New York limo businesses must carry the minimum required amount of liability coverage according to state laws and the New York City Taxi & Limousine Commission. Contact K.S. Billing & Associates in South Richmond Hill, New York, to start building your company’s customized commercial auto policy.
What Insurance Does a Limo Business Need?
Commercial livery insurance, which is ideal for limo businesses, may include the following commercial auto insurance policies:
- Liability insurance can help provide coverage for an at-fault accident that causes property damage or bodily injury.
- Collision insurance can help pay for repairs if your limousine is in a collision with another vehicle or object.
- Comprehensive insurance can help pay for damage to your limousine from causes other than collisions.
- Uninsured/underinsured motorist insurance can help provide coverage if your limousine is in an accident with a driver without appropriate liability coverage.
- Personal injury property (PIP) can help pay for the medical expenses of your drivers and their passengers after an accident, regardless of fault.
In addition to commercial auto insurance, a limo business may benefit from carrying other types of coverage. Depending on your company’s specific risks and exposures, your agent may recommend that you purchase the following:
- General liability insurance helps cover third-party property damage and bodily injury claims, medical payments, legal defense and personal or advertising injury.
- Workers’ compensation insurance is required for New York businesses with employees. This coverage helps pay for injuries and illnesses suffered by employees resulting from work-related accidents.
- Business interruption insurance can help cover costs related to forced shutdowns of your limo company.
- Commercial property insurance helps pay to repair or replace your company’s physical assets after a covered event such as a fire, burst pipes, theft, vandalism, storms or explosion.
Your agent may also recommend the following additional endorsements and policies:
- Custom parts coverage
- Employment practices liability insurance (EPLI)
- Gap insurance
- Roadside assistance
- Cyber liability insurance
How to Get Limo Insurance
Having appropriate insurance coverage for your New York limo business is crucial to your company’s future financial stability. Working closely with your agent to determine which coverages are most likely to benefit your organization is essential.
Contact K.S. Billing & Associates today to learn more about your options for insuring your limo business and get personalized quotes.
This blog is intended for informational and educational use only. It is not exhaustive and should not be construed as legal advice. Please contact your insurance professional for further information.