Understanding Limousine Insurance Carriers for Your Company

Choosing the right limousine insurance carrier is crucial for your company's success. There are several carriers to consider, including Chubb, Liberty Mutual, and Travelers.

Chubb offers a comprehensive coverage package that includes liability, physical damage, and workers' compensation insurance. This can provide peace of mind for your business.

Liberty Mutual provides customized insurance solutions for limousine companies, including coverage for vehicles and employees. Their policies can be tailored to meet the specific needs of your business.

Travelers offers a range of insurance products, including commercial auto insurance, which can help protect your limousine business from financial losses.

Limo insurance is a type of livery coverage that shields drivers who transport individuals on a for-hire basis. It's essential for limo companies that provide pre-scheduled rides to airports, weddings, funerals, and other special events.

Most limo insurance policies cost between $5,000 and $10,000 per car each year, on average. This can vary depending on the specific needs of the business.

Limo insurance plans typically include coverage for personal injury, bodily injury, property damage liability, and uninsured (and underinsured) motorist coverage.

The cost of limo insurance is influenced by four primary factors: location, driver history, vehicle size and value, and coverage needs. These factors can significantly impact the overall cost of your policy.

A company's location is a major factor in determining the cost of limo insurance. For example, the average limousine company in America spends between $450 – $1,000 per year for $1 million in general liability coverage.

Your driver's history can also affect the cost of your policy. A company with a good driving record will likely pay less for insurance than one with a history of accidents or citations.

The size and value of your vehicles can also impact the cost of your policy. Larger, more expensive vehicles typically require higher insurance premiums.

Your coverage needs will also play a role in determining the cost of your policy. This includes factors such as your deductible, number of employees, per-occurrence limit, and general aggregate limit.

Here are some specific factors to consider when determining the cost of your policy:

Insurance coverage is a crucial aspect of limousine insurance carriers. A company's unique coverage needs are determined by various factors, including its size, fleet, and type of services offered.

General liability insurance is a must-have for limousine companies, as it covers damages to clients and their property. This type of insurance would cover a client's medical bills if they trip and break an arm during a tour of your facilities.

Other types of coverage you should be aware of include personal injury insurance, uninsured or underinsured coverage, employment practices liability, bodily injury insurance, and property damage liability. These types of coverage can be customized to meet the unique needs of your business.

Uninsured or underinsured motorist coverage is vital if you or your drivers are in an accident with another person who has little or no insurance. This type of coverage will help cover your limo and pay fees that the involved party cannot afford.

Higher limits and lower deductibles can offer greater tranquility for you and your clients, but they will also raise your overall premium.

Additional reading: What Does Car Insurance Not Cover

Commercial insurance is essential for limousine companies, as it protects vehicles, drivers, and others on the road in the event of an accident. Commercial auto insurance is a must-have for businesses that use vehicles primarily for transportation.

General liability insurance covers accidents or lawsuits that may be so catastrophic they threaten to exhaust the limits of your primary coverage. Commercial umbrella insurance protects you from paying out-of-pocket for legal fees and awarded damages that exceed your primary policy.

Commercial insurance needs can vary depending on factors like risk assessment, fleet size, and target premium. For example, Destination is a group rental captive program designed for mid-sized motorcoach, limousine, and school bus operators with a target premium of $150,000 or more. Calypso, on the other hand, is a group rental captive program for mid to large sized motorcoach, limousine, and school bus operators with a target premium of $250,000 or more.

Here are some common types of coverage limousine companies need to consider:

Your company's driver history is a crucial factor in determining the cost of commercial insurance. If one or more of your drivers has been involved in an accident, an insurance company may consider you a higher-risk customer.

A single accident can significantly impact your insurance rates, especially if the accident resulted in injuries to passengers or property damage. This is a key consideration for insurance companies when evaluating your company's risk profile.

Having a driver with a clean driving record can actually help lower your insurance costs. However, if a driver has been involved in multiple accidents, it's likely to increase your premiums.

Worth a look: What Are the Types of Risk in Insurance

Commercial auto insurance is a must-have for any business that uses vehicles for transportation. A commercial auto insurance policy will protect your vehicles, drivers, and others on the road in the event of an accident by covering any related vehicle repair costs as well as medical treatment for anyone injured.

This type of insurance is essential because it covers a wide range of risks, including auto liability, collision and comprehensive coverage, uninsured motorist, and general liability. For example, a commercial auto insurance policy can help pay for damages to your vehicle if it's involved in an accident.

Some common types of coverage included in a commercial auto insurance policy are auto liability, collision and comprehensive coverage, uninsured motorist, and general liability. These policies are designed to protect the driver, rider, and vehicle as a whole, offering security all along the way.

A commercial auto insurance policy can be customized to meet the unique needs of your business. Consider factors such as the make and model of your vehicle, its length and age, and overall condition when determining the coverage you need.

Here are some common types of commercial auto insurance coverage:

It's essential to work with a reputable insurance provider that understands the unique needs of your business. National Interstate, for example, has been providing industry-leading insurance solutions specifically for limousine operators for over three decades.