Construction-related accounts in CA are eligible
- Arrowhead Workers’ Compensation Program has launched Commercial Auto insurance as a companion product on April 1.
- Construction/contractor-related accounts in CA may be eligible for the coverage; more details below.
- View the program highlights and submission requirements below.
Arrowhead has launched their new Commercial Auto insurance product, an option for eligible contractor/construction accounts. This offering has been developed in collaboration with Arrowhead’s A+ (AM Best rated) construction program carrier.
Affordable Commercial Auto insurance can be difficult to find. It’s also becoming more costly due to the increased cost of parts and repairs, the associated liability risk, and the uptick of motor-vehicle accidents. These risks include:
- The driving/on-the-road exposure
- The type and number of vehicles being insured
The carrier, along with Becky Pinto, president of Arrowhead Workers’ Compensation and the team, are willing to assess the risk and offer coverage to applicants who meet the underwriting criteria.
Related: Promote safe driving with a commercial vehicle safety program
In the beginning
“The insurance carrier and Arrowhead have been working together since 2008,” said Pinto, “and we frequently consider program expansion through new products, value-added services and geographical growth opportunities.”
Everyone involved is said to be cautiously excited. “Cautiously” due to the impacts of inflation on repair and replacement costs, along with the severity and frequency of motor vehicle accidents.
Per Pinto, “A few competitors are offering commercial auto insurance as a companion product, and some are offering multi-line coverage, but many others are not offering these options. We believe by providing workers’ compensation as our leading product where risk management services are provided, will contribute to the development of profitable growth and a sustainable offering. And the timing is good based on the demand for a commercial auto product.”
Related: Provide your commercial clients these safe driver management tips
Commercial Auto insurance program highlights
Program highlights include:
- Construction-related accounts.
- Target premium range – $2,500 to $50,000 in total premium.
- California coverage – available outside of California if vehicle count represents less than 10% of the total.
- Target risks with 1 to 20 power units, a GVW of <20,000 lbs. and a radius of 100 miles.
- 12-month policy term with direct billing.
- Mid-term moves are acceptable with an in-force Arrowhead Workers’ Compensation policy.
- Services provided by your same dedicated Workers’ Compensation team.
- Online submission through ArrowheadExchange.com.
- ID cards and Certificates of Insurance will be issued by the broker.
Check out our flyer for more information.
Related: How to combat rising commercial auto claims
Submission requirements
Submission requirements (in addition to general eligibility requirements) are as follows:
- New or renewal submissions must include Commercial Auto ACORD applications – (ACORD 125, ACORD 127, ACORD 137).
- Loss runs currently valued within 120 days of the proposed effective date.
- Supplemental general underwriting questions completed in Arrowhead Exchange.
- MVRs on all drivers, including those driving their personal vehicle on company business due at time of submission.
- Active Workers’ Compensation policy or submission that meets eligibility.
Related: 7 ways your clients can lower their commercial auto insurance premiums
Onward and upward in 2024
Their new commercial auto insurance option grants Arrowhead a timely opportunity to offer a product that customers demand. The Workers’ Compensation team is excited to move forward into 2024 and to provide a solution to our appointed agents and customers.
And according to Becky Pinto, if the Commercial Auto product succeeds in California, they may expand the offering outside of California.
Check out our flyer for more information.
Agents, take a look at our Workers’ Compensation Program to add to your portfolio of insurance solutions.