USMC Insurance, a managing general agent (MGA) with more than a decade of experience serving companies of all sizes, advises businesses to reassess their auto insurance needs as 2024 begins. This recommendation is guided by the company’s commitment to ensuring that businesses nationwide are adequately protected against potential risks.

Because budgeting is often taken care of at the start of the first quarter, the beginning of a new calendar year is an ideal time for businesses to revisit and revise their auto insurance policies, particularly with regard to non-owned auto insurance. Non-owned auto insurance is vital for businesses that require or depend on employees to use their personal vehicles for work-related tasks. This type of coverage acts as a robust safeguard, mitigating the potential liabilities that may arise in the event of unforeseen accidents or incidents involving employees while carrying out work duties using their own cars.

The arrival of 2024 isn’t the only reason for companies of all sizes to re-evaluate their insurance needs. The automotive and insurance landscapes are also undergoing significant changes as well. Car insurance rates are up 18.9% year-over-year as of December 2023, and sources including Forbes, USA Today, and Fox Business have stated that these rates are unlikely to drop in the near future, partially due to parts shortages and higher labor costs making auto repair more expensive.

USMC Insurance emphasizes the necessity of regular policy reviews to ensure each client’s coverage remains robust and relevant, particularly in the realm of non-owned auto insurance. While there’s no way to predict the future of the automotive insurance agency, USMC Insurance remains committed to assisting businesses navigate these changes and secure their futures in this dynamic scenario.