The unmet need of small businesses: commercial auto insurance

Brought to you by Insureon Small Business Blog: Risk management insights and more for your business.
Insureon is meeting the demand for expanded commercial auto insurance by small businesses by partnering with multiple insurance carriers.
Commercial vehicle driving down road

As the global supply chain continues to be strained, holiday shoppers will no doubt turn to small businesses to fulfill their holiday gift demands. The crafters, artists and collectors who sell their wares on sites like Etsy and in local shops are seeking to cash in on growing demand for products from small businesses. In fact, Etsy sales grew 12% in the third quarter of 2021 alone. Let’s also consider that small and medium-sized businesses (SMBs) account for approximately 99% of all U.S. businesses and account for 44% of U.S. economic activity. Small businesses have long been considered the lifeblood of America’s economy.

This growth means that more and more SMBs are needing sophisticated financial and insurance products; products formerly reserved for mid- and large-market companies. This need is demonstrated in the growing demand for commercial automobiles among small businesses and the resulting requirement for commercial auto insurance coverage.

"Companies like Insureon are meeting these small businesses where they are – online ..."

When it comes to commercial auto insurance, small businesses are just as much, if not more, at risk than larger businesses because expenses stemming from a theft or accident could spell disaster for a company with limited cash on hand. Small business commercial auto insurance is an affordable way to keep employees at work, business vehicles on the job, and jobs on schedule. But this kind of insurance coverage for small businesses has not been easily accessible in the past.

“Digital distribution of commercial automobile insurance has historically been limited due to carrier concerns over the potential misclassification of personal risks,” said Jeff Kroeger, chief commercial officer of Insureon, the largest independent agency for the online delivery of commercial insurance to small and medium-sized businesses. “Those fears have largely gone away with better internal actuarial and third-party data available, and the continued migration of small business owners to an online channel for insurance.”

Compare commercial auto insurance quotes

Small businesses have become more digital – not only in their own operations, but also in their buying patterns. Companies like Insureon are meeting these small businesses where they are – online – to solve ever-growing challenges by providing online delivery of commercial insurance to small and medium-sized businesses. To solve the commercial auto insurance challenge, the company has established partnerships with multiple insurance carriers, including The Hartford, Progressive, Acuity, and State Auto, among others.

During the 2021 holiday season, when many Americans are shopping online and buying from small businesses, Insureon will be there to provide the coverage options that these businesses need so they can keep providing goods and services to their customers – and supporting our nation’s economy.

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