As the operator of a limousine fleet in Connecticut, obtaining the required minimum commercial auto insurance was likely one of the first steps you took when you set up your business. Although basic coverage is valuable, several other types of additional coverage can provide an excellent return on your investment when the unexpected happens.
Here is a look at some specialized types of coverage for limousine fleets that are worth considering.
Passenger Liability Insurance
Passenger liability insurance is a specific type of coverage that Connecticut limousine fleet owners can obtain to cover the risks involved in transporting passengers for hire.
If your passengers sustain an injury while traveling in your limo, it can cover their medical expenses and other damages, such as lost wages. Since many limos carry multiple passengers at once, this coverage can provide considerable peace of mind.
Bear in mind that some limousine operators in Connecticut are legally required to obtain this type of coverage. An insurance agency that specializes in limo insurance can advise you on your legal insurance requirements.
Garage Liability Insurance
Garage liability insurance is an important type of coverage for limo owners who operate out of a physical location, such as a lot or garage, where vehicles will be stored and maintained.
It offers protection against liability claims stemming from the operations carried out at your garage and is especially important if customers park or store their vehicles there while using your limousine services.
The scope of this coverage includes vandalism, theft, or other damage that takes place while customer vehicles are parked or stored on your property. For example, if a customer’s vehicle is damaged while visiting the site or visitors sustain an injury, garage liability insurance can prove helpful.
Limousine Business Interruption Insurance
If you operate a limo fleet in Connecticut, you should keep in mind that weather-related events and other unexpected events could disrupt your operations.
With business interruption insurance, you can access coverage for incidents that require you to temporarily suspend your services, such as accidents, regulatory issues, or vehicle damage that requires you to wait on replacement parts.
It can cover lost income during the business interruption and ongoing expenses that you have to pay during your business’s downtime.
Cyber Liability Insurance for Limousine Businesses
Although limousines may not be considered highly technological vehicles, limo businesses need to obtain cyber liability insurance because they store sensitive information about customers electronically, including bookings, payments, and other personal information about clients.
This type of insurance offers coverage for the costs associated with any data breaches that may arise, such as notification expenses, credit monitoring services for those who are affected, and any legal fees related to the breach.
General Liability Insurance for Limousine Businesses
Auto liability insurance may be helpful for car accidents, but Connecticut limousine fleet operators should also obtain general liability insurance for coverage that goes beyond the vehicle itself to protect against any claims of property damage or bodily injury that take place outside the limo.
For example, it can provide coverage for slips and falls that occur when passengers are getting into or out of the vehicle or damage caused to a client’s property while loading or unloading their luggage or other belongings.
In some cases, a limo company may be required to obtain general liability insurance depending on the specific services it offers. However, it is still a good idea to seek this coverage, even when it is not required, to protect the business’s financial stability.
Umbrella Insurance for Limousine Businesses
Another useful type of additional insurance coverage for a Connecticut limousine fleet is umbrella insurance. This provides an extra layer of liability coverage that extends past the limits of an existing primary insurance policy.
These general policies often have relatively low coverage limits that serve the basic needs of a wide variety of customers but may be inadequate for addressing the types of claims that a limousine operator could face.
Umbrella insurance kicks in once the limits of those primary policies have been exhausted, offering additional protection against catastrophic losses and costly lawsuits.
In accidents that involve multiple passengers or significant property damage, this type of insurance may mean the difference between staying afloat or closing your limo doors for good.
Reach Out to the Limousine Insurance Professionals at JMG Insurance Agency
Are your limousines, employees, passengers, and businesses protected against a broad range of risks? At JMG Insurance Agency, our agents are experienced in making sure limousine operators have the right coverage in place for maximum protection without paying for services that they don’t need.
Contact us today to learn how we can help protect your business’s long-term viability in the highly competitive Connecticut limo services market.
