The Specialty Automobiles, Trucks And Recreational Vehicles Insurance Guide
Automobiles, Trucks And Recreational Vehicles Insurance. This guide provides information on excess, surplus and specialty lines small business insurance policies and risks.
Here you can find basic descriptions of the specific industry risks or specialty coverage types available for Automobiles, Trucks And Recreational Vehicles Insurance.
For certain types of small businesses, particularly new ones - it is often very hard to know what types of commercial insurance is needed, what the risks are that should be covered - and where to find coverage.
We wanted to provide reference for specialty commercial insurance to help our readers get a better understanding of Automobiles, Trucks And Recreational Vehicles Insurance policies they might need to do business.
Learn about Specialty Automobiles, Trucks And Recreational Vehicles Insurance to better understand common risks, exposures and the types of commercial insurance coverage available to protect your small business and it's operations.
Automobiles, Trucks And Recreational Vehicles Insurance Types
Click on the links below to learn more about Specialty Automobiles, Trucks And Recreational Vehicles Insurance types and coverages:
- All-Terrain Vehicles Insurance
- Antique And Classic Automobiles Insurance
- Armored Car Services Insurance
- Auto Dismantlers And Auto Recyclers Insurance
- Auto Service Centers Insurance
- Automatic Car Wash Services Insurance
- Automobile And Snowmobile Racing Liability Insurance
- Automobile And Truck Rental Insurance
- Automobile Dealers Insurance
- Automobile Excess Liability Insurance
- Automobile Insurance Plans Excess Liability Insurance
- Automobile Leasing Contingent Liability Insurance
- Automobile Leasing Contingent Physical Damage Insurance
- Automobile Nonstandard Liability Insurance
- Automobile Nonstandard Physical Damage Insurance
- Automobile Physical Damage Insurance For Kits, Replicas And Custom Cars
- Automobile Repossessors Liability Insurance
- Automobiles - Sport and High Performance Cars Insurance
- Bobtail Or Deadheading Liability Insurance
- Bus Conversion Insurance
- Bus Insurance
- Campers And Camper Vans Insurance
- Charter Buses Insurance
- Coal Trucks Physical Damage Insurance
- Commercial Autos - Miscellaneous And Special Purpose Insurance
- Customized Vans Insurance
- Hunting And Fishing Clubs Insurance
- Drag Strip Liability Insurance
- Driveaway Collision Insurance
- Driving School Insurance
- Dump Truck Insurance
- Electric And Hybrid Vehicles Insurance
- GAP Insurance
- Garage Liability Insurance
- Garagekeepers Legal Liability Insurance
- Garbage And Waste Haulers Insurance
- Golf Carts And Low Speed Vehicles Insurance
- Hazardous Material Haulers Insurance
- Limousine Services Insurance
- Livestock Haulers Insurance
- Long Haul Trucking Insurance
- Manufactured Home Haulers Insurance
- Mexico Insurance Coverage
- Motor Home Insurance
- Motor Truck Cargo Insurance
- Non-Owner Car Insurance
- Residual Value Insurance
- Rideshare Auto Insurance
- Sand And Gravel Haulers Insurance
- Single Interest Insurance
- Snowmobile - Commercial And Rental Operations Insurance
- Taxicab Insurance
- Tow Away Insurance
- Tow Truck Insurance
- Transportation Brokers - Contingent Cargo Insurance
- Trailer Rental Operations Insurance
- Truck Servicing Operations Insurance
- Truckers Occupational Accident / Workers Compensation Insurance
- Trucking Operations Insurance
- Valet Parking Operations Insurance
- Vanpool Operators Insurance
What Type Of Insurance Do All-Terrain Vehicles Need?
Most homeowners policies provide some limited liability for all-terrain vehicles (ATVs). Owned vehicles coverage is restricted to use only while on the named insured's premises. However, it is becoming common for even the on-premises coverage to be significantly limited. The standard market's interest in covering these vehicles is decreasing as their popularity and losses associated with them increases.
What Type Of Insurance Do Antique And Classic Automobiles Need?
Restoring, caring for, and maintaining older automobiles is a popular pastime for Americans of all ages. These vehicles may be extremely valuable, depending on the model, age, and availability. In many cases, the expense the owner incurs to restore the vehicle is equal to or exceeds its actual value. An antique automobile is usually defined as a private passenger-type motor vehicle 45 or more years of age. A classic car must be more than 20 years old and also be a distinctive type of car. Antique and classic automobiles must be maintained for use in exhibitions, club activities, parades, and other functions of public interest and used only occasionally for other purposes. The vehicle cannot be used primarily to transport passengers or goods. Liability rates are usually much lower than manual automobile liability rates. Physical damage coverage is written on a stated amount basis. The coverages usually provided include liability, comprehensive, and collision.
