If you’re operating a business in New York, chances are you need New York commercial auto insurance. Find out the commercial auto insurance requirements and the factors that will impact your premiums.
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Over the past several years, commercial auto insurance rates have risen due to inflation, lower deductible requirements, and higher litigation, repair, and medical costs. According to the Commercial Property/Casualty Index from the Council of Insurance Agents & Brokers (CIAB), commercial auto coverage premiums saw an average increase of 8 percent in the last quarter, following 29 consecutive quarters of premium increases.
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Faced with underwriting losses, the commercial auto insurance sector continues to raise rates.
MarketScout reports that commercial auto insurance rates increased 9% in the third quarter of 2021, while umbrella coverage increased 11.7%. The composite rate for commercial insurance pricing was up 6.8%.
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Tags: commercial auto insurance, Managing Commercial Auto Insurance Risks
Keeping fleet costs down is an important part of keeping a company’s profits up. Whether transportation is your focus or simply an ancillary issue, commercial auto costs can have a major impact on your bottom dollar. Here’s a look at the factors driving up driving costs.
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Whether you run a trucking company with 50 tractor-trailers operating out of multiple terminals across state lines, or a neighborhood pizza shop with a fleet of four delivery vehicles, operating your fleet is getting more expensive all the time.
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Almost every business operating today has exposure for this commercial auto liability, and frequently for physical damage as well, even when the business doesn’t own any autos. And this exposure is almost always underestimated by business owners.
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Tags: new york business insurance, commercial auto coverage, commercial auto insurance, Non-Owned & Hired Auto Liability coverage, non-owned & hired auto liability, new york business insurance experts
