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Why is insurance asking for yearly revenue??

Discussion in 'Ask An Owner Operator' started by BAYOU, Dec 22, 2014.

Page 2 of 2
  1. Dec 22, 2014 #11
    BAYOU

    BAYOU Road Train Member

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    Sep 23, 2010
    Beaumont,Tx
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    I pay my policy in full feb the 2nd, I don't mind giving the millage but when it comes to revenue that's were I see the problem I do dry storage, offer forklift service, Laydown yard, and broker freight all that adds up, yes my gross income is public records because I'm inc. But I would feel better giving them my P&L.
     
    BAYOU, Dec 22, 2014
    BAYOU, Dec 22, 2014
    #11
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  3. Dec 23, 2014 #12
    Marlin46

    Marlin46 Medium Load Member

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    Mar 17, 2010
    Atlanta, GA
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    It is the way General Liability policies are underwritten....they are based off one of two things, either square footage or revenue. For a trucking company it would be revenue, for a retail store it would be square footage as an example. Insurance is pretty regulated so the underwriting method is filed with the state and approved, etc....GL for a one or two truck operation is what, maybe $300 now. Mine was about $275 in 2013 for it with GW. It isn't out of the norm to ask for revenue, it's just the way the underwriting system is set up.
     
    Marlin46, Dec 23, 2014
    Marlin46, Dec 23, 2014
    #12
  4. Dec 23, 2014 #13
    BAYOU

    BAYOU Road Train Member

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    Sep 23, 2010
    Beaumont,Tx
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    I really don't want to go thru the headache of shopping insurance again
     
    BAYOU, Dec 23, 2014
    BAYOU, Dec 23, 2014
    #13
  5. Dec 24, 2014 #14
    skateboardman

    skateboardman Road Train Member

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    Jan 14, 2012
    flatbed heaven
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    it is also used to indicate if you are running more than one truck while insuring only one truck, just report the income from the truck and any other income derived from the insurance you are covered with
     
    skateboardman, Dec 24, 2014
    skateboardman, Dec 24, 2014
    #14
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