There is an exciting amount of growth and opportunity in the airport shuttle industry; in fact, airport shuttle operators brought in a total of $1 billion in revenue in 2019. With air travel projected to double in the next twenty years, it’s a prime time to start or expand your airport shuttle business. However, as with any transportation business, there will be certain risks to your passengers, drivers, and vehicles that you need to be aware of, so you can protect your business with the best possible insurance.
Introduction to Airport Shuttle Insurance
Picture a large, bulky shuttle, packed with passengers, weaving in and out of bustling airport congestion… It’s no surprise that airport shuttle accidents can and do happen. Airport shuttle operators face certain risks that could derail their business without protection. The four most prominent areas of liability are: collisions, injuries to drivers, injuries to passengers, and injuries to other drivers. With these risks in mind, airport shuttle insurance is necessary in order to ensure the legality, safety, success and longevity of your business!
Airport Shuttle Insurance Options
A more basic level of insurance is required by law. However, to minimize risks for your airport shuttle business, you’ll want to invest in more comprehensive, robust insurance that includes all of the following:
- Property damage liability: to cover damage to other vehicles in the event of a collision.
- Medical payments insurance: to protect your customers and your business from lawsuits in the event of passenger injury.
- Workers’ compensation insurance: to cover medical expenses in case your drivers are hurt while on the job.
- Bodily injury liability: to cover medical expenses in the event of a collision where other drivers are injured.
Keep in mind, these are just the core coverages you’re likely to need. It’s recommended that you discuss the particulars of your business with a professional airport shuttle insurance provider to make sure you fully understand the requirements that apply.
Understanding Insurance Costs for Airport Shuttle
The price of insurance for your airport shuttle business will vary based on several factors, including:
- The location of your shuttle business.
- How many shuttles you have in your fleet.
- The size of your airport shuttles, the type of vehicle(s), and the age and condition of the vehicle(s).
- Your hours of operation and the number of trips you’ll be taking per day.
- Whether the vehicles will be used for other purposes.
- Your drivers’ records – you can keep costs low by hiring drivers with clean driving records and by training your drivers well.
In summary, airport shuttle businesses face many particular risks, but also many wonderful opportunities. High-quality, comprehensive insurance is an important investment that should not be overlooked and will protect your business for many years to come.
If you are looking to learn more about airport shuttle insurance in Oregon, Washington or California, our team at Oswald Taxi & Transportation Insurance Services is here to help. To get the coverage you need, start by contacting us today for your free quote.