Buses & Limousines
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The transportation industry is an important one in the United States and it offers business owners high income potential. However, this industry also carries a number of risks including the high potential for property damage, injuries and liability lawsuits.
Fortunately, when your business is protected by a solid business insurance plan that has been especially tailored to your particular industry, you can rest assured that it is as protected as it can be against the financial losses that are common in this industry.
There is no reason to struggle with understanding the many different coverage options offered by business insurance policies for the transportation industry. Instead, turn to First Underwriters.
We are equipped to answer your insurance-related questions and help you build a policy that is well-suited to your specific company.
Because we are not independent of any particular insurance company, we can work with a variety of highly-rated insurance companies to present you with a selection of policies and rates
Bus & Limo Insurance Coverages
The Commercial Auto policy will pay “sums” for which the insured is legally liable because of bodily injury or property damage to which the insurance applies. Therefore, while covered bodily injury or property damage is required to trigger coverage, recovery under the policy can actually go beyond these types of damages.
Auto Physical Damage is coverage for damage to autos owned by the insured, and it’s completely optional (unless required by a lender). Physical damage coverage is divided into loss caused by collision, and loss caused by something other than collision. (The latter category is frequently referred to as comprehensive coverage, but in reality, “comprehensive coverage” is one of two types of coverage for loss caused by “other than collision.”) These are separate coverages, with different rates, and at the insured’s option, different deductibles. They can be purchased separately or in combination.
Whenever you are storing or transporting goods and merchandise for third parties, you are in a position of responsibility if anything should happen to those products. You can purchase coverage to limit your exposure due to losses caused by:
- Natural or man-made disasters
- Exposure to extreme temperatures or loss of refrigeration
- Fourth-party warehouse arrangements
Depending on the size and scope of your company, this extra liability coverage may nor may not be necessary. If you are responsible for storing or transporting large amounts of expensive merchandise, or if your business runs buses or other large people-moving vehicles, your liability risks will likely exceed your maximum coverage. An umbrella insurance policy may therefore be vital to protecting your investment.attach until the underlying policy’s limit of insurance has been exhausted.