Progressive Insurance has doubled the available liability limits of its commercial auto policies. It now offers options for $1.5 or $2 million. The expanded limits mean business owners won’t need to buy a separate umbrella policy to meet the liability requirements for large projects.
“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 pay only incrementally more for the needed limits because it’s on top of the standard limits already on their policy. Progressive offers insurance for personal and commercial autos and trucks, motorcycles, boats, recreational vehicles and homes.
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