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Why Employers Need Extensive Car Insurance for Their Drivers

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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.

Michelle has been a part of the journey ever since Bigtime Daily started. As a strong learner and passionate writer, she contributes her editing skills for the news agency. She also jots down intellectual pieces from categories such as science and health.

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Business

High Volume, High Value: The Business Logic Behind Black Banx’s Growth

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In fintech, success no longer hinges on legacy prestige or brick-and-mortar branches—it’s about speed, scale, and precision. Black Banx, under the leadership of founder and CEO Michael Gastauer, has exemplified this model, turning its high-volume approach into high-value results. 

The company’s Q1 2025 performance tells the story: $1.6 billion in pre-tax profit, $4.3 billion in revenue, and 9 million new customers added, bringing its total customer base to 78 million across 180+ countries.

But behind the numbers lies a carefully calibrated business model built for exponential growth. Here’s how Black Banx’s strategy of scale is redefining what profitable banking looks like in the digital age.

Scaling at Speed: Why Volume Matters

Unlike traditional banks, which often focus on deepening relationships with a limited set of customers, Black Banx thrives on breadth and transactional frequency. Its digital infrastructure supports onboarding millions of users instantly, with zero physical presence required. Customers can open accounts within minutes and transact across 28 fiat currencies and 2 cryptocurrencies (Bitcoin and Ethereum) from anywhere in the world.

Each customer interaction—whether it’s a cross-border transfer, crypto exchange, or FX transaction—feeds directly into Black Banx’s revenue engine. At scale, these micro-interactions yield macro results.

Real-Time, Global Payments at the Core

One of Black Banx’s most powerful value propositions is real-time cross-border payments. By enabling instant fund transfers across currencies and countries, the platform removes the frictions associated with SWIFT-based systems and legacy banking networks.

This service, used by individuals and businesses alike, generates:

  • Volume-based revenue from transaction fees
  • Exchange spreads on currency conversion
  • Premium service income from business clients managing international payroll or vendor payments

With operations in underserved regions like Africa, South Asia, and Latin America, Black Banx is not only increasing volume—it’s tapping into fast-growing financial ecosystems overlooked by legacy banks.

The Flywheel Effect of Crypto Integration

Crypto capabilities have added another dimension to the company’s high-volume model. As of Q1 2025, 20% of all Black Banx transactions involved cryptocurrency, including:

  • Crypto-to-fiat and fiat-to-crypto exchanges
  • Crypto deposits and withdrawals
  • Payments using Bitcoin or Ethereum

The crypto integration attracts both retail users and blockchain-native businesses, enabling them to:

  • Access traditional banking rails
  • Convert assets seamlessly
  • Operate with lower transaction fees than those found in standard financial systems

By being one of the few regulated platforms offering full banking and crypto support, Black Banx is monetizing the convergence of two financial worlds.

Optimized for Operational Efficiency

High volume is only profitable when costs are contained—and Black Banx has engineered its operations to be lean from day one. With a cost-to-income ratio of just 63% in Q1 2025, it operates significantly more efficiently than most global banks.

Key enablers of this cost efficiency include:

  • AI-driven compliance and customer support
  • Cloud-native architecture
  • Automated onboarding and KYC processes
  • Digital-only servicing without expensive physical infrastructure

The outcome is a platform that not only scales, but does so without sacrificing margin—each new customer contributes to profit rather than diluting it.

Business Clients: The Value Multiplier

While Black Banx’s massive customer base is largely consumer-driven, its business clients are high-value accelerators. From SMEs and startups to crypto firms and global freelancers, businesses use Black Banx for:

  • International transactions
  • Multi-currency payroll
  • Crypto-fiat settlements
  • Supplier payments and invoicing

These clients tend to:

  • Transact more frequently
  • Use a broader range of services
  • Generate significantly higher revenue per user

Moreover, Black Banx’s API integrations and tailored enterprise solutions lock in these clients for the long term, reinforcing predictable and scalable growth.

Monetizing the Ecosystem, Not Just the Account

The genius of Black Banx’s model is that it monetizes not just accounts, but entire customer journeys. A user might:

  • Onboard in minutes
  • Deposit funds from a crypto wallet
  • Exchange currencies
  • Pay an overseas vendor
  • Withdraw to a local bank account

Each of these actions touches a different monetization lever—FX spread, transaction fee, crypto conversion, or premium service charge. With 78 million customers doing variations of this at global scale, the cumulative financial impact becomes immense.

Strategic Expansion, Not Blind Growth

Unlike many fintechs that chase customer acquisition without a clear monetization path, Black Banx aligns its growth with strategic market opportunities. Its expansion into underbanked and high-demand markets ensures that:

  • Customer acquisition costs stay low
  • Services meet genuine needs (e.g., cross-border income, crypto access)
  • Revenue per user grows over time

It’s not just about acquiring more customers—it’s about acquiring the right customers, in the right markets, with the right needs.

The Future Belongs to Scalable Banking

Black Banx’s ability to transform high-volume engagement into high-value profitability is more than just a fintech success—it’s a signal of what the future of banking looks like. In a world where agility, efficiency, and inclusion define competitive advantage, Black Banx has created a blueprint for digital banking dominance.

With $1.6 billion in quarterly profit, nearly 80 million users, and services that span the globe and the blockchain, the company is no longer just scaling—it’s compounding. Each new user, each transaction, and each feature builds upon the last.

This is not the story of a bank growing.

This is the story of a bank accelerating.

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