What Type Of Insurance Do Armored Car Services Need?
Insurance coverage on armored car services is difficult to place because of the hazardous nature of their operations and the services provided. Pick-up and delivery of money and securities, gold bullion, and other precious metals and valuables expose both the vehicle and its drivers and attendants to significant losses. The cargo that armored car services carry is valuable and difficult to underwrite and insure.
What Type Of Insurance Do Auto Dismantlers And Auto Recyclers Need?
Auto dismantlers and recyclers purchase automobiles that are at the end of their useful lives. Usable parts are removed by hand and sold as used auto parts. Some salvaged parts are reconditioned or repaired and sold over the counter in store operations. Once all salvageable parts have been removed, cars are crushed and sold to scrap dealers. Insurance coverages available include commercial property, general liability, automobile, crime, inland marine, and umbrella liability. Workers compensation can be a significant problem because of the crusher exposure.
What Type Of Insurance Do Auto Service Centers Need?
Operations that service automobiles include body repair, tire stores, quick lube oil operations, and muffler installers. All have pollution and completed operations exposures. Above ground and underground storage tank pollution, damage to customers' vehicles and employee injuries are all areas that must be covered.
What Type Of Insurance Do Automatic Car Wash Services Need?
Automatic car washes are a convenience available to motor vehicle owners. They may be part of an automobile service station or a stand-alone operation. Some markets offer a complete package of coverages, including property, general liability, business income, and crime, or they may provide these coverages separately. Property damage to customer vehicles coverage may be available subject to a significant per-vehicle deductible.
What Is Automobile And Snowmobile Racing Liability Insurance?
Automobile racing events attract large crowds. This coverage protects the insured track or road course owner and/or the sponsors that conduct the event against spectator's claims brought because of injuries sustained at the track or road course. Three potential hazards are grandstands or bleachers that collapse; contact with racing vehicles; and contact with debris from an accident on the track or road course. This coverage does not apply to claims by participant drivers or owners of racing vehicles. This coverage is also available for race tracks and road courses that specialize in recreational vehicle racing, such as motorcycles and snowmobiles.
What Is Automobile And Truck Rental Insurance?
Insurance for automobile and truck agencies that rent vehicles on a daily basis can be difficult to place. Although the term "daily" is used, these agencies can rent vehicles for up to six months at a time. These businesses cannot be underwritten in the traditional way because the driver (the number-one cause of accidents) is an unknown. The types of vehicles rented, qualification requirements for drivers, prior loss experience, and underlying insurance requirements in the rental contracts must be examined carefully when writing this class.
What Type Of Insurance Do Automobile Dealers Need?
A number of package policies for franchised automobile dealers have been developed and are readily available. They usually provide property, auto dealers' premises and operations liability, garagekeepers insurance, and dealers' physical damage coverages. Loss of business income, employee tools, and other optional coverages are also available.
What Is Automobile Excess Liability Insurance?
Automobile excess liability insurance is available to drivers who cannot obtain more than the minimum liability insurance limits needed to satisfy the financial responsibility requirements in their state because of age, occupation, vehicle use, or driving record. It is also available to drivers in assigned risk plans.
What Is Automobile Insurance Plans Excess Liability Insurance?
This is excess bodily injury and property damage liability limits over the basic automobile liability insurance coverage limits provided by state-specific Automobile Insurance Plans (AIPs). Optional medical expense coverage and uninsured motorists coverage is also available. The premium charged is based on the primary policy premium.
What Is Automobile Insurance Plans Physical Damage?
This is physical damage coverage for automobiles placed in a state specific Auto Insurance Plan or Assigned Risk Plan for liability coverage. Some states provide physical damage within the plan but others do not.
What Is Automobile Leasing Contingent Liability Insurance?
Automobile leasing companies require that lessees provide liability coverage on the leased vehicles. The leasing company purchases this coverage to protect its own interests just in case a lessee does not purchase the required coverage.
What Is Automobile Leasing Contingent Physical Damage Insurance?
Automobile leasing companies require that lessees provide physical damage coverage on the leased vehicles. The leasing company purchases this coverage to protect its own interests just in case the lessee does not purchase the required coverage.
What Is Automobile Nonstandard Liability Insurance?
Many motorists find obtaining automobile liability insurance with standard carriers at regular rates difficult or impossible because of their age, occupation, driving habits, moral habits, and other issues. The nonstandard market provides coverage to these drivers at surcharged rates usually based on the insured's accident and driving violation conviction record. The insurance company considers a number of factors when it decides whether or not to write this coverage in a given state or locality.
