unfortunately, workers’ compensation will only cover your employee’s injuries in a car accident. If your company vehicle is damaged or totaled in an accident, you’ll be paying for repairs out of pocket.

Workers’ comp won’t save you from lawsuits, either. If someone involved in the crash decides to sue your company, you’ll end up with some hefty bills. If you’re found liable for injuries to someone other than your employee, and you don’t have the proper coverage, you can expect to watch your bank account get drained paying for their medical bills.

Having workers’ comp is essential, but it’s not enough when dealing with a car accident. If your employees drive company or personal vehicles, every driver needs higher limits for the following coverage:

Underinsured/uninsured motorist coverage. Having employees drive on the clock is risky. Even great drivers can get hit by other people, and if they don’t have insurance, the damage won’t be covered. That’s why you must carry underinsured/uninsured motorist coverage.
If you reject higher coverage for underinsured/uninsured motorists, you could leave an injured employee hanging. That’s what happened to a Verizon employee when they tried to file a claim after being hit from behind at a traffic light. Verizon had rejected higher coverage amounts, but nobody knew the coverage had been rejected. Had the employee known, he would have purchased his own additional coverage. The court ruled in favor of the employee, stating he should have been notified of the rejection.
Collision coverage. This coverage will help pay for the cost of repairs to the vehicle. Either your employee needs to carry this coverage or you need this coverage for your company vehicle.
Liability insurance. This coverage helps pay for property damage and injuries to third parties when you’re at fault. If your employee causes a car accident, this coverage will help pay for damages. This coverage should be a non-negotiable condition of employment for all drivers.
Comprehensive insurance. This coverage pays for damage to a vehicle that isn’t caused by a collision. If you’re going to hire employees to drive, they need to carry comprehensive insurance.
Say your employee parks their car while performing their job duties, and someone slashed their tires. Your employee might end up suing you for the damage. Don’t risk it – require all driving employees to carry comprehensive coverage.
Hired and non-owned auto coverage. This will provide coverage after your employee’s personal coverage is exhausted.

If you’ve opted out of workers’ compensation, your financial liability is huge

You might have opted out of workers’ comp, and if so, you’re not alone. Some states don’t require employers to carry workers’ compensation insurance. For example, holding a policy is optional for most businesses in Texas. However, if you’ve opted out of carrying workers’ comp, your liability is huge.

If your employee gets injured in a car wreck and you don’t have workers’ compensation, and your auto insurance policy isn’t enough to cover their injuries, you’ll be paying out of pocket.

Workers’ comp was created specifically to allow injured employees to get compensation for their injuries without clogging up the legal system. The entire scheme is pro-employer. It’s a no-fault system where employees are covered even when they’ve contributed to or caused their own accident.

Not having workers’ comp will turn out to be a bad choice if an employee gets injured in a car accident on the clock. The biggest risk is getting sued in a personal injury lawsuit.

If your employees drive, get extensive coverage

When selecting your auto insurance coverage options, get higher coverage whenever possible. Whether your employees drive their personal vehicles or your company cars, you can’t afford to be without extensive coverage.

Business

Derik Fay and the Quiet Rise of a Fintech Dynasty: How a Relentless Visionary is Redefining the Future of Payments

Published

3 hours ago

October 17, 2025

Matthew Wiles

Long before the headlines, before the Forbes features, and well before he became a respected fixture in boardrooms across the country, Derik Fay was a kid from Westerly, Rhode Island with little more than grit and audacity. Now, with a strategic footprint spanning more than 40 companies—including holdings in media, construction, real estate, pharma, fitness, and fintech—Fay’s influence is as diversified as it is deliberate. And his most recent move may be his boldest yet: the acquisition and co-ownership of Tycoon Payments, a fintech venture poised to disrupt an industry built on middlemen and outdated rules.

Where many entrepreneurs chase headlines, Fay chases legacy.

Rebuilding the Foundation of Fintech

In the saturated space of payment processors, Fay didn’t just want another transactional brand. He saw a broken system—one that labeled too many businesses as “high-risk,” denied them access, and overcharged them into silence. Tycoon Payments, under his stewardship, is rewriting that narrative from the ground up.

Instead of the all-too-common “fake processor” model, where companies act as brokers rather than actual underwriters, Tycoon Payments is being engineered to own the rails—integrating direct banking partnerships, custom risk modeling, and flexible support for underserved industries.

“Disruption isn’t about being loud,” Fay said in a private strategy session with advisors. “It’s about fixing what’s been ignored for too long. I don’t chase waves—I build the coastline.”

Quiet Power, Strategic Depth

Now 46 years old, Fay has evolved from scrappy gym owner to an empire builder, founding 3F Management as a private equity and venture vehicle to scale fast-growth businesses with staying power. His portfolio includes names like Bare Knuckle Fighting Championships, BIGG Pharma, Results Roofing, FayMs Films, and SalonPlex—but also dozens of companies that never make headlines. That’s by design.

Where others seek followers, Fay builds founders. Where most celebrate their exits, Fay reinvests in people.

While he often deflects conversations around his personal wealth, analysts estimate his net worth to exceed $100 million, with some placing it comfortably over $250 million, based on exits, real estate holdings, and the trajectory of his current ventures.

Yet unlike others in his tax bracket, Fay still answers cold DMs. He mentors rising entrepreneurs without cameras rolling. And he shows up—not just with capital, but with conviction.

A Mogul Grounded in Real Life

Outside of business, Fay remains committed to his role as a father and partner. He shares two daughters, Sophia Elena Fay and Isabella Roslyn Fay, and has been in a relationship with Shandra Phillips since 2021. He’s known for keeping his personal life private, but those close to him speak of a man who brings the same intention to parenting as he does to scaling multimillion-dollar ventures—focused, present, and consistent.

His physical stature—standing at 6′1″—matches his professional gravitas, but what’s more striking is his ability to operate with both discipline and empathy. Fay’s reputation among founders and CEOs is not just one of capital deployment, but emotional intelligence. As one partner noted, “He’s the kind of guy who will break down your pitch—and rebuild your belief in yourself in the same breath.”

The Tycoon Blueprint

The playbook Fay is writing at Tycoon Payments doesn’t just threaten incumbents—it reinvents the infrastructure. This isn’t another “fintech startup” with a flashy brand and no backend. It’s a strategically positioned venture with real underwriting power, cross-border ambitions, and a founder who understands how to scale quietly until the entire industry has to take notice.

In an age where so many entrepreneurs rely on noise and virality to build influence, Fay remains a master of what can only be called elite stealth. He doesn’t need the spotlight. But his impact casts a long shadow.

Conclusion: The Empire Expands

From Rhode Island beginnings to venture boardrooms, from gym owner to fintech force, Derik Fay continues to build not just businesses—but a blueprint. One rooted in resilience, innovation, and long-term infrastructure.

Tycoon Payments may be the latest chess piece. But the game he’s playing is bigger than one move. It’s a long game of strategic leverage, intentional legacy, and generational wealth.

And Fay is not just playing it. He’s redefining the rules.