Soaring commercial auto insurance rates, onerous conditions ‘killing us,’ small businesses say
For more than five years, Frank Hunt’s moving company has been a pillar of his community in Barrie, Ont., but he says his award-winning business is now on its knees — and he blames his insurance company.
“They’re killing us. They’re literally shutting down the business,” he told CBC News. He says onerous demands from his insurer have led to a loss of about 75 per cent of his revenue.
Hunt, 73, says his company pays about $10,000 for commercial vehicle insurance each year. He says there have been no claims or accidents. “Not even a broken windshield,” he said.
His problems began in May, when his insurer suddenly demanded his drivers upgrade their licences to beyond what Ontario’s Ministry of Transportation requires. He and his drivers are legally allowed to drive the company’s five-ton moving trucks with a basic G licence.
“This year, the insurance company comes up with,
![a view of a city: FILE PHOTO: The Empire State Building and Manhattan skyline are seen in New York City](https://www.msn.com/{"default":{"load":"default","w":"80","h":"52","src":"//img-s-msn-com.akamaized.net/tenant/amp/entityid/BB19tDSZ.img?h=520&w=799&m=6&q=60&o=f&l=f"},"size3column":{"load":"default","w":"62","h":"41","src":"//img-s-msn-com.akamaized.net/tenant/amp/entityid/BB19tDSZ.img?h=406&w=624&m=6&q=60&o=f&l=f"},"size2column":{"load":"default","w":"62","h":"41","src":"//img-s-msn-com.akamaized.net/tenant/amp/entityid/BB19tDSZ.img?h=406&w=624&m=6&q=60&o=f&l=f"}})
