As with any business venture you embark on, it’s important to have proper insurance. Bad things happen to good people, so you always have to be prepared. On that note, if you own a limousine business, it’s crucial to have sufficient coverage.
Not only will insurance provide you with peace of mind, but it will also ensure your customers are protected as well. This all goes into the establishing your brand as a reliable service provider.
But what type of limo insurance do you need to get? Continue reading to learn more about the various coverage options.
Personal Injury Limo insurance
First on the list is personal injury insurance, which will provide coverage for accidents and injuries involving your vehicles. In a nutshell, this should cover lost wages, rehabilitation, medical bills and funeral costs.
It should also offer coverage for accidents with pedestrians, no matter who’s found at fault.
Uninsured and Underinsured Coverage
Now, this is very important to have because we have drivers out there who aren’t carrying enough (if any) insurance. So in the event one of your drivers ends up in an accident with one, you will be covered.
In some states, this type of coverage is required for limousine operators.
Employment Practices Liability Insurance
This is important to have for your limo drivers. It will provide protection for your business in case your chauffeurs or employees accuse you of sexual harassment, wrongful termination or discrimination.
These scenarios can become an expensive legal battle, so you’ll want the coverage just in case.
Bodily Injury Insurance for Limo Drivers
It’s recommended that you purchase this coverage whether it’s required by your state or not. This is good to have in case one of your drivers is found at fault for an accident.
This type of insurance will cover legal fees in the event you’re sued. Also, it will cover rehab and medical bills.
Property Damage Liability
Make sure your insurance provides coverage for property damage. This way, costs associated with the damage caused by your drivers are covered. Some of these expenses may include legal fees associated with being sued by the property owner.
So Which Coverage Is Needed?
Well, this all comes down to your business operations. If you’re a sole proprietor and are the driver of your own limo, then your quote for insurance will be much different than someone with a fleet.
On the other hand, if you hire drivers, then you will need to ensure you’re meeting state regulations for insurance. In most cases, you have to have employment liability, property damage liability and bodily injury coverage.
There may also be workers compensation requirements.
How to Find a Good Deal
So how about getting the best rate for your limo insurance? For one, you should hire only good drivers and train them well. The fewer incidents you have, the better your premium will be.
You can also find discounts if you are trying to insure multiple limos. And if you’ve never had any claims, then this too could lower your rates.
Other discounts may be available to new businesses and for renewing annually.
Get Your Limo Insurance Quote!
Shopping around for the best limousine rates is key to finding the top deals. You can use OTTIS to get free quotes for auto insurance.
We offer affordable, yet quality insurance for commercial vehicles. Even if you’re changing cars or drivers, we’ve still got you covered.
Stop by today to request a free quote and get the proper coverage to protect your limo business.