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.
Billionaire Space Baby (BSB) – About the Founders
Billionaire Space Baby (BSB) is the brainchild of Ace (aka @wiremecrypto) and Nick (aka @internetwires), serial entrepreneurs with an eye for trends and strong believers in financial independence. Both Ace and Nick saw an opportunity in NFTs, crypto, and the wide-open digital world that will become the Metaverse. In response, the pair hit the ground running with Billionaire Space Baby and haven’t looked back.
The Billionaire Space Baby brand and all it entails is their way to capitalize on an emerging market while also sharing their skills, insights, and connections with Billionaire Space Baby Space Cadets and a community of like-minded, hungry entrepreneurs.
Their combined passion for entrepreneurship—making something out of nothing and paving your own way—and a strong desire to mentor other young entrepreneurs is what drove the Billionaire Space Baby founders to create the Billionaire Space Baby NFT project.
More than just another cookie-cutter NFT project, Billionaire Space Baby is positioned to be a leading platform, community, and springboard for Space Cadets to learn and grow in an evolving digital, decentralized marketplace.
Both Billionaire Space Baby founders are excited to share the Billionaire Space Baby mindset with entrepreneurs who are looking to make their dreams come true but just need a little extra help along the way.
That’s who Ace and Nick are—two visionaries that love the idea of helping others achieve their goals of financial independence and want to create, curate, and grow the world’s finest NFT community.
Entrepreneurs at a Young Age
Both Ace and Nick grew up knowing they wanted more out of life than a 9-5 job. Growing up in a culture that thrived around the entrepreneurial spirit, the Billionaire Space Baby founders knew from a young age that financial independence and security early in life was not only a priority but a path to bigger and better things down the road.
Ace started learning how a business was run and how to be independent as early as 12 years old while working with his father in a photography/cinematography business. Even then, he hated the idea of wasting time on things that weren’t going to position him to succeed. Looking back, he remembers sacrificing a lot of typical childhood experiences, intentionally, to learn and grow as an aspiring young business owner.
Nick also started young, jumping into the ecommerce world at the age of 14 with his own ecommerce business. He recognized a drive within himself and a desire to invest his time and efforts into something that he could wake up happy to be doing. For Nick, his time was valuable, and he couldn’t imagine toiling away at a 9-5 job doing the same tasks day in and day out.
“Growing up,” Nick says, “I wanted to make something out of myself.”
Both Ace and Nick found their passion for success by their own hands young in life, and neither would trade their time spent learning the ropes and traversing the business world for a typical day job.
“It’s all about what you’re trying to achieve,” offers Ace. Ace and Nick want to achieve greatness.
Entering the Crypto Space
Nick and Ace consider one another as their right hand man in all things business. Their paths crossed years ago, and they’ve since worked on various projects and in various spaces to find and focus on continued success.
Throughout their time together, the mantra has always been achieving their goals and realizing their vision, and that mantra is paying off.
“We operate very much the same and have high intentions when working on a big project,” says Nick of their partnership. He realizes that working together, and working hard towards a shared goal, is what makes the pair click. “The more work you put [into] any project, the better the result of the outcome.”
And that’s why Ace and Nick feel confident Billionaire Space Baby will succeed in the NFT and crypto space. Both Billionaire Space Baby founders entered the crypto and NFT world years before Billionaire Space Baby became a reality, and both learned the ropes quickly and with intention.
Both the blockchain technology that forms the foundation for NFTs and the potential of bringing a high-quality concept to a digital marketplace ripe with potential were instant attractions.
“A decentralized way to make money? I’m in,” reflects Ace when he thinks back to when he discovered cryptocurrency and its potential.
“NFT’s and crypto work [well] together,” adds Nick. “I see crypto being [an] even larger currency than it is today. It will be very valuable to have money in crypto [and] to see it grow.”
The Billionaire Space Baby Concept
Billionaire Space Baby is a lifestyle as much as it is an NFT project to the Billionaire Space Baby founders. Billionaire Space Baby is a way for them to leverage their entrepreneurial experience to cultivate a community for hungry, like-minded individuals that share their goals and aspirations.
“Everyone has a dream, but not a lot of people out there will start shooting for their dreams,” shares Ace. “Maybe they don’t even believe in it. They just have a dream.”
Which is why Ace is so passionate about sharing his expertise and industry connections with Billionaire Space Baby Space Cadets—to make those dreams come true. In his mind, seeing dreams become realities is as much a part of the entrepreneurial lifestyle as the financial security that it brings.
“A lot of people have great mindsets and business ideas they can go and [create],” echoes Nick. “That’s when money becomes an issue.”
Neither Nick nor Ace like the idea of money standing in the way of someone’s dreams. So, it’s been their goal for years to create a space where passionate young entrepreneur hopefuls can learn, grow, and thrive without letting money (or the lack of it) stop their progress.
That’s where Billionaire Space Baby comes into the picture. The concept for the NFT project—a release of 7,777 high-quality unique 3D artworks—is that each piece acts like a ticket onto the Billionaire Space Baby rocket ship. You buy the ticket to take the ride, then you’re part of the Billionaire Space Baby club as it blasts off into uncharted territory in search of success in all shapes and forms.
Because Billionaire Space Baby is more than just an NFT project. Billionaire Space Baby is a mindset. Billionaire Space Baby is a way of life. It’s a way to secure connections with industry leaders, rub shoulders with industry experts, and share aspirations with industry makers.
Billionaire Space Baby aims to change the way NFT holders look at making money and becoming financially independent.
Join the Billionaire Space Baby Founders to Realize Your Dreams
“For every different type of role in an NFT project, everybody needs to be on their A-game,” says Ace when thinking about the world-class team of artists, marketers, and developers he and Nick have brought together for Billionaire Space Baby. “Everything has to come together and align perfectly.”
For both Nick and Ace, things are aligning perfectly. The launch of the Billionaire Space Baby NFT collection is just the tip of an ever-expanding iceberg, and the Billionaire Space Baby founders are thrilled to find eager, energetic Space Cadets that want to see their dreams become realities.
“I forget about the prize and focus on creating something that people love,” says Nick. “Having an expression of ‘wow’ when they see a project that my team and I have created,” is what makes the juice worth the squeeze for him.
Ready to blast off with Ace and Nick as Billionaire Space Baby changes the NFT and crypto space? Not quite convinced? Read the Billionaire Space Baby white paper to understand why Billionaire Space Baby stands apart from every other NFT project out there.
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