What Is Automobile Nonstandard Physical Damage Insurance?
Motorists who cannot find comprehensive and collision insurance coverages with standard markets at regular rates must obtain them through nonstandard markets at surcharged rates. The same companies that offer nonstandard liability coverage often also offer physical damage coverage. Physical damage coverage on high-powered sports cars, automobiles equipped for racing, specially equipped automobiles, and automobiles with fiberglass bodies is especially hard to place.
What Is Automobile Physical Damage Insurance For Kits, Replicas And Custom Cars?
Auto physical damage insurance is available for cars built by their owners or by others on the owner's behalf. Some of these are "replicars," which are replicas of antique and classic autos constructed from kits. All of these vehicles tend to need high physical damage values so substantial deductibles may be required.
What Is Automobile Repossessors Liability Insurance?
Businesses that repossess automobiles have difficult liability exposures and require expert handling. General liability, especially personal and advertising injury liability, is required to cover the operations exposure. In addition, auto liability for tow truck operations is required. Drive-away coverage is needed to cover the liability exposure on the vehicle being repossessed and garagekeepers legal liability is needed to cover vehicles while in the insured's care, custody, and control.
What Type Of Insurance Do Automobiles - Sport and High Performance Cars Need?
Automobile manufacturers design some very sophisticated and high-powered automobiles for customers who use them for everyday driving and transportation with a possibility of weekend racing. At one time most road racing or drag racing enthusiasts custom-built their own performance cars from stock models using custom racing equipment. These drivers were also usually very experienced racing enthusiasts and knew how to handle such cars. The introduction of high-powered vehicles to non-racing drivers can be deadly to both the driver and others because they lack training and do not understand the vehicle's power. Standard markets often decline to insure these vehicles.
What Is Bobtail Or Deadheading Liability Insurance?
Independent truckers who operate their owned vehicles under a lease agreement with a trucking firm are insured under that firm's liability coverage but only when they operate within the lease's terms. The trucker who bobtails (operates a tractor without a trailer) or deadheads (operates a tractor with an empty trailer) needs its own liability protection when the tractor is operated outside that trucking firm's authority.
What Type Of Insurance Do Bus Conversions Need?
Musicians, entertainers, sports teams, youth groups, church groups, and businesses that travel from one city to another to promote their products invest large sums of money to convert buses to meet their own specific needs. Insurers provide the tailor-made insurance coverages for such converted vehicles while on the highway and at designated stops. Unique furnishings and accessories are written on a stated value basis and stylized interiors, comfortable lounging, eating and sleeping facilities, and computerized communication equipment can also be insured. Insurers that specialize in insuring buses, recreational vehicles, and motor homes are usually also markets for the customized physical damage and liability coverages that match these customers' needs.
What Type Of Insurance Do Buses Need?
Liability and physical damage coverage for buses is rated under the public automobile section in automobile rating manuals. This class of business is often difficult to place through standard markets. Underwriting considerations include the number of passengers that can be carried, annual mileage, and the bus's use. Examples are intracity, airport, hotel, resort, and school buses. Most states require minimum mandatory financial responsibility limits based on the number of passengers carried.
What Type Of Insurance Do Campers And Camper Vans Need?
These recreational vehicles range from low-cost, fold-down, fabric-topped campers and camping trailers to campers mounted on pickup trucks, to large units commonly referred to as fifth wheels. Some carriers insure such units under private passenger auto policies. Others issue specifically designed recreational vehicle policies that package liability, comprehensive, and collision coverages and offer options such as vacation expense allowance, vendors single interest, incidental rental, and optional personal effects coverage. Policies similar to motor home coverage usually insure self-propelled camper vans and large truck-mounted campers.
What Type Of Insurance Do Charter Buses Need?
Charter buses take groups of persons to destinations, special events, and to and from hotels or meeting places to events scheduled for the group. This classification also includes sightseeing and tour buses. Some underwriters provide only physical damage coverage on the bus fleet. Others offer broader coverage that includes liability, passenger liability, hired auto, and employers' non-ownership liability. Coverage is available to comply with federal laws and Federal Motor Carrier Safety Administration (FMCSA) requirements and is subject to specific limits per vehicle and per terminal. Deductible options and reporting plans are usually available.
What Is Coal Trucks Physical Damage Insurance?
This class of commercial automobile business is especially difficult to place because these trucks are large, very heavy, and travel on narrow, unimproved, and winding roads in difficult terrain.
What Type Of Insurance Do Commercial Autos - Miscellaneous And Special Purpose Need?
