Limousine Insurance Information

Taxi and limousine services encounter several risks both while transporting passengers and during standard business operations. A comprehensive insurance portfolio can provide essential coverage for your company, drivers, passengers and other employees.The knowledgeable team at A-Best Insurance Agency in Houston, Texas, can help you get the right policies. Contact us today to get started.
What Is Taxi and Limousine Insurance?
Insurance for taxi and limousine services consists of several types of commercial coverages. In exchange for paying a premium, an insurer agrees to provide financial assistance after a covered cause of loss. Businesses can work through the claims process to receive these payments.
What Kind of Insurance Do You Need for a Taxi or Limousine Business?
Each limousine and taxi business has a unique risk profile and different insurance needs. Several coverages are available for these exposures, such as:

• Commercial auto insurance-This may cover your business-owned vehicles if they are damaged by a covered event or in an accident. Specific coverages and limits may be required by law, but others may be chosen depending on your needs. Aspects of commercial auto insurance include:
  • Liability insurance-This may provide coverage if one of your business’s drivers is responsible for an accident. It may provide compensation for third-party property damage or bodily injuries, and it may help pay for associated legal expenses.
  • Collision insurance-This coverage can help pay for repairs if your business’s vehicles are damaged by a collision with another vehicle or object.
  • Comprehensive insurance-This coverage may provide payments if your business’s vehicles are stolen or damaged by an incident other than a collision (e.g., vandalism, animal strikes or severe weather).
  • Uninsured/underinsured motorist insurance-This may provide coverage if the driver of the other vehicle is at fault in an accident with your business’s vehicle and lacks enough auto coverage to pay for the resulting liability costs.
  • Medical payments coverage-This may provide payments for medical bills accrued by your business’s drivers and their passengers after an accident involving your commercial vehicle.Personal injury protection (PIP)may also help cover medical expenses for your drivers or their passengers after an accident involving your business’s vehicle, and it may provide compensation for their resulting lost income.
• Commercial property insurance-This may provide repair or replacement costs if a covered event (e.g., fire or hail) damages or destroys your business’s property (e.g., buildings, structures, equipment and tools).
• General Liability insurance-This may cover legal fees and compensate third parties if your business is responsible for their injuries, property damage or financial losses.
• Business interruption insurance-This may help cover lost income if your operations have to temporarily close due to a covered event.
• Workers’ compensation insurance-This may provide payments for medical costs and lost income if an employee suffers a work-related injury or illness.

Other coverages may be available. Speak with our agents to discuss options, limits and exclusions.
How Much Is Taxi or Limousine Insurance?
The cost of insurance coverage for your taxi or limousine service depends on several factors, including your location, services provided and the value of the insured vehicles and property. Selected coverage limits and deductibles, as well as your drivers’ driving records, may also impact premiums. Contact us today for a quote.
How to Get Taxi Insurance or Limo Insurance
The professionals at A-Best Insurance Agency are ready to help you secure optimal insurance coverage. Contact us today to get started.