Why Every Business Needs Non–Owned Auto Coverage

Even businesses that own fleets of autos sometimes use vehicles that do not belong to them. Often, a business asks an employee to run an errand or visit a customer or vendor using that employee's car. The organization may become legally liable for anything an employee acting on its behalf does while behind the wheel. Lawsuits and accompanying legal costs may confront the business if they have an accident. Many business automobile insurance policies cover this situation, but they do not do so automatically. The standard Insurance Services Office Business Auto Policy uses numbered symbols to identify covered autos for…

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The Story Behind Increasing Commercial Auto Insurance Rates

Commercial auto insurance rates have been on the rise since 2011, increasing often by more than 10% a year as accidents and claims costs have soared. The trucking industry has been the hardest hit by the steep increases, and there are a number of factors contributing to the rate hikes, according to a recent study by Risk Placement Services. One of the biggest factors is that insurers have had trouble keeping up with increasing accidents and spiraling claims costs, leaving them in the red for most of the past decade.  Huge court verdicts, higher maintenance expenses, reduced freight demand and…

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