Liability and physical damage coverage on commercial automobiles rated in the miscellaneous section of commercial automobile rating manuals is more difficult to place than coverage on standard vehicles. Examples of miscellaneous vehicles are logging vehicles, municipal service vehicles, fire department apparatus, ambulances, police department autos, mobile units, snowmobiles, and certain types of construction equipment.
What Type Of Insurance Do Customized Vans Need?
Van customizing is done both inside and outside a van. Internal changes may include carpeting, insulation, bars, television receivers, or cooking and sleeping facilities. External changes may include height-extending roofs, custom murals, paintings, or decals. The vehicle's owner or companies that specialize in such work may do the customizing. Most personal and commercial auto policies do not cover such customized features, equipment, and furnishings.
What Is Drag Strip Liability Insurance?
Large crowds usually attend national drag racing championship races and other drag racing events held at various locations across the country. The same markets that insure spectator liability at automobile racetracks often write the liability coverage for these events as well. Underwriters require strict specific safety precautions and both guardrails and high fences to protect spectators from drag cars that go out of control.
What Is Driveaway Collision Insurance Coverage?
Auto dealership coverage forms limit collision coverage for covered autos to only autos that are driven or transported up to only 50 miles from the point purchase/distribution to their final destination. This coverage deletes the 50-mile radius requirement. This coverage is written on a reporting basis. Coverage applies based on complete information about the vehicle and the start and end points of the transportation.
What Type Of Insurance Do Driving Schools Need?
Auto driving schools are difficult risks to place. In addition to the auto liability exposure to others with an inexperienced driver behind the wheel, the workers compensation loss potential to instructors; automobile-related injuries to student drivers; and physical damage to the instruction vehicle must be considered.
What Type Of Insurance Do Dump Trucks Need?
Physical damage and liability coverages for commercial trucking companies or independent owners of dump trucks used to haul sand, stone, aggregate, coal, and refuse are often difficult to place. The loss potential increases when the vehicles are not kept in good repair and/or are used on narrow winding roads with steep inclines. Vehicles are rated according to use, size, distance traveled, and original cost. Loss history and management controls are very important to underwriters.
What Type Of Insurance Do Electric And Hybrid Vehicles Need?
Electric and hybrid vehicles were developed because of increasing concerns over effects of traditional, fossil-fueled vehicles on the global environment. Electric and hybrid vehicles operate either solely on a battery system or on a combination system where a gas engine engages when the vehicle reaches a certain speed (typically over 45 mph). Standard markets were initially reluctant to cover these new types of vehicles. The insurance-related concerns are the high expense and vulnerability of their battery/electrical systems, hazardous clean-up concerns, and more frequent vehicle/pedestrian/bicyclist accidents because these vehicles make little noise.
What Is GAP Insurance?
The difference between a vehicle's depreciated value and the amount still owed on a lease or purchase agreement can be significant, especially at the beginning of a long-term agreement. GAP insurance pays that difference between these two amounts so that the loan or lease can be paid in full if the car is damaged or stolen.
What Is Garage Liability Insurance
Garage repair and service operations have significant automobile liability and general liability exposures. They also have a care, custody, and control obligation for customers' automobiles left in their care. Environmental liability exposures are a concern, as are any towing operations.
What Is Garagekeepers Legal Liability Insurance?
Garagekeepers legal liability insurance provides physical damage coverage on autos the insured accepts for safekeeping, storage, service, or repair. Coverage can be written on a specified perils basis that covers fire, explosion, theft, riot, civil commotion, and vandalism, or on a comprehensive basis. Collision coverage is also available. Coverage can be written as primary or excess and can be direct coverage or legal liability only.
What Type Of Insurance Do Garbage And Waste Haulers Need?
Underwriters consider this class of business to be undesirable for auto coverage. Waste and garbage haulers' hazardous or infectious waste picked up from commercial or residential customers may pollute or contaminate land, water, or air. In addition, their large trucks can cause serious bodily injury and property damage because they operate on residential streets and have significant blind spots.
What Type Of Insurance Do Golf Carts And Low Speed Vehicles Need?
As golf struggles to maintain its popularity, it may envy the significant growth in other functions for golf and utility carts. Golf carts no longer are just single-dimensional transportation for golfers. They have become multi-use vehicles for travel on certain public roads, in retirement and gated communities, marinas, and other areas with restricted access. Some states even permit them to be used on public streets. This increased usage is introducing insurance-related concerns. Golf carts used strictly as golf carts are easily insured under a homeowner's policy by endorsement. On the other hand, golf carts capable of higher speeds and equipped with additional features are considered either street-legal carts or low speed vehicles that must be insured separately, like automobiles. Such carts and LSVs are also called Neighborhood Electric Vehicles (NEVs).
What Type Of Insurance Do Hazardous Material Haulers Need?
