Insurance Requirements For a Luxury Charter Bus Rental Company
If you have a Charter Bus Rental business or intend to do so in the near future, you will want to make sure everything is in order on the insurance side. When it comes to running your own business, this is often the least attractive feature. From workers' compensation to general liability to auto, insurance is a factor that affects every aspect of your business.
In particular, having adequate vehicle insurance is especially important for this line of work. Any business that operates a fleet of vehicles (limousine companies, taxi services, etc.) is considered specialty companies.
Since multiple vehicles are owned and operated, buying the right policy package comes with benefits (and needs). This will not only save you money in the long run, but it will also ensure that your vehicles meet the minimum insurance requirements for your state.
Given the risks involved with fleet services (charter buses included), these companies often need higher limits on their cars. Ultimately, you don't want to skimp on your insurance; all it takes is a car accident to your Charter Bus Rental business down.
What You Need to Know About Charter Bus Rental Insurance
There are a few things Charter Bus Rental business owners should be aware of. The first is that most states have increased the minimum policy limits for liability insurance to $ 5 million. So, you will need to add coverage if your existing policy does not meet the mark. In addition, there are generally three types of insurance that bus rental companies must have.
Commercial property insurance covers your physical facilities (where your charter buses and any equipment that can be used in conjunction are stored). Workers' compensation covers accidents or injuries that your employees could sustain while working on the job. Lastly, commercial Charter Bus Rental liability insurance covers all of your Charter Bus Rental Business.
An Umbrella Policy is worth it for Charter Bus Rental
While you can certainly buy separate policies for each (many companies do), it may be beneficial for you to add a Umbrella Policy; this is a type of policy that serves as a whole. It provides additional coverage for your Umbrella Policy and is highly recommended for Charter Bus Rental Companies due to the increased risk of accidents. Please note that most customers will evaluate your bus rental service based on these factors. If you don't have the proper coverage, chances are you are losing a substantial about of Charter Bus Rental business that is probably going to your competitors. To protect your investment and reassure your customers, make sure you insure your business the right way.
Raheel Ngn President of I Ride Bus has been the trusted leader in I Ride Bus Charter Bus Rental for nearly 20 years. No matter the size of your group, we deliver Corporate Charter Bus Transportation services offering top of the line motor coaches, buses, and minibuses.
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