Illinois Limousine Insurance Policy Information
Illinois Limousine Insurance. As a luxury transportation service provider, you have a lot riding on your business. Your goal is to make sure your clients feel pampered and arrive at their destinations on time. More importantly, you need to ensure that they are safe and sound throughout their entire journey.
That means you have to keep your limousine in tip-top condition and must ensure that you and/or your drivers are adhering to all safety regulations.
Limousine services offer luxurious chauffer-driven vehicles for hire. Some cater to corporations, transporting business executives to meetings, airports, or hotels. Others offer transportation to the general public for tours or special events such as proms, weddings, graduations, or funerals.
Limousines may carry up to a dozen passengers. Standard furnishings generally include audiovisual equipment, bars, intercom, privacy barrier from the driver, retractable roof, and tinted windows. Some tout more exotic "party" features such as a chandelier, dance floor, disco ball, hot tub, or karaoke machine.
While most chauffeurs are employees of the limousine service, some services use independent contractors.
Whether you own a single vehicle or a fleet, you've invested a lot in your limousines, and your business as a whole. What would you do if something happened to one of your vehicles, such as an accident, theft, or vandalism?
Would you be able to cover the cost of the expenses and recover from the financial devastation? With the proper Illinois limousine insurance, you can rest easy knowing that if something does go wrong, you'll be covered.
Illinois limousine insurance protects your limo company from lawsuits with rates as low as $57/mo. Get a fast quote and your certificate of insurance now.
Why Do Limousine Services Need Insurance?
Though you make every effort to ensure that your drivers are cautious and you take proper measures to secure your limousines, you never know when a mishap will occur. One of your vehicles could be involved in an accident that results in physical injuries and property damages. A vandal could break into your parking lot and damage your vehicle, or burglar could steal one of your limousines.
The costs of these incidents can be astronomical. Can you cover such expenses on your own?
By investing in a Illinois limousine insurance policy for your limousine(s), instead of paying the above-mentioned expenses out of your own pocket, your insurance provider would assist with the payments. In other words, insurance can save you from serious monetary losses.
Not only does insurance provide financial security, but you're also legally required to carry it. If you fail to have your limousine(s) properly insured, you could be looking at legal trouble and potentially even lose your vehicle or business.
What Type Of Insurance Do Limousine Services Need?
The specific types of Illinois limousine insurance coverage you'll need to invest in vary and depend on a variety of factors, which is why it's important to speak to a reputable agent that specializes in commercial auto insurance.
With that said, however, there are certain types of coverage that all limousine owners will need to carry, including. Let's take a look:
In every state, limousines need to be covered by liability insurance. This type of coverage protects others from losses that may occur when the limousine you own is responsible for an accident. Additionally, this coverage will protect you from expensive legal expenses in the event that your vehicle is responsible for an accident that affected other individuals.
Liability insurance offers two main types of coverage:
- Bodily Injury: If anyone in an at-fault accident with your limo, liability insurance will cover the cost of any necessary medical care, such as ambulance fees, hospital bills, and recurring treatments that may be needed because of that were sustained, such as physical therapy. This part of your liability policy will also cover the cost of any pain and suffering accident victims may suffer, such as the funeral expenses of someone who may sustain a fatal injury.
- Property Damage: A liability insurance policy covers the cost of third-party property damages. If the driver of your limo is involved in an at-fault accident that damages someone else's vehicle, for example, your liability insurance will cover the cost of any necessary repairs to the third parties property.
When you purchase a liability insurance coverage, you'll need to select maximum limits for your policy, as well as a deductible. A reputable insurance agent can help guide you in selecting the appropriate limits and deductible amount.
If your limousine is involved in a collision, this type of coverage will pay for any necessary repairs. This includes collisions with other vehicles, roll overs, and standing objects, such as road signs.
This Illinois limousine insurance will cover the cost of any physical damages your vehicle may sustain that your collision insurance won't cover. This includes vandalism, severe weather events, and even damages that your passengers may cause to your vehicle.
Personal Injury Insurance (PIP)
Personal injury limo insurance covers the "first dollar" cost of medical expenses and, in some cases - lost wages. It is often called "Med Pay" or "no-fault" coverage because of the fact that it pays out claims regardless of who is at fault in the accident.