Coverage is available for businesses that transport hazardous materials. The Motor Carrier Coverage Form is normally used to cover auto liability and physical damage. General liability coverage may be modified to offer some pollution coverage and the MCS-90 endorsement is available for hazardous materials carried under the Motor Carrier Act.
What Type Of Insurance Do Limousine Services Need?
Limousine services are growing in popularity and use, especially in or near urban areas and airports. These operations vary in size from individual owner/operators to large fleets of limousines, some of which are equipped for special purposes. Some operate in only one city and shuttle air travelers back and forth from the city or hotels to the airport. Others operate for special purposes, such as for weddings, proms, to escort executives from place to place, or as a party vehicle when clients visit various nightclubs or sporting events. These services usually furnish high-value limousines, such as Cadillacs, Lincolns, Rolls-Royces, or unique vehicles such as stretch SUVs. Coverage applies to commercial automobile liability and physical damage to the limousines on a stated amount basis, subject to a deductible.
What Type Of Insurance Do Livestock Haulers Need?
It may be difficult to place coverage on truckers that transport livestock from farms to feedlots or the marketplace. Special precautions are necessary to assure that the animals have enough room and ventilation to survive long trips. Additional care is needed with respect to loading and unloading.
What Type Of Insurance Do Long Haul Truckers Insurance Need?
Long haul truckers are distinguished from other trucking businesses by their radius of operations. Long haul usually means more than 200 miles from the garaging location. Auto liability and physical damage coverages are available through insurers that specialize in the trucking business. Long haul operators usually transport freight over the road in tractor-trailer units or heavy trucks capable of carrying heavy loads. ISO or independently filed rates apply to territorial zones based on the operator's principal garaging zone and the most distant destination's zone. Fleet operations involve five or more vehicles and are distinguished from non-fleet operations for rating purposes. Coverage on bobtail operations and trailer interchange agreements may also be arranged. Motor truck cargo is another important coverage.
What Type Of Insurance Do Manufactured Home Haulers Need?
Manufactured home haulers are a greater risk on the highway than most other types of trucks because of the oversized loads they haul from manufacturers to home sites. As a safety precaution, these vehicles are usually preceded and followed by smaller ""chase"" vehicles with warning signs to inform other drivers of the oversized load. However, this precaution alone does not guarantee that the load will not shift or upset because of steep hills, curves, high winds, and/or rain.
What Is Mexico Insurance Coverage?
Commercial and personal lines automobile policies do not cover any Mexican exposures. Therefore, tourists and workers who drive, fly, or cruise into Mexico must purchase automobile insurance from Mexican insurers if they plan on driving an owned or non-owned vehicle in Mexico. Policies can be purchased in border towns in California, Texas, Arizona and New Mexico from legally authorized agents of licensed Mexican insurance companies. Policies are written for the length of time to be spent in Mexico and provide liability, physical damage, and medical expense coverages. This coverage is being written to an increasing extent on commercial businesses operated by American corporations and on trucking risks that carry cargo between the United States and Mexican cities.
What Type Of Insurance Do Motor Homes Need?
A motor home is a self-propelled land motor vehicle, designed and constructed to provide facilities for cooking and sleeping. Physical damage coverage extends to accessories, permanently attached equipment, and personal effects kept in the motor home. Bodily injury and property damage liability, medical payments coverage, comprehensive, and collision (subject to specified deductibles), uninsured motorists protection, and vacation expense allowance coverage are part of the package.
What Is Motor Truck Cargo Insurance?
This insurance covers cargo being hauled for risks of physical loss or damage. Cargo with low values that travels up to intermediate distances is relatively easy to place and is written freely. However, insurance on larger trucks that carry more expensive merchandise or hazardous cargo over long distances may be available from only underwriting specialists. Commodities that are difficult to place include high-valued breeding animals, bullion, money, precious metals, securities, fine arts and jewelry, cotton, eggs in shells, explosives, mobile homes, hazardous materials, race horses, and show animals.
What Is Non-Owner Car Insurance?
Many individuals are choosing to not purchase a vehicle. Instead, they use a car-sharing service, frequently rent vehicles or borrow a car. Some individuals who have been convicted of a DUI or other violation may also be required to purchase non-owner insurance as a condition of getting their license reinstated. The coverage is liability and, in some states, uninsured motorist/underinsured motorist coverage. Physical damage coverage is not offered.
What Is Residual Value Insurance?
This program covers the lessor against unexpected declines in the market value of leased property and vehicles when the lease agreement ends. obiles are the property most often covered but other types of property can also be covered. The insurance company agrees to purchase the leased property at the end of the lease for a predetermined amount. The lender insures the portion of the property not used, the residual value, through an insurance company.
