The public transportation industry makes up an important sector of the country, ensuring people and goods safely move from one destination to another. There is a wide variety of businesses that operate in public transportation, such as chauffeurs, truck drivers, taxis, and bus contractors. To protect their company and staff, many business owners choose to invest in public transportation insurance.
What is Public Transportation Insurance?
If you own a public transportation company, you may be considering ways to protect your business from unknown circumstances. Anytime that your vehicle drives onto a public road or has customers inside, an accident can occur. From vehicle collisions that result in major injuries to acts of destruction that cause extensive damage to the vehicle, thousands of dollars in damage can occur in just a matter of seconds.
To protect your business financially from the results of these incidents, consider public transportation insurance. Public transportation insurance provides business owners with comprehensive coverage for their public transportation fleets, including school buses, charter buses, transit companies, and limousine operations.
Who Should Acquire A Policy?
Not sure if your business really needs public transportation insurance? Ask yourself a couple of important questions. If a major accident should occur today, would you have the finances available to cover the damages without draining your savings account? In addition, would your general business insurance be sufficient in covering the full or the majority of the vehicle repair expenses? If the answer to either question is no, then you should consider acquiring a public transportation insurance policy.
All types of businesses can benefit from such a policy, such as taxis, limos, shuttles, transit buses, school buses, non-emergency medical transportation (NEMT), transit authorities, church buses, tour buses, day care centers, charter buses, wilderness expeditions, group homes, and much more. If you have vehicles that are used to transport the public, then public transportation insurance is a must. Also, check state regulations to see which types of insurance are required for your type of business.
What Coverages are Available?
From small limousine operations to major charter companies, businesses of all sizes can benefit from public transportation insurance. As all public transportation businesses are different, it is important to consider the unique needs of your company and choose policies that will help protect your best interests. There are a wide range of policies available to fit all budgets. Some of the most common coverage options available with public transportation insurance include the following:
Auto Liability
Automobile liability insurance provides business owners with financial protection for the driver, who, while operating the vehicle, harms another person or their property. It is important to understand that auto liability only covers damages or injuries to third parties and their property, and not the driver or the policyholder’s property. Auto liability properties can be found with deductibles or retentions ranging from $0 up to $500,000 or more. Liability limits can be found up to $5 million or more.
General Liability
A general liability insurance policy generally protects businesses against claims of property damage or bodily injuries resulting from their products, services, or operations. This means that if someone becomes injured while in one of your vehicles, you could be held liable. General liability policies can be customized with deductibles as low as $1,000 for various perils and collision coverage.
Garage Liability
Garage liability insurance covers the legal liability of both franchised and non-franchised truck, automobile, truck-tractor, recreational vehicle, motorcycle, and trailer dealers for claims of property damage and personal injury. Garage liability insurance is often sought out by tow truck drivers, auto dealerships, service stations, repair shops, and similar businesses.
Workers Compensation
Workers compensation insurance provides business owners with essential benefits for employees who may succumb to illnesses or injuries due to the course of employment. Standard workers’ compensation policies provide payment for medical treatments, disability, and death benefits.
Property Damage Liability
If you or an employee causes damage to another person’s vehicle or property, you may be held liable for any damages caused. In most states, you are legally required to have property damage liability insurance. Property damage liability insurance does not cover damage done to your own vehicle.
Umbrella Insurance
Depending on the size of your business and the amount of risk that you face, you may find that your standard business insurance policies do not provide an adequate amount of coverage. When this happens, you can purchase umbrella insurance to fill in the gaps. Umbrella insurance is a form of extra liability coverage that adds an additional layer of security to those who face certain risks.
Reach Out To Our Specialty Insurance Brokers
Interested in learning more about public transportation insurance or want to acquire a public transportation insurance policy for your business? If so, contact the specialty insurance brokers at John M Glover.