Owning a Limousine has long been considered a symbol of power and wealth. When you think about a group of executives planning for a night out on the town, what options are there other than a sleek and well furnished limousine? Apart from these very specific situations however, there are many other times when a limo may be the way to go for a business or private individual. Whether you’re a frequent renter or new owner of a limousine, it’s a good idea to think about Limousine insurance Philadelphia can count on.
As the owner a limousine service, you have many different responsibilities when it comes to insurance. First, you must protect your own financial interests. Next, you must consider your employees’ best interests. Finally, you need to consider what your customers have at risk.
Commercial Auto Insurance
The first and most obvious coverage that you’ll need for your limo service is commercial auto insurance coverage. This will provide protection for damages to your fleet as well as bodily injury and property damage to your customers and other individuals who could be negatively impacted by your limos or drivers.
Commercial Property Insurance
Next you’ll want to consider protecting the business property you have at your office or storefront. Commercial property insurance can pay for losses of both the building and the contents within as well as certain outside structures. It’s important to note that commercial property insurance does not cover flood damage so you’ll need to secure that policy separately if you are at risk.
Additional Liability Coverage
There are a few different types of liability coverage a limo service should consider. General liability insurance covers any lawsuit that your business faces from its client’s, including for false advertising and slander. For even higher coverage limits, you can consider a commercial umbrella insurance policy, which adds an additional limit to all of your underlying liability policies.
To protect yourself and your employees, you’ll also want workers’ compensation insurance to pay for the medical expenses and lost wages of employees who are injured on the job. You can secure employment practices liability insurance for additional protection, which will cover you from lawsuits and judgments awarded for certain unintentional and inappropriate employment practices.
Here is a list of different types of auto insurance coverage available for a limousine.
- Comprehensive and collision coverage: In case of an accident, collision coverage will help cover the cost. Similarly, comprehensive coverage is needed to cover damages that are due to fire, theft, or vandalism, and all other types of damages.
- Uninsured and underinsured motorist: In case of an accident, this insurance covers the other driver who was at fault. In case if they do not have adequate coverage, the insurance will pay the cost. In most of the states, insurance is mandatory for limousines.
- Protection coverage for personal injury: Injuries resulted from accidents can be covered in personal injury protection coverage. The insurance will cover many expenses like medical costs, funeral expenses, lost wages, and rehabilitation bills. If a pedestrian is injured in the accident, the insurance will cover their expenses, irrespective of whose fault resulted from the accident.
- Employment Practices Liability: In extreme cases like sexual harassment, discrimination, and wrongful termination, the insurance will protect the limousine owner.
Being a limousine owner, you need to consider several things before opting for limousine insurance. That being said, it is essential to choose a reputable Limousine Insurance Company for optimal coverage. Remco Insurance Services can be a great help if you are looking for Limousine insurance that will minimize expenses while maximizing coverage.