Technology and Tools

As the risks within the commercial auto industry grow, so do the opportunities for independent insurance agents to help clients navigate an increasingly complex threat landscape.

Electric vehicles (EVs) are one way commercial auto operators can reduce operational costs. But EV adoption also introduces new exposures, including cyber vulnerabilities, battery fire hazards and higher repair costs.

As commercial auto insurance challenges persist, the industry is increasingly leveraging telematics and supporting proposals to address third-party litigation funding.

Coverage provides protection against critical cyber risks facing connected commercial fleets.

Transparency regarding data protection practices will remain a key factor in the adoption of telematics-driven insurance policies.

This end-of-year episode of Agency Nation Radio is brought to you by the editors of Independent Agent magazine. Will Jones, editor-in-chief, hosts the discussion and is joined by Olivia Overman, content editor, and AnneMarie McPherson Spears, news editor.

In a market with such high selectivity, it falls on the prospective insured to show why it would be a good risk. Independent insurance agencies can help insureds implement approaches that demonstrate insurability and manage costs.  

While factors like increased repair expenses, more frequent claims and stricter regulatory requirements are responsible for over a decade of premium increases, insurance remains a large cost of doing business.

Trucking companies faced $165 million in nuclear verdicts in 2023, with an increasing trend of thermonuclear verdicts. Mounting costs from these large verdicts present significant challenges for the commercial auto insurance market.