Small business income fluctuates monthly, some months are great, while other may not be so great. Signing up for medical insurance through the Health Insurance Marketplace allows you to update your income on a monthly basis. Some months you would see lower medical insurance premiums then other months when your sales are great. As a benefit Insurance Group of Nevada will help to process the change with the Health Insurance Marketplace to ensure you are receiving an accurate advance premium tax credit (APTC).
Commercial insurance, now that you are using your personal automobile for business it does not meet the requirement of personal use. Under the Uber insurance program there is a gap in coverage. According to the Uber's (accord 25) insurance verification document it shows only liability coverage is provided in the event of an accident. The limit while you are transporting a customer is $1.5M combined (CSL) and $1M CSL for under-insured/ uninsured motorist. While you are waiting for a passenger the liability limits is decreased to split limits for liability. The limits are $100,000 each accident, $50,000 bodily injury, and $25,000 for property damage. The documents does not indicate any physical damage coverage to your vehicle. This is where the gap takes place. Insurance Group of Nevada strongly recommends working with a Nevada auto insurance company that provides the ride-sharing amendment or endorsement to your personal auto insurance policy. Currently Insurance Group of Nevada has only learned about two Nevada auto insurance companies providing this coverage. The companies are Allstate and Farmers.
Your vehicle is now your life blood, it is important to protect it the right way before it is to late.