Wyoming Car Rental Insurance Policy Information
Wyoming Car Rental Insurance. No matter the industry, if you're a business owner, having the right insurance coverage is vital to protect your operation from the unexpected.
When you own a business in an industry that's exposed to higher risks, such as a car rental company, investing in a comprehensive insurance coverage is even more crucial - and often, trying to determine what type of coverage you need is more complex.
Automobile rental operations may offer both short- and long-term rental and leasing of automobiles, recreational vehicles, small trucks, or trailers. Some offer vehicles or trailers, packing materials, dollies, and other lifting devices for customers to transport their own personal property.
Many rental companies have vehicle refueling and repair on premises, while others will contract these functions to others. Some rental car operations are housed in stand-alone facilities; others are housed near transportation hubs such as airports.
Services that may be offered include delivery of the rented vehicle to the customer or the pickup and transport of the customer to the rental facility.
Some rental agencies sell the vehicles that have reached a set mileage or usage to the general public while others sell to used car dealers or auto auctions.
If you're planning on establishing an auto renting business, you may be wondering what type of Wyoming car rental insurance you need.
Below, you'll find out why insurance is so important for your WY operation and what type of coverage you need to ensure your business is well protected.
Wyoming car rental insurance protects your auto renting business from lawsuits with rates as low as $87/mo. Get a fast quote and your certificate of insurance now.
Why Do Car Rental Operations Need Insurance?
Owners and operators of car rental companies face many of the same risks that business owners in all industries face; accidents, injuries, property damages, natural disasters, and lawsuits, for example.
In addition to these risks, WY car rental business owners also face many risks that are unique to their industry, such as damage to their fleet of vehicles, cyberattacks, and marketing errors.
In order for auto rental business owners and operators to properly protect their operation, their clients, their employees - and themselves - investing in comprehensive Wyoming car rental insurance policy that will cover all risks is essential.
What Type Of Insurance Do Car Rental Businesses' Need?
The specific type of Wyoming car rental insurance coverage car rental business owners and operators need depend on several factors; where their WY rental operation is located and the size of their business, for example.
Since needs vary, speaking with a reputable agent who specializes in Wyoming car rental insurance and has experience assisting auto rental businesses is highly recommended.
Below, you'll find a few examples of some of the different types of insurance policies that business owners in this industry will likely need to carry.
- Commercial general liability: All business owners need general liability coverage, including car rental business owners and operators. This coverage protects you from third-party property damage and bodily injury claims. For example, if a customer were to slip and fall while they were on your property, the accident resulted in an injury, and the customer filed a lawsuit against you, your commercial general liability coverage would help to pay for your legal expenses, as well as any compensation that a court may find you liable for.
- Commercial Property: Another policy that all business owners need, commercial property insurance protects your business from damages caused by acts of nature, theft, or vandalism. For instance, if your rental facility were damaged in a storm, this coverage would help to pay for any losses. Do note, however, that generally, commercial property insurance usually doesn't cover the damage or loss of commercial vehicles – your rental cars.
- Commercial Fleet Insurance: In order to protect your rental vehicles, you'll need to invest in commercial fleet insurance. This specialized policy offers liability protection that will cover the cost of lawsuits, medical payments, and physical damages that may be associated with your fleet of vehicles and/or the customers who rent them from you. For instance, if one of your rental vehicles were damaged in an accident, this policy would help to pay for the damages. Commercial fleet insurance can also include uninsured or underinsured motorist coverage, roadside assistance, comprehensive coverage, personal accident coverage, and personal effects coverage.
- Workers' Compensation: In order to protect your employees, you'll need a workers' compensation policy. This insurance covers the medical care and lost wages that your employees may experience in the event that they are involved in a work-related accident.
- Business Interruption Insurance: Investing in business interruption coverage is also highly recommended. In the event that your car rental business has to shut down for a period of time – it was damaged in a storm or a fire and you need to close down shop until the repairs are made – this policy will reimburse you for any income you may lose while you are unable to operate.
There are several types of Wyoming car rental insurance coverage that are needed. The specific type of coverage you'll require depends on a variety of factors; where your WY car rental is located, the size of the car rental, and the risk for storm damage in your area, for example.
