Progressive Insurance announced it has doubled the available liability limits of its commercial auto policies, offering options for $1.5 or $2 million.
“We’ve seen business owners struggle at times with liability requirements on larger projects,” said Cory Fischer, commercial auto product manager at Progressive. “Let’s say a business owner with a standard $1 million policy wins a bid for a large project, but the contract requires $2 million in liability. The business owner’s best option might be to buy a $1 million umbrella policy to make up the difference. Sure, it meets the contract requirements. But because most umbrella policies have a minimum premium requirement, it comes at quite a cost—often up to $1,000 of premium for what otherwise might be just $200 worth of coverage.”
With this option, business owners get the limits they need. And because it’s on top of the standard limits already on their policy, they pay only incrementally more. This is particularly valuable for businesses that are predominately vehicle-based, such as for-hire trucker’s whose shippers require $2M in liability coverage or a trucker hauling aggregate from a quarry to a road construction site.
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