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When your business relies on driving, you’re open to a world of risk. Your clients depend on you to drive safely, but accidents happen and you can’t control everyone else on the road. In the event of an accident, you could be faced with significant financial loss if you don’t have the right protection. If you have a livery business, you must consider a comprehensive livery insurance to make sure you’re covered.
What is livery insurance?
Also known as for-hire livery insurance, it is a form of commercial auto insurance designed specifically for commercial vehicles