Many executives will save an organizations money by not having auto insurance on the fleet of company vehicles?

Many executives will save an organizations money by not having auto insurance on the fleet of company vehicles?

Many executives will save an organizations money by not having auto insurance on the fleet of company vehicles, whereas, in their personal finances, they will carry insurance on their family car. Take something from your experience that illustrates the difference in attitude from the point of view for an individual to an organization. Explain why the organization attitude toward risk is different from the individual attitude.

Dan

The point of insurance is to spread out risk to mitigate a loss that would pose a substantial burden. For a corporation, an entire fleet of vehicles averages out the risk, whereas for the individual there is a great amount of uncertainty in driving only one or two cars. Also, corporations have a much different definition of what a loss that is a substantial burden- for the individual, a wreck that does 25,000 in damage would be hard to swallow, but any company with a fleet probables does millions per year in sales.For the record, I highly discourage a business from taking such a strategy, but don't feel like going into all the detail.

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