WY Car Rental' Risks & Exposures
Commercial auto exposure is high due to the ongoing use of vehicles by renters, whose driving habits are unknown to the operation and who may not be familiar with driving conditions in the area where the vehicle is rented. The rental company should keep a copy of the renters' driver's license and proof of insurance.
The rental contract should identify all drivers and state that unlisted, unlicensed, or minor drivers are not permitted to operate the vehicle. It should also include a hold-harmless agreement in which renters agree to assume responsibility for the operation of the vehicle to limit the business's exposure to vicarious liability only. If a collision damage waiver is offered, the customer's signature is needed to document whether this was purchased or declined.
The customer should also be required to sign a vehicle pre-inspection form to minimize disputes when the vehicle is returned with damages. All employee drivers should have valid licenses and their MVRs regularly checked. Vehicles must be regularly maintained with records retained. If vehicles are furnished to employees, there should be written procedures for personal and permissive use.
Vehicles stored in open lots are particularly susceptible to damage by hail, wind, flood, vandalism, and theft. Lots should be well lighted with chains, fences or gates to prevent access and transport. An alarm system that reports directly to a central station or the police department should be used. Security guards may be appropriate in some areas.
Garagekeepers exposure is from damage that can occur to customers' vehicles left with the rental company while renting other vehicles. Keys to customers' vehicles should be kept in a locked box to prevent unauthorized use. Proper identification should be required to prevent handing a customer's car to the wrong owner.
Property exposure comes from office and garage operations. Electrical equipment and wiring should meet current codes and be well maintained. Flammables such as fuels, paints, lubricants, oils, degreasers, and solvents used in the refueling and repair operations must be properly labeled, separated, and stored away from combustibles. Spray painting should be done in spray booths with good ventilation, UL-approved wiring and fixtures, and adequate controls.
Any welding needs to be evaluated for proper handling of the tanks and gases. It should be done away from the other operations with either a separate room or flash/welding curtains. Smoking should be prohibited. Poor housekeeping is a serious fire hazard. Unless stored and disposed of properly, oily rags can spontaneously combust and cause a fire.
Vehicles are target items for thieves. Appropriate security controls must be taken including physical barriers such as chains, fences, or gates, lighting to deter access to the premises after hours, and an alarm system that reports directly to a central station or the police department.
Business income and extra expense exposures are high as replacement facilities may not be readily available.
Inland marine exposure comes from accounts receivables if the operation offers credit, computers to monitor rentals and vehicles, signs, and valuable papers and records for customers' information, vehicle titles, and maintenance records. Backup copies of all records, including computer records, should be made and stored off premises.
Crime exposures are from employee dishonesty and theft of money and securities. Background checks, including criminal history, should be performed on all employees handling money. Auto rental operations involve a number of transactions and accounts that can be manipulated.
There must be a separation of duties between persons handling deposits, billing, ordering, disbursements, and reconciling bank statements. Physical audits should be conducted at least annually. Theft of money and securities prevention requires controls of monies kept in the cash drawers and regular bank drops.
Premises liability exposureis high due to the number of visitors to the rental facilities. Customer waiting areas should be provided. Floor coverings should be in good condition with no frayed or worn spots on carpet and no cracks or holes in flooring. Steps and uneven floor surfaces should be prominently marked. Sufficient exits must be provided and be well marked, with backup lighting systems in case of power failure.
Employees who transport customers must be screened and trained to interact appropriately. Parking lots and sidewalks need to be in good repair with snow and ice removed, and generally level and free of exposure to slips and falls.
If the premises are open after dark, there should be adequate lighting and appropriate security for the area. There should be a disaster plan in place for unexpected emergencies. Vehicles in open lots can pose an attractive nuisance. Chains and fences should be in place to prevent entrance after hours.
Personal injury exposuresinclude allegations of discrimination, false arrest or detention, unauthorized or intrusive searches, or wrongful ejection from the premises.
Product liability exposures are high if used vehicles are sold directly to the general public. Check-off procedures should be in place.
Environmental impairment exposures can be significant due to the storage of fuel in underground fuel tanks and the disposal of used oils, solvents and other hazardous wastes from service and repair operations. All tanks and pipes, underground or above, must meet state or federal regulations and be routinely tested for leakage.
Spillage and leaking of pollutants into the air, ground, or water can result in high cleanup costs and fines. Spill procedures must be in place to prevent the accidental discharge of sludge from water reclamation systems used in washing vehicles.