What Is Rideshare Auto Insurance?
Many personal lines auto carriers do not provide coverage for any auto whose driver is signed onto an app and is ready to accept passengers for a fee. The driver needs physical damage and bodily injury coverage during this gap period even though some limited bodily injury is being provided by the company that operates the rideshare app.
What Type Of Insurance Do Sand And Gravel Haulers Need?
It is often difficult to place auto liability and physical damage insurance for commercial trucking companies or independent owners of trucks that haul sand, gravel, aggregate, or ore. These trucks often operate in areas of the country where roads are narrow and winding. Heavy loads of sand, dirt, ore, gravel, and rock add considerable weight to the truck. These vehicles can suddenly go out of control, especially if they are not well maintained. Vehicles are rated according to use, size, distance traveled, and the equipment's original cost.
What Is Single Interest Insurance?
This coverage protects financial institutions, such as banks, savings and loans, finance companies, and credit unions against financial loss that results from physical damage to property on which they have made loans. Coverage applies only if the borrower does not have the required physical damage insurance. It is also known as force-placed coverage. Examples of the types of property covered are autos, pickup trucks and vans, recreational vehicles, watercraft, mobile homes, motorcycles, farm equipment, and household goods. Coverage is written on a blanket basis where the insured reports the number of outstanding loans and loan volume each month. The amount that may be recovered may not exceed the amount owed on the property at the time of the claim.
What Type Of Insurance Do Snowmobile - Commercial And Rental Operations Need?
Owners and operators of winter resort areas, dealers, and snowmobile trail operators in northern states where operating snowmobiles is popular generate considerable revenue from renting snowmobiles to individuals for recreational purposes. Liability and physical damage insurance may be provided on rented units. Insurers usually require lessees to sign a hold harmless agreement in which they assume liability for any passengers riding on the snowmobile or for other persons permitted to operate it. Snowmobile racing, derbies, safaris, and rallies are very popular and are sponsored by local snowmobile clubs. Liability insurance is available to cover the sponsor's responsibilities to spectators and other parties at these special events. Commercial businesses and governmental entities that use snowmobiles can be covered as can those operations that provide snowmobile livery services.
>What Type Of Insurance Do Taxicabs Need?
Taxicabs have significant automobile liability and workers compensation exposures that can be very difficult to place in the standard market. However, several insurers specialize in insuring taxicabs on a fleet or individual risk basis.
What Is Tow Away Insurance Coverage?
Trailers can be cargo that a motor carrier transports from a point of destination to a dealership. As with all cargo, they are subject to a bill of lading. When the method of transport is a motor carrier towing the trailer with a truck or tractor, this coverage is available. Recreational vehicles, cargo trailers and livestock trailers are examples of trailers that may be transported in this manner. The coverage provided is solely for the benefit of the motor carrier. Liability, physical damage and/or cargo coverages are available.
What Type Of Insurance Do Tow Trucks Need?
Tow truck operations are considered a good class of business for specialty commercial automobile carriers. Automobile liability and physical damage coverage is available for operators who have only one or two trucks as well as operations that have large fleets. A major underwriting concern involves towed vehicles that become unhooked from the tow truck and cause property damage to parked or passing vehicles, fixed property, and possibly pedestrians. The best operations employ experienced operators. Operations that use tow trucks to repossess autos are underwritten carefully.
What Is Transportation Brokers - Contingent Cargo Insurance?
This is an "all risk type" coverage designed to insure cargo while in the custody of the motor truck carrier used by the insured transportation broker. It includes warehouse-to-warehouse coverage and applies when the motor truck carrier cannot pay the shipper for its cargo loss because its insurance was cancelled, the insurance company denied the claim, or the limits of insurance were inadequate. It usually warrants that the transportation broker will keep a valid motor truck cargo policy in its office for any vehicle brokered by the insured.
What Type Of Insurance Do Travel Trailer Rental Operations Need?
Insurance companies that specialize in motor home and other recreational vehicle insurance also write insurance on travel trailer rentals. Trailers can be rented for a day, a weekend, or a week (or be leased for longer periods). Coverage applies while the trailer is on the road and at the camp site. Physical damage coverage applies to the vehicle's value and any accessories rented with it. The party who rents the travel trailer pays the premium for the coverage, but a master policy is issued to the dealer or rental agency.
What Type Of Insurance Do Truck Servicing Operations Need?
These operations are much larger versions of repair garages. Their exposures are also much larger because a mistake made in repairing a truck's brakes or other operating parts have consequences that could damage multiple vehicles, large bridges, or overpasses. Property, commercial general liability, workers compensation, and umbrella liability should be mandatory coverages. Garagekeepers coverage is also needed for the care, custody, and control exposures of these operations.
