If you are starting a business that requires vehicles to get around or transport items then you need to carry the proper limits of coverage.
Ultimately the first concern is going to be what limits of liability should I be carrying to protect myself in case of an accident. The second is to determine the deductible, comprehensive, collision & full glass limits.
The law typically allows you to operate with 25/50/25 limits but that is a very low amount of coverage to protect your business interests. We typically recommend at least 1 million CSL or combined single limit for any business to be reasonably protected for liability in case of a loss. If you really had to go lower our floor would be a recommendation of $500,000 CSL.
There are many factors as to how premium rates are determined. You will be rated based on your prior claims history, employed drivers motor vehicle reports, type of vehicle and the weight of such vehicle just to name the primary underwriting factors. If you already have a policy in force you will also need the loss runs dating back 3-5 years regardless of how many carriers you have had in that time frame. We recommend contact the carrier and requesting current dated loss runs from inception of policy to date before reaching out to a new broker for a quote. It will save you time by making that call or requesting the loss runs in writing if the carrier requires so. Typically the carrier can take up to 30 days to forward the loss runs to you. In most cases you can still receive a quote subject to the loss runs being submitted. However, it does not mean your rate will remain the same as offered. The carrier will review all lost history and assess the accurate premium.
There are a number of commercial auto insurance carriers aggressively looking to write new risks. In particular smaller trade contractor vehicles such as plumbers, electricians, hvac and such. If you are in one of these trades it’s a great time to remarket your current policy.
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