Uninsured And Underinsured Motorist Coverage
- Uninsured Motorist Coverage: Protects your drivers if they are in an accident with an at-fault driver who doesn't carry any liability insurance.
- Underinsured Motorist Coverage: Protects your drivers if they are in an accident with an at-fault driver whose liability limits are too low to cover the damage or medical expenses.
IL Limo Insurance Requirements
If your limo company hires drivers, you will need to meet IL state regulations for limousine insurance. Some of these regulations include requirements for certain amounts of bodily injury and property damage liability coverage, employment liability, and workers compensation.
IL Limo Service Risks & Exposures
Commercial Auto exposures are high. All drivers must have valid licenses appropriate for the types of vehicles being driven. MVRs should be checked regularly and be acceptable. Drivers should be familiar with routes and participate in regular training activities in order to maintain skills needed for driving in congested areas, at night, and during inclement weather. Drivers should be trained on how to respond in case of a medical emergency.
Random testing for alcohol and drug use should be required. Seatbelts and child safety seats should be required when the limousine is in motion. Vehicles must be properly maintained on a scheduled basis with maintenance records kept at a central location. Vehicles damaged in an accident may be difficult to replace, as furnishing them with comparable amenities may be expensive.
Premises liability exposures are limited because the public ordinarily does not have access to the office and garage. Off-premises exposure from contact with passengers usually comes under automobile liability, not general liability. There may be a liquor liability exposure if a bar is provided due to passengers becoming inebriated and injuring themselves and/or others. Drivers should be trained to require proof of age and recognize signs of inebriation.
Personal injury exposures, such as assault and battery or invasion of privacy, may include allegations against the taxi company for negligent hiring and supervision of drivers.
Workers compensation exposures can be high due to the potential for injury from automobile accidents. Drivers, who work alone, often after dark, can be injured by altercations with passengers. 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. If welding is performed, tanks and gases must be handled properly and the operation must be separated from other operations by flash/welding curtains or performed in a separate room or building. 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.
Illinois Limousine Insurance - The Bottom Line
Work with your broker to to ensure that you're properly covered and get quotes for your IL limousine insurance based on your specific situation, risks, and risk tolerance.
Illinois Economic Data & Business Insurance Requirements
For moguls who are thinking about conducting business-related affairs in Illinois, it's important to have an understanding of the state's economic outlook. It's also a wise idea to familiarize yourself with the regulations regarding IL commercial insurance.
Here we provide some insight regarding the data that pertains to economy of Illinois. We also provide a brief overview about the types of commercial insurance coverage business owners are required to invest in, or should invest in, even if it isn't mandatory.
Business Economic Trends In The State Of Illinois
According to several reports that compile the economic data for each of the 50 states and compare that information to the national average, Illinois isn't in the best position. While there has been some improvement, the gains have only been slight. Income and employment rates have risen, and the housing market has increases; however, the gains in these areas have been minimal, especially when compared to the gains that other states have experienced.
While the unemployment rate has improved, falling to 4.8 percent in 2017 after it was stuck at a rate of almost 6 percent in 2016 and 2015, it appears that in reality, the IL labor force and employment gains are contradicting. In 2022, tens of thousands of people fell out of the state's labor force.
Looking to the future, it is predicted that while the employment rate in Illinois will grow, the rate at which it will grow will be much lower than the national average. Currently the projected annual job growth of the state is .5 percent. Following are some of the largest industries in IL.
- Service Industries
Illinois Commercial Insurance Regulations
The Illinois Department of Insurance regulates insurance in IL. Businesses are required to carry workers compensation insurance. Workers comp is mandatory for any business that employs either an hourly or a salaried workforce, even if that workforce is just one person. Organizations are also required to carry IL commercial auto insurance if they use vehicles for any business-related reasons, such as deliveries, transport, or client visits.
General liability insurance is not required, nor is commercial property insurance; however, it is a wise idea for companies to invest in this type of coverage, as it will safeguard from lawsuits or losses that their properties could sustain.
Additional Resources For Commercial Auto Insurance
Learn about small business commercial auto insurance which includes liability and physical damage protection for vehicles that are used for business purposes.
