What is an SR22 filing?
An SR22 is a state filing form that attaches onto either an auto insurance policy or a financial responsibility bond. It is a guarantee to the State Bureau of motor vehicles that you are carrying at least the state minimum liability auto insurance. If you are required to carry an SR22 to reinstate your license, you will need to keep your policy active for as long as you're required the SR22 filing.
What happens if my policy cancels?
Any time that your policy lapses, cancels or expires, the insurance company is required by law to notify the Ohio BMV. Once the Ohio BMV gets that notification, your license will be suspended again.
How long do I need to carry an Ohio SR22?
That totally depends on either the Ohio BMV or the courts. Most SR22's that are required by the BMV are usually three years, but not always. An SR22 that is court ordered can be all across the board in terms of time you're required to carry the SR22 . The judge can set the sr22 requirement expiration for as little or as long as they wish.
Eliminating the confusion about "SR22 Insurance" and ''SR22 Bonds"
The terms "SR22 bond" and "SR22 insurance" are both incorrect terms that we just accept as slang language. When a customer calls about an "SR22 bond", or "SR22" an agent understands exactly what they mean. But SR22 insurance is not really insurance at all. And there's not really such a thing as an SR22 bond...... An SR22 is simply an attachment to a financial responsibility bond, named operator policy or an auto insurance policy.
How should I set my SR22 filing up?
Generally, for those who own a vehicle, or have a vehicle registered in your name, you will want to attach the SR22 to a regular auto insurance policy. For those who do not own a vehicle, you will want to attach your SR22 to a financial responsibility bond.
If you would like a quote for an SR22, click on one of the links below and I will run your info through all of my insurance companies, and find you the lowest rate.
GET AN SR22 QUOTE HERE IF YOU OWN A VEHICLE
GET AN SR22 QUOTE HERE IF YOU DO NOT OWN A VEHICLE
If you are an Ohio business owner or manager that has employees, you may be very surprised to learn that what you thought was a very thorough and comprehensive business owners policy may have some major holes in it, as far as liability coverage is concerned. Employees are suing their current, former and potential future employers at an increasingly alarming rate. This is why stand-alone EPLI coverage is becoming a must have.
A business owners policy usually covers EPLI related claims, but they have 3 major shortcomings that make stand-alone EPLI policies superior:
1. What is covered. While most business owners policies (BOP) have some form of coverage for EPLI related claims, many of them exclude some critical parts. These include, but are not limited to:
2. How much is covered. If you look at a business owners policy, you will be surprised that coverage is limited to a very low rate. You may have a million dollars or more of liability coverage with your BOP, but most policies limit EPLI related claims to a much lower level. With many companies, EPLI coverage is usually limited to 10,000 or 20,000 thousand dollars.
3. Important additional coverages. Aside from employment practices liability insurance, there are some other additional options available on a stand-alone policy that are usually not available on a business owners policy.
Summary: A BOP is very important coverage for a business owner. I'm certainly not suggesting that you drop your BOP for a stand-alone EPLI policy (that would be very unwise!). But what I am telling you is that you need to review the terms of your BOP, or ask your agent about the specifics of your policy. Be sure to ask about the points mentioned above, and decide for yourself if your BOP is adequate. In most cases, you will be surprised to learn that it is not!
You may also be surprised that stand-alone EPLI coverage is much less expensive than you may think. It's normally only a small fraction of the cost of a BOP, and you may discover that stand-alone EPLI coverage is well worth having, as many other business owners are starting to discover.
If you would like to get a quick quote to see how your business would rate, feel free to get a fast online quote with my agency. And as always, I handle all information personally and privately. You will be surprised how low-priced stand-alone EPLI coverage is. To get a fast online quote, simply click on the link below.
Get a Fast Stand-alone EPLI Quote.
Dan Lyles is an Independent Insurance Agent serving Ohio, Indiana, Michigan, Pennsylvania, Virginia and West Virginia..