What Is Truckers Occupational Accident / Workers Compensation Insurance?
This coverage is sold through trucking companies and covers the owners/operators who contract with them. The trucking company passes the premiums on to the insured truckers. Certain states require that trucking companies provide workers compensation for their contracted drivers and the carriers that provide the occupational accident coverage may provide that mandatory coverage.
What Type Of Insurance Do Trucking Operations Need?
Auto liability and physical damage coverages are available through insurers that specialize in the trucking business. Truckers transport freight for others over the road in tractor-trailer units or trucks that can carry heavy loads. Coverage on bobtail operations and trailer interchange agreements can also be arranged. Motor truck cargo is another important coverage.
What Type Of Insurance Do Valet Parking Operations Need?
Hospitals, restaurants, country clubs, hotels, museums, and individuals contract with valet parking services as a courtesy for their guests. Guests stop at a marked valet station, give the vehicle's key to the attendant, and receive a ticket. The valet parks the vehicle in the appropriate area. When the guest returns, presents the ticket, and pays the parking fee, the valet retrieves the vehicle and returns it to the guest. Additional services such as automobile detailing and shuttle services may also be provided.
What Is Vanpool Operators Need?
Getting employees to and from their jobs can be a major problem for certain employers. Many of them hire vanpool operators who transport employees for a fee. The vanpool operations are independent contractors who provide the service for a fee under a written contract. The contract for services is between the employer and the vanpool operator, not with the employees being transported. The major exposure is automobile liability and physical damage.
Automobiles, Trucks And Recreational Vehicles Insurance - The Bottom Line
We hope that the Automobiles, Trucks And Recreational Vehicles Insurance helps you to better understand the some of the specialty small business commercial insurance policies available for your business. To find out what types of coverage your unique business needs, speak to a professional commercial broker with experience in insuring businesses like yours.
Specialty Small Business Insurance Guide By Industry, Risk Or Policy Type
- Accident And Sickness / AD&D
- Aircraft And Airports
- Amusement Parks And Rides
- Animals And Birds
- Arts And Antiques
- Auctions And Farmers Markets
- Automobiles, Trucks And Recreational Vehicles
- Business Risks
- Clubs And Leisure Time Activities
- Community Service Organizations
- Dealers And Distributors
- Directors And Officers Liability
- Drugs And Alcohol
- Employee Protection
- Environmental Risks
- Errors And Omissions
- Farm Risks
- Financial Institutions And Services
- Firearm And Shooting
- Food And Restaurants
- Hazardous Materials
- Health Risks
- Hotels And Motels
- Inland Marine
- Insurance Services
- Machinery And Tools
- Medical Centers And Clinics
- Medical Malpractice
- Mobile And Modular Homes
- Motorcycle Risks
- Natural Disasters
- Nonprofit Agencies
- Oil And Chemical
- Physical Damage
- Prize Indemnification
- Product Liability
- Real Estate
- Retail Stores
- Schools And Education
- Security Risks And Equipment
- Service Businesses
- Sports And Hobbies
- Substandard Risks
- Weather Related
- Workers Comp
Types Of Small Business Insurance - Requirements & Regulations
Perhaps you have the next great idea for a product or service that you know will appeal to your local area. If you've got a business, you've got risks. Unexpected events and lawsuits can wipe out a business quickly, wasting all the time and money you've invested.
Operating a business is challenging enough without having to worry about suffering a significant financial loss due to unforeseen and unplanned circumstances. Small business insurance can protect your company from some of the more common losses experienced by business owners, such as property damage, business interruption, theft, liability, and employee injury.
Purchasing the appropriate commercial insurance coverage can make the difference between going out of business after a loss or recovering with minimal business interruption and financial impairment to your company's operations.
Insurance is so important to proper business function that both federal governments and state governments require companies to carry certain types. Thus, being properly insured also helps you protect your company by protecting it from government fines and penalties.
Small Business Insurance Information
In the business world, there are many risks faced by company's every day. The best way that business owners can protect themselves from these perils is by carrying the right insurance coverage.
The The National Association of Insurance Commissioners (NAIC) is the U.S. standard-setting and regulatory support organization. Through the NAIC, state insurance regulators establish standards and best practices, conduct peer review, and coordinate their regulatory oversight.
Commercial insurance is particularly important for small business owners, as they stand to lose a lot more. Should a situation arise - a lawsuit, property damage, theft, etc. - small business owners could end up facing serious financial turmoil.
According to the SBA, having the right insurance plan in place can help you avoid major pitfalls. Your business insurance should offer coverage for all of your assets. It should also include liability and casual coverage.
