Limo insurance how much

Handling passenger luggage and other belongings can result in strains, sprains, and back injuries. Limousines should be properly maintained, equipped with two-way communication devices, shields that separate the driver from passengers, surveillance cameras, a global positioning system GPS , and safety equipment commensurate with weather conditions. Driver training should include how to deal with inebriated or uncooperative passengers. Mechanics may be exposed to toxic fumes from refueling and repair operations.

These should be done in well-ventilated areas. Exposure to asbestos may result from repairing brakes. Property exposures are from office and dispatch operations. Ignition sources include electrical wiring, heating, and air conditioning systems. If limousines are stored and maintained on the premises, the fire exposure increases due to flammables including lubricants, oils, degreasers, and solvents.

These must be properly labeled, stored, and separated from one another. Tires do not ignite quickly, but once ignited are difficult to extinguish and leave an oily smoke that permeates the entire area.

Crime exposures are primarily from employee dishonesty. Transportation is usually arranged in advance and paid for by credit cards. Background and criminal history checks should be performed on all employees who handle money. Billing, ordering, and disbursements must be done by different people. Outside audits should be conducted on a regular basis. Inland marine exposures include accounts receivable if the service offers credit, computers, and valuable papers and records for customers' information, contracts with independent drivers, and driver's logs that may be required to meet federal, state, and municipal regulations.

Computers and satellite tracking systems may be used to track vehicles and maintain contact with drivers. All data must be duplicated and kept off site to be easily reproduced in the event of a loss. Work with your broker to to ensure that you're properly covered and get quotes for your limousine insurance based on your specific situation, risks, and risk tolerance. Perhaps you have the next great idea for a product or service that you know will appeal to your local area.

If you've got a business, you've got risks. Unexpected events and lawsuits can wipe out a business quickly, wasting all the time and money you've invested. Operating a business is challenging enough without having to worry about suffering a significant financial loss due to unforeseen and unplanned circumstances. Small business insurance can protect your company from some of the more common losses experienced by business owners, such as property damage, business interruption, theft, liability, and employee injury.

Purchasing the appropriate commercial insurance coverage can make the difference between going out of business after a loss or recovering with minimal business interruption and financial impairment to your company's operations. Insurance is so important to proper business function that both federal governments and state governments require companies to carry certain types. Thus, being properly insured also helps you protect your company by protecting it from government fines and penalties.

In the business world, there are many risks faced by company's every day. The best way that business owners can protect themselves from these perils is by carrying the right insurance coverage. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight. Commercial insurance is particularly important for small business owners, as they stand to lose a lot more.

Should a situation arise - a lawsuit, property damage, theft, etc. According to the SBA, having the right insurance plan in place can help you avoid major pitfalls. Your business insurance should offer coverage for all of your assets. It should also include liability and casual coverage. You've got plenty of options.

Some you'll need. Some you won't. You should know what's available. Once you look over your options you'll need to conduct a thorough risk assessment.

As you evaluate each type of insurance, ask yourself:. A licensed insurance agent or broker in your state can help you determine what kinds of coverages are prudent for your business types. If you find one licensed to sell multiple policies from multiple companies independent agents that person can often help you get the best insurance rates, too.

Following is some information on some of the most common small business insurance policies:. Who Needs General Liability Insurance? A single lawsuit or settlement could bankrupt your business five times over. You might also need this policy to win business. Many companies and government agencies won't do business with your company until you can produce proof that you've obtained one of these policies. If you have any employees most states will require you to carry worker's compensation and unemployment insurance.

Some states require you to insure yourself even if you are the only employee working in the business. Your insurance agent can help you check applicable state laws so you can bring your business into compliance.

There are dozens of other, more specialized forms of small business insurance capable of covering specific problems and risks. These forms of insurance include:. Whether you need any or all of these policies will depend on the results of your risk assessment.

For example, you probably don't need an environmental or pollution policy if you're running an IT company out of a leased office, but you would need data breach and cyber liability policies to fully protect your business. When an insurance company calculates the premium for a limo, it takes into consideration many of the same factors as auto or commercial insurance policies.

Because of all the variables that make up a policy premium, it is difficult to determine the average cost of limo insurance. The type of limo you have and your reason for owning it plays an important role in premium costs. Vehicles such as luxury sedans may be cheaper to insure than larger stretch limos, depending on the make and model of the vehicle. Purchasing a limo for personal use, business use or as a means of profit also affect rate.

Most states require limo owners to carry at least liability insurance. However, the minimum amount of liability insurance required differs by state. The location where you garage a limo can also affect the premium price.

Limo companies typically provide pre-scheduled rides to airports, weddings, funerals, and other special events and have specific drop-off and pick-up locations for their passengers. There are several different types of coverage included in limo insurance plans, including personal injury insurance, bodily injury insurance, property damage liability, and uninsured and underinsured motorist coverage.

If a limo service is based in the heart of a large city, for example, insurance will likely cost more due to the fact that there is a higher probability of accidents, especially in areas with heavy traffic. Meanwhile, a limo business located in an area that is relatively less busy e. You can verify this information with your local DMV. If one or more of your drivers has ever been involved in an accident for any reason , an insurance company is likely to consider you a more high-risk customer compared to a business with drivers who have never had an accident.

This is especially true if an accident resulted in injuries to passengers or any type of property damage. This is especially true of luxury vehicles such as limousines. The longer your limos are, the more space they will take up on the roads and consequently, the greater the risk of a collision will be. Older limousine models with more dust, dents and scratches will likely have a lower value than clean, newly manufactured cars that have relatively less damage on their frame. A business will often base its coverage needs on all of the above factors.