Risky Business
Progressive now insures Truck FLEETS
Well it’s been years in the making, but Progressive has finally launched an impressive Small Fleet Truck insurance program.
Small Fleet can include anything from Cargo Vans and HotShots to Straight Trucks, Reefers and Tractor Trailers.
A new Progressive policy can be written for accounts with 10-40 existing units, and can organically grow to 60.
The Small Fleet coverage offers Commercial Auto Liability, Non-Trucking Liability and Physical Damage. Additional coverage is available on a per state basis including Cargo and Reefer.
Progressive is looking for 3 years of business experience and loss runs to submit a proposal.
IFTAs and financials are NOT required if the requested radius is “Unlimited.” Instead, 3 years history and future estimates of total miles and annual receipts are requested on the Application. This makes your paperwork MUCH easier.
There is a 3% discount if the proposal is submitted with all information at least 45 days prior to the effective date. Discounts are stacked, so combine advanced quoting, ELD discounts and EFT discounts to reach a 10%+ total discount on your policy.
Progressive is the #1 Commercial Auto Insurer in the country looking to expand their appetite beyond traditional smaller risks by also offering Business Owners policies (BOP).
(It's worth your while to run your numbers now as they're aggressively looking to grow both Small Fleet and BOP after the lull of Covid.)
As a technology leader, Progressive gives Truck Insurance Agents a great deal of control on quotes and servicing. Their Small Fleet online application is submitted directly from the Agent to Underwriting, eliminating the General Agent and communications lag time.
If you are planning to request a proposal mid-term or at your next renewal, be sure to have your current 3 years prior loss runs ready as submissions are not reviewed without them.
Loss runs are the largest holdup so here’s 4 Loss Run Tips to help you get ahead of the game!
1. All loss runs must include the insured’s name to match the quote.
2. All loss runs must be within 75 days prior to the requested effective date of the policy.
3. The loss runs must include 3 complete years of history prior to the date at which the loss run is submitted to Progressive. (So this can sometimes include 4 prior policies if this is a midterm quote request.)
4. The loss runs must include line coverage, amount paid and reserved for the losses. Understand what each loss was so that you are ready to talk with your truck insurance specialist….she is your advocate to help you!
Understand these 4 Loss Run Tips and we promise you will have an easier quoting experience:)
For anyone who has successfully grown their business and would love to have their Small Fleet insurance proposal a month before your policy renews instead of the day before you need to bind coverage…this new Progressive Small Fleet program is for you:)
Shelly Benisch, CIC, TRS [email protected]
Christina Cummings, TRS [email protected]
330-864-1511
Commercial Insurance Solutions, Inc. (CIS)
