LegacyFig

Category: Business

Business insurance protects you from the unexpected costs of running a business. Accidents, natural disasters, and lawsuits that could run you out of business. It also provides benefits for your employees.

  • Commercial Auto

    Commercial Auto

    commercial auto

    Customized coverage to match your business

    Selecting commercial vehicle insurance coverage that meets your specific needs is vital to protecting your business and income. A commercial auto insurance quote typically includes:

    • Liability
    • Physical Damage
    • Medical Payments
    • Uninsured Motorist
    • Hired Auto
    • Non-Owned Coverage
    • Any Auto

     

    We can also adjust your policy to reflect seasonal changes to keep your rates low and your coverage steady.

    We also provide special benefits including customized coverages, competitive rates, discounts, exceptional claims service and more. Commercial Auto insurance covers:

    Business autos

    Illustrated commercial car, pickup truck with ladder rack, and van

    Includes cars, light trucks, SUVs, vans and more. Business auto insurance customers enjoy advantages, including discounts and access to network shops throughout the country.

    Trucks

    Illustrated commercial tractor trailer, dump truck, and heavy truckFrom dump trucks to tractor trailers, we have the experience you’re looking for. We offer 24/7 claims service with an extensive truck repair network, discounts and more.

    Trailers

    Illustration of three commercial trailers

    We cover a wide range of commercial trailers ranging from pickup truck utility trailers to large dump body trailers pulled by a tractor.

    How much does commercial auto insurance cost?

    In 2021, the national median cost for commercial auto insurance through Progressive was $160 per month for both business auto and contractor customers. The average monthly cost was about $200.(See Disclosure) Most customers find their monthly premium to be closer to the median price because expensive outliers often drive up the average cost.

    Commercial Customer Median Cost Average Cost
    Business Auto – Like cleaning services, restaurants and shops $160/month $205/month
    Contractors – Like carpenters, electricians, landscapers and painters $160/month $196/month

    For-hire truck and tow truck premiums aren’t included in these numbers. Learn more about our for-hire truck insurance costs and tow truck insurance rates.

    Several risk factors contribute to your premium, including your profession, coverage needs, vehicles, drivers, driving history and location. You can expect to pay more than the average rate if your business requires more coverage or has a history of claims.

    Learn more about what influences your cost and what you can do to get the cheapest commercial auto insurance. The best way to find out what you’ll pay is to get a commercial auto insurance quote. 

  • Life insurance for business planning

    Life insurance for business planning

    business planning

    Are you aware of the role life insurance can plays in business planning? Whether you’re an entrepreneur thinking about how to protect your share of the business or are looking for ways to reward your top performers, life insurance could be a solution.

    Some common ways that life insurance is used in the corporate world are:

    • Buy sell
    • Key-person insurance
    • Executive bonus
    • Succession planning
    Can I buy Life Insurance on my business partner?

    Yes! It is very common for life insurance to be used in a business partnership. This process of buying life insurance on a business partner is typically used to fund a buy-sell agreement. In this type of situation, each partner buys a policy on one another. If one partner passes away, the life insurance policy’s death benefit can be used to buy the other person’s share of the business. In a case like this, the family of the deceased gets to turn their business interest into monetary value, and the remaining partner gets to keep working in the business they helped to create.

    What type of life insurance can be used for a buy-sell agreement?

    A buy-sell agreement can utilize several different types of life insurance—including term, universal life, or indexed universal life insurance (IUL). Talk to your financial professional1 to determine which type of life insurance is right for your situation.

    Can life insurance be used in succession planning?

    Yes, in cases where a family-owned business is being passed down a generation, but other children are not involved in the business, a life insurance policy can be used to help leave a fair inheritance to each family member.

     

    Here’s a hypothetical example of using life insurance for succession planning.

    Imagine you have owned a wholesale business for 30 years and are wanting to leave it to your daughter to own and run. Your sons don’t want to be involved with the business, but you’d like your children to receive equal amounts as an inheritance. You don’t have much in assets besides the business and you would hate for your daughter to have to sell the business in order to provide her brothers with an equal share. A potential solution is purchasing a permanent life insurance policy on yourself, with a death benefit equal to a multiple of the company’s value, and make your sons the beneficiaries of the policy.

    Upon your passing, each of them would get an equitable distribution of the inheritance; the boys would split the death benefit equally and your daughter would inherit and run the company business.

     

    How can I use life insurance as an employee perk?

    Many companies offer life insurance that provides a death benefit equal to or double the employee’s annual salary. But you can also reward top-performing employees with an executive bonus using life insurance. IUL insurance offers death benefit protection while also providing a bonus through the potential cash value generated during the lifetime of the policy. This can be a great addition to a compensation package for invaluable employees looking for out-of-the-box benefits to reward their good work.

     

    Life insurance can do more than you’d expect in a business setting. Are you interested in seeing how you can incorporate life insurance into your business strategy? Talk to a financial professional1 or an agent near you to learn more.