Contracts should be in place to dispose of all environmentally dangerous chemicals. If there are underground storage tanks, a UST policy will be needed.
Workers compensation exposure in the office is minimal. Employees performing maintenance or repair work should be properly trained. Employees working in the garage can incur injuries from slips, falls, back sprains, strains and hernias, hearing impairment from noise, and foreign objects in the eye. Eye and ear protection should be provided.
Welders may suffer burns. Repair areas should be properly ventilated. Hoists need to be regularly inspected to prevent vehicles from falling off. The proper use of lifting techniques and of dollies should be encouraged.
Refueling should be done only in well-ventilated areas to minimize inhaling of fumes. Information regarding chemicals should be available to employees along with early warning signs of problems. Pickup and delivery of customers or vehicles can result in injury due to vehicular accidents.
Wyoming Car Rental Insurance - The Bottom Line
To find out more about the exact types of Wyoming car rental insurance policies you'll need, how much coverage your operation needs - speak with an experienced insurance broker who understands the unique risks of auto renting.
Wyoming Economic Data, Regulations And Limits On Commercial Insurance
Whether you are an established or a prospective business owner, the location you choose for your company is critical. If you want to achieve as much success as possible, the area needs to offer a healthy market that the goods and services you intend on offering will appeal to, otherwise there's a good chance that you won't garner the success you are hoping for.
Unemployment rate provides valuable insight about a state's economy. A lower unemployment rate indicates that there are more jobs available, and more jobs are available as a result of successful business operations in the area.
Additionally, knowing what industries are thriving in the state will allow you to determine if opening a business in your sector will be beneficial. Lastly, entrepreneurs should familiarize themselves with the kinds of commercial insurance policies they will need to invest in to protect their businesses and ensure they are operating within compliance of the laws.
If you're thinking about starting a business in Wyoming, read on for an overview of the state's economy and commercial insurance requirements so you can determine if the Equality State is the right location for your operation.
Economic Trends For Business Owners In Wyoming
According to the Bureau of Labor Statistics, the unemployment rate in Wyoming was 3.7%; just .02% of the national average of 3.5% at the same time. This rate of unemployment has remained relatively steady over the course of 2019, which is evidenced by the 3.6% rate in July, 2019, and the 3.7% rate in November.
Economists predict that the job rate will continue to remain steady or see a slight increase or decrease in the coming years.
If you are thinking about starting a business in the Equality State, the best locations include metropolitan regions and the areas that surround them. As with all states, urban areas offer larger markets, a larger workforce, and easier access to national distribution centers. With that said, some of the best places to start a business in Wyoming include:
- Rock Springs
- Salt Lake City
Several industries are thriving in WY, but the sectors that are seeing the largest boom include:
- Hospitality and tourism
- Mining and extraction
- Real estate
- State and local government
- Transportation and warehousing (logistics)
If you are considering opening a business in any of the above-mentioned areas, your chances of success in Wyoming are favorable.
Commercial Insurance Requirements In Wyoming
The Wyoming Department of Insurance regulates insurance in WY. Wyoming mandates very few forms of insurance coverage by law. They enforce worker's compensation.
Wyoming requires you to have worker's compensation insurance if you hire even one employee on a regular basis. This includes part-time employees, family members, minors, and immigrant employees. It is not required for independent contractors or domestic employees, though you should check to make sure any contractors you have are true contractors, and not employees.
Wyoming also requires all business-owned vehicles to be covered by commercial auto insurance. Other types of business insurance that business owners should carry depend on the specific industry.
Additional Resources For Auto Service & Repair Insurance
Read useful small business auto service and repair insurance policy information. In an aotu related business, you need to have the right type of commercial insurance coverage so that your garage, employees, and customers vehices & other property is protected.
- Auto Dealers
- Auto Detailing & Mobile Car Wash
- Auto Dismantlers
- Auto Garage
- Auto Glass Repair Shops
- Auto Paint Shops
- Auto Service Repair
- Auto Supply Parts Store
- Car Rental
- Car Wash
- Gas Station
- Motorcycle Dealers
- Parking Lot
- RV Dealers
- Snowmobile Dealers
- Truck Rental
- Used Car Dealer
There is a Auto Service Risks Program is an enhancement of the Commercial Package Policy that is available to certain Auto Service Operations.
