State of Commercial Auto Insurance

Posted by John Cofini on Mon, Oct 17, 2022 @ 09:30 AM

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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Tags: commercial auto insurance

Managing Risks in Today’s Commercial Auto Insurance Market

Posted by John Cofini on Fri, Nov 12, 2021 @ 11:37 AM

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

Five Factors Behind Commercial Auto Insurance Rates Hikes

Posted by John Cofini on Fri, Jun 29, 2018 @ 09:00 AM

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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Tags: commercial auto insurance

For commercial fleets, focusing on driver safety is the best defense against rising claim costs

Posted by Noff Colabella on Thu, Aug 11, 2016 @ 01:14 PM

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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Tags: commercial auto insurance, fleet risk management

No company owned vehicles? You still need this Commercial Auto coverage

Posted by John Cofini on Tue, Jul 09, 2013 @ 02:07 PM

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

NY Business Insurance: What You Need to Know About Commercial Auto

Posted by John Cofini on Thu, Apr 18, 2013 @ 01:01 PM

Imagine this scenario…

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Tags: new york business insurance, NY business insurance, commercial auto coverage, commercial auto insurance, non owned auto liability coverage, business auto insurance, commercial auto policies