Types Of Small Business Insurance
Choosing the right type of coverage is absolutely vital. You've got plenty of options. Some you'll need. Some you won't. You should know what's available. Once you look over your options you'll need to conduct a thorough risk assessment. As you evaluate each type of insurance, ask yourself:
- What type of business am I running?
- What are common risks associated with this industry?
- Does this type of insurance cover a situation that could feasibly arise during the normal course of doing business?
- Does my state require me to carry this type of insurance?
- Does my lender or do any of my investors require me to carry this type of policy?
A licensed insurance agent or broker in your state can help you determine what kinds of coverages are prudent for your business types. If you find one licensed to sell multiple policies from multiple companies (independent agents) that person can often help you get the best insurance rates, too. Following is some information on some of the most common small business insurance policies:
|Business Insurance Policy Type||What Is Covered?|
|General Liability Insurance||What is covered under commercial general liability insurance? It steps in to pay claims when you lose a lawsuit with an injured customer, employee, or vendor. The injury could be physical, or it could be a financial loss based on advertising practices.|
|Workers Compensation Insurance||What is covered under workers compensation insurance? This type of insurance protects a business and its owner(s) from claims by employees who suffer a work-related injury, illness or disease. Workers comp typically provides the injured employee with benefits to cover medical expenses, a portion of his/her lost wages, rehabilitation costs if applicable, and permanent partial or permanent total disability.|
|Product Liability Insurance||What is covered under product liability insurance? I pays an injured party's settlement or lawsuit claim arising from a defective product. These are usually caused by design defects, manufacturing defects, or a failure to provide adequate warning or instructions as to how to safely use the product.|
|Commercial Property Insurance||What is covered under business property insurance? General liability policies don't cover damages to your business property. That's what commercial property insurance is for. It protects all of the physical parts of your business: your building, your inventory, and your equipment, giving you the funds you need to replace them in the event of a disaster. If you work from home, you might consider a Home Based Business Insurance policy instead.|
|Business Owners Policy (BOP)||What is covered under a business owners policy (BOP)? This is a policy designed for small, low-risk businesses. It simplifies the basic insurance purchase process by combining general liability policies with business income and commercial property insurance.|
|Commercial Auto Insurance||What is covered under business auto insurance? This type of insurance covers automobiles being used for business purposes. This could include a fleet of business-only vehicles or a single company car. In some cases it might cover your car or your employee's car while they're being used for business. These policies have much higher limits, ensuring you can cover your costs if one of these vehicles gets into an accident.|
|Commercial Umbrella Policies||What is covered under commercial umbrella insurance? This type of policy is a sort of "gap" insurance. It covers your liability in the event that a court verdict or settlement exceeds your general liability policy limits.|
|Liquor Liability Insurance||What is covered under liquor liability insurance? It covers bodily injury or property damage caused by an intoxicated person who was served liquor by the policy holder.|
|Professional Liability (Errors & Omissions)||What is covered under professional liability insurance? This type of business insurance is also known as malpractice oe E&O. It covers the damages that can arise from major mistakes, especially in high-stakes professions where mistakes can be devastating.|
|Surety Bond||What is covered under surety bonds? Bonding is a contract where one party, the SURETY (who assures the obligee that the principal can perform the task), guarantees the performance of certain obligations of a second party, the PRINCIPAL (the contractor or business who will perform the contractual obligation), to a third party, the OBLIGEE (the project owner who is the recipient of an obligation).|
Who Needs General Liability Insurance? - Virtually every business. A single lawsuit or settlement could bankrupt your business five times over. You might also need this policy to win business. Many companies and government agencies won't do business with your company until you can produce proof that you've obtained one of these policies.
Business Insurance Required by Law
If you have any employees most states will require you to carry worker's compensation and unemployment insurance. Some states require you to insure yourself even if you are the only employee working in the business.
Your insurance agent can help you check applicable state laws so you can bring your business into compliance.
Other Types Of Small Business Insurance
There are dozens of other, more specialized forms of small business insurance capable of covering specific problems and risks. These forms of insurance include:
- Business Interruption Insurance
- Commercial Flood Insurance
- Contractor's Insurance
- Cyber Liability
- Data Breach
- Directors and Officers
- Employment Practices Liability
- Environmental or Pollution Liability
- Management Liability
- Sexual Misconduct Liability
Whether you need any or all of these policies will depend on the results of your risk assessment. For example, you probably don't need an environmental or pollution policy if you're running an IT company out of a leased office, but you would need data breach and cyber liability policies to fully protect your business.
Also learn about small business insurance requirements for general liability, business property, commercial auto & workers compensation including small business commercial insurance costs. Call us (855) 767-7828.