Imagine this: You’ve just fulfilled a lifelong dream of owning your own food truck. One morning, you’re driving to your usual spot when another car runs a red light and smashes into the back of your truck. Your bumper is crushed and your stove is damaged when it’s jostled out of place. Then, to make matters worse, when you go to exchange information with the driver of the car that hit you, you find out he doesn’t have insurance. Is this the end of your food truck dream? No, not if you have commercial auto insurance, which will cover your food truck or any other commercial vehicle you may have. What is commercial automobile insurance? Commercial automobile insurance is an insurance policy...
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When Does Your Personal Car Become a Commercial Vehicle? For small business owners, the line between the personal and their business can be a bit hazy at times. Yet, when it comes to a vehicle that may be used for personal and business-related reasons, it’s important to know how your auto insurer is expected to define what constitutes commercial use. If you own a car and cover it under a personal auto insurance policy, an insurance company may not pay claims for any damages you incur if the insurance company deems that it was used as a commercial vehicle. Not being on the same page with your insurance carrier may result in financial losses, so it pays to ask yourself important...
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Commercial Lines Insurers Struggle to Revive Profitability Hit by Slew of Claims Involving Trucks and Other Commercial Vehicles In recent years, commercial lines insurers have struggled with profitability and experienced the poorest underwriting results in recent memory, prompting the realization that this industry sector needs a better strategy for assessing risk potential. At the same time, insurers need viable data-based mechanisms to help improve driver behavior. According to a recent study conducted by Conning, the loss and combined ratios of 87.7 percent and 108.8 percent exceeded overall commercial lines numbers by 15 points¹. This disappointing downturn in commercial lines insurance...
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There are a few types of insurance any business owner or business should own, and the include (but are not limited to)… Life Insurance. Life insurance protects loved ones against your death, but it can also be used to benefit your business–or save–your business. If you have life insurance, the insurer pays a certain amount of money to a beneficiary upon your death. You pay a premium in exchange for the payment of benefits to the beneficiary. This type of insurance is very important because it allows for peace of mind both personally and professionally; having life insurance allows you to know that your loved ones or company will not be burdened financially upon your death...
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