There are many types of buses that businesses and organizations use regularly. There are tour buses that show everyone the stars’ homes in Los Angeles. There are thousands of school buses across the country shuttling students to and from class five days a week.
Whether private or public transportation, buses are important for many businesses. Buses carry large numbers of people, it’s important to have the proper insurance coverage.
How much does bus insurance cost? Where do I find bus insurance? These are likely a few of the questions going through your head, but we’re here to help.
Let us tell you everything you need to know about insuring your bus.
Types of Bus Insurance
The type of insurance you have for your bus depends on the type of bus and what it’s used for.
All buses must have liability insurance. The amount of insurance depends on state requirements and your own preferences.
Liability insurance covers bodily injury and property damage. It’s like the insurance you have on your car.
The biggest difference is you’re responsible for a dozen or so lives instead of a couple.
There’s also medical payments and physical damage insurance. They protect your company against paying for medical bills. They cover you regardless of responsibility.
What Goes Into a Bus Insurance Estimate?
There are many factors that go into the cost of your bus insurance including the amount of coverage and business type.
Buses that drive out of state pay more because they must follow federal rules and guidelines. Larger buses are more expensive.
Larger buses cost more and the risk of high medical bills from injury is greater. Driver’s under the age of 25 pay more for insurance.
A high-value vehicle such as a new party bus that has expensive lights and sound system pays more than an older shuttle bus of the same size. This is because property damage is greater for the party bus.
The type of business is also a factor. Non-profits tend to pay less than businesses. Each business has different risks that impact the cost. A school bus handles the lives of children. A party bus has different risks than an airport shuttle.
A tour bus that travels around an urban area has different risks than a charter bus that travels hundreds of miles each day.
There’s even insurance for people wanting to use buses for personal use.
How Much Does Bus Insurance Cost?
There is fluctuation in cost. It depends on the type of bus and the factors above.
Standard liability insurance can cost between $1000-$25,000. Physical damage insurance is usually between $750 to $5,000.
Medical payment insurance is $500-$10,000. Workers’ compensation insurance is around $1,000-$3,000.
How much coverage you need is a major factor in cost. There are state requirements, but many businesses go beyond for added protection.
Choose the Best Bus Policy for Your Business
The key to finding the right policy that has the coverage you need at the best price is to shop around. Lower your costs by hiring experienced drivers with clean driving records.
If you want to learn more about bus insurance or get an estimate, then get a quote here.