Indiana Limousine Insurance Policy Information
Indiana 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 Indiana limousine insurance, you can rest easy knowing that if something does go wrong, you'll be covered.
Indiana 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 Indiana 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 Indiana 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 Indiana 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.
IN Limo Insurance Requirements
If your limo company hires drivers, you will need to meet IN 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.
IN 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.
Indiana Limousine Insurance - The Bottom Line
Work with your broker to to ensure that you're properly covered and get quotes for your IN limousine insurance based on your specific situation, risks, and risk tolerance.
Indiana Economic Data And Business Insurance Regulations
There are many factors that lead to the success of a business; top on the list of importance is location. In order to thrive, it's essential for a business to be located in an area that offers a favorable economic climate. Regardless of how high-quality the products and services a company offers, if isn't located in an area that will benefit from those products and services, success is going to be a struggle. Furthermore, it's important for business owners to know what type of commercial insurance they are required to carry in the state they are operating in.
If you are thinking about starting a business in Indiana or expanding your existing company to the state, you'll want to familiarize yourself with its economics and commercial insurance requirements before you set up shop. Below, we provide an overview of economic trends and types of insurance coverage business owners need in The Hoosier State.
Economic Trends For Indiana Business Owners
As of January, 2022, the unemployment rate in the state of Indiana was 3.5 percent; .4 percent lower than the national average, which was 3.9 percent at the start of the year. The unemployment rate in The Hoosier State has been holding steady for more than five years, as it has been below the national average since 2014. It's expected that this rate will continue to be the norm for 2022 and the next few years.
All areas throughout the state of Indiana are favorable for business owners, as both urban and suburban areas offer suitable conditions. According to economists, the best areas to start a business in The Hoosier State include:
Several industries thrive in Indiana, but industries that are seeing the most growth in the state include:
- Auto manufacturing
- Information technology
- Life sciences
- Research and design
- Wholesale and retail services
Commercial Insurance Requirements In Indiana
The Indiana Department of Insurance (IDOI) regulates insurance in Indiana. Commercial insurance is vital for the success of a business, as it not only protects the owners and operators of the organization, but it also protects the customers and vendors that a company works with, as well as the employees that they rely on.
Commercial insurance provides coverage for certain risks that businesses face, ensuring that third-parties and employees have access to the funds needed in the event of an accident; it also prevents business owners from having to pay for damages and legal expenses in the event that a catastrophe occurs.
In Indiana, business owners in all industries are required to carry workers' compensation insurance. Depending on the nature of the industry, other forms of coverage may be required. For example, organizations that sell and distribute alcohol must carry liquor liability coverage, and companies that use vehicles in a work-related capacity must invest in commercial auto insurance.
The specific amount of coverage required for these policies depends on several factors, such as the size of the business, how many people it employs, and the specific nature of the operation.
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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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 Indiana Limousine insurance quote in Anderson, Angola, Auburn, Avon, Bargersville, Bedford, Beech Grove, Bloomington, Bluffton, Brazil, Brownsburg, Carmel, Cedar Lake, Charlestown, Chesterton, Clarksville, Columbia City, Columbus, Connersville, Crawfordsville, Crown Point, Danville, Dyer, East Chicago, Elkhart, Elwood, Evansville, Fishers, Fort Wayne, Frankfort, Franklin, Garrett, Gary, Goshen, Granger, Greencastle, Greenfield, Greensburg, Greenwood, Griffith, Hammond, Highland, Hobart, Huntertown, Huntington, Indianapolis, Jasper, Jeffersonville, Kendallville, Kokomo, La Porte, Lafayette, Lake Station, Lakes of the Four Seasons, Lawrence, Lebanon, Logansport, Lowell and Decatur, Madison, Marion, Martinsville, Merrillville, Michigan City, Mishawaka, Mooresville, Muncie, Munster, Nappanee, New Albany, New Castle, New Haven, Noblesville, North Vernon, Notre Dame, Peru, Plainfield, Plymouth, Portage, Princeton, Richmond, Schererville, Scottsburg, Sellersburg, Seymour, Shelbyville, South Bend, Speedway, St. John, Tell City, Terre Haute, Valparaiso, Vincennes, Wabash, Warsaw, Washington, West Lafayette, Westfield, Westville, Yorktown, Zionsville and all other IN cities & Indiana counties near me in The Hoosier State.
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