Know Your Rights Regarding Insurance for Your Business
Insurance companies that write liability insurance and motor vehicle insurance must
give businesses 45 days' advance notice of cancellations and non-renewals. Fifteen
days' notice must be given for cancellations due to non-payment of premium.
In addition, when canceling or non-renewing your policy, the insurance company must
give you notice in writing stating the reason for its action. The notice must also
tell you that you have a legal right to appeal to the Insurance Commissioner and,
in the case of a motor vehicle insurance policy, tell you that you may obtain insurance
through another insurer or through the Virginia Automobile Insurance Plan.
Also, insurers may not cancel or non-renew motor vehicle insurance policies solely
because of the lack of supporting business or lack of the potential for acquiring