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- Big Rig Truck
- Bobtail Non-Trucking Liability
- Charter And Tour Bus
- Commercial Auto
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- Commercial Electric Vehicle Insurance
- Commercial Van
- DoorDash, GrubHub & Uber Eats Drivers
- Dump Truck
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- Household Goods Moving
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- What Are Commercial Auto Insurance Endorsements?
- What Does Commercial Auto Physical Damage Insurance Cover?
The person injured in an vehicle accident may be a child, a wage earning single parent, a brain surgeon, or even a homeless person. The costs of the accident may be relatively small or run into the millions of dollars, depending on the victim and his or her injuries. Do you have the assets to handle such costs?
Trucking operations in this chapter are among the most heavily regulated in the country. All are subject to multiple types of regulation including municipal, state and federal. The regulations are necessary because potential for severe property damage and/or bodily injury is extremely high.
All carry cargo that if not handled appropriately could have serious consequences to the cargo owner and/or the public at large. Those that carry people must prove that they keep their equipment in good condition and that employees operate in a safe, sober manner.
The insurance company pays amounts an insured is legally obligated to pay as damages because of bodily injury or property damage and certain types of pollution events covered by this insurance caused by an accident and resulting from ownership, maintenance or use of covered vehicles.
The obligation to pay is triggered only by accidental occurrences involving vehicles covered under the Business Auto Coverage Form. An eligible pollution event is covered only if it is connected to a covered bodily injury or property damage loss.
It is important that you have the proper Limit of Insurance to protect your operations. This limit is the most the insurance company pays for the total of all damages, including any covered pollution cost or expense resulting from any one covered accident, is the Covered Auto liability limit of insurance on the declarations.
This limit applies regardless of the number of insureds, autos covered, vehicles involved in an accident, premium paid, or number of claims made.
Minimum recommended small business insurance coverage: Building, Business Personal Property, Business Income and Extra Expense, Accounts Receivables, Computers, Motor Truck Cargo, Valuable Papers and Records, Employee Dishonesty, Money and Securities, General Liability, Employee Benefits, Umbrella, Motor Carriers Liability and Physical Damage, Hired and Non-owned Auto & Workers Compensation.
Other commercial insurance policies to consider: Earthquake, Flood, Mobile Equipment, Signs, Warehouse Operators' Legal Liability, Cyber Liability, Employment-related Practices, Environmental Impairment, Underground Storage Tank, Stop Gap Liability and International Coverages.
Request a free Illinois Limousine insurance quote in Addison, Algonquin, Alton, Arlington Heights, Aurora, Bartlett, Batavia, Belleville, Belvidere, Berwyn, Bloomingdale, Bloomington, Blue Island, Bolingbrook, Buffalo Grove, Burbank, Calumet, Carbondale, Carol Stream, Carpentersville, Champaign, Charleston, Chicago, Chicago Heights, Cicero town, Collinsville, Crest Hill, Crystal Lake, Danville, Darien, DeKalb, Decatur, Des Plaines, Dolton, Downers Grove, East Moline, East Peoria, East St. Louis, Edwardsville, Elgin, Elk Grove, Elmhurst, Elmwood Park, Evanston, Freeport, Galesburg, Geneva, Glen Ellyn, Glendale Heights, Glenview, Granite, Grayslake, Gurnee, Hanover Park, Harvey, Highland Park, Hoffman Estates, Homer Glen, Huntley, Joliet, Kankakee, Lake in the Hills, Lansing, Libertyville, Lisle, Lockport, Lombard, Loves Park, Machesney Park, Maywood, McHenry, Melrose Park, Moline, Morton Grove, Mount Prospect, Mundelein, Naperville, New Lenox, Niles, Normal town, North Chicago, Northbrook, O'Fallon, Oak Forest, Oak Lawn, Oak Park, Orland Park, Oswego, Palatine, Park Forest, Park Ridge, Pekin, Peoria, Plainfield, Quincy, Rock Island, Rockford, Rolling Meadows, Romeoville, Roselle, Round Lake Beach, Schaumburg, Skokie, South Elgin, South Holland, Springfield, St. Charles, Streamwood, Tinley Park, Urbana, Vernon Hills, Villa Park, Waukegan, West Chicago, Westmont, Wheaton, Wheeling, Wilmette, Woodridge, Woodstock, Zion and all other IL cities & Illinois counties near me in The Prairie State.
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