Automobile repair shops and garages offer a wide variety of mechanical services, from engine repair to tune-ups. The operation may be stand-alone or be part of another business such as an automobile dealership or filling station.
Gasoline stations are normally limited to the dispensing of gasoline, kerosene, diesel or fuel oil with incidental sales of auto accessories and pre-packaged snack food items. Larger gasoline stations may offer other services, such as auto repair, retail sales of food or auto parts, snack bar or restaurant, propane tank exchange, towing, or baths and overnight lodging facilities for truckers.
Car washes provide facilities for cleaning automobiles and other motor vehicles. Some are drive-through with either partially or fully automated conveyance of the vehicle throughout the operation. Hand washing, waxing, or interior cleaning of the vehicle may be offered, with customers sent to a waiting area. Damage to the customers' vehicles is the primary exposure as machinery and washes can break antennas, pull off stripping, crack glass and damage tires.
The three basic types of risks that are contemplated by the Auto Service Risks Program include:
- Repair Shops - operations primarily engaged in auto repair. This includes shops that do body, fender, radiator, ignition service and paint work.
- Service Stations- operations primarily engaged in servicing autos. The sale and installation of auto accessories are a part of this category as long as major engine or bodywork is not performed. Car wash facilities are eligible.
- Storage garages and other parking places.
The following classifications are specifically listed as eligible: Automobile:
- Quick Lubrication Services
- Repair or Service Shops
- Repair Shops–Self Service
- Car Washes–self-service and full-service
- Convenience Food/Gasoline Stores–self-service, full-service and combined
- Gasoline Stations–self-service, full-service and combined
- Parking–public-open air and not open air
Automobile, motor home, mobile home, trailer, and motorcycle dealers are NOT eligible for this program.
Minimum recommended small business insurance coverage: Building, Business Personal Property, Business Income, Equipment Breakdown, Employee Dishonesty, Money and Securities, Accounts Receivable, Computers, Signs, Valuable Papers and Records, General Liability, Employee Benefits, Environmental Impairment, Underground Storage Tank Liability, Umbrella, Hired and Non-owned Auto & Workers Compensation.
Other commercial insurance policies to consider: Earthquake, Flood, Computer Fraud, Forgery, Goods in Transit, Cyber Liability, Employment-related Practices, Business Automobile Liability and Physical Damage, Garagekeepers and Stop Gap Liability.
Request a free Wyoming Car Rental insurance quote in Afton, Alpine, Alta and Wamsutter, Antelope Valley-Crestview, Arapahoe, Baggs, Bar Nunn, Basin, Bear River, Big Horn, Big Piney, Boulder Flats, Buffalo, Burlington, Byron, Casper, Casper Mountain, Cheyenne, Clearview Acres, Cody, Cokeville, Cowley, Dayton, Diamondville, Douglas, Dubois, Encampment, Ethete, Evanston, Evansville, Fort Washakie, Fox Farm-College, Freedom, Gillette, Glenrock, Green River, Greybull, Guernsey, Hanna, Hartrandt, Hoback, Hudson, Hulett, Jackson, James Town, Kemmerer, La Grange, Lander, Laramie, Lingle, Lovell, Lucerne, Lusk, Lyman, Marbleton, Meeteetse, Midwest, Mills, Moorcroft, Moose Wilson Road, Mountain View town, Newcastle, Nordic, North Rock Springs, Pine Bluffs, Pine Haven, Pinedale, Powell, Purple Sage, Rafter J Ranch, Ralston, Ranchester, Ranchettes, Rawlins, Red Butte, Reliance, Riverton, Rock Springs, Rolling Hills, Saratoga, Sheridan, Shoshoni, Sinclair, Sleepy Hollow, South Greeley, South Park, Star Valley Ranch, Story, Sundance, Thayne, Thermopolis, Torrington, Upton, Urie and La Barge, Vista West, Warren AFB, Wheatland, Wilson, Worland, Wright and all other WY cities & Wyoming counties near me in The Equality State.
Also find Wyoming insurance agents & brokers, WY local small businesses by General Liability Class Code and learn about Wyoming small business insurance requirements for general liability, business property, commercial auto & workers compensation including WY business insurance costs. Call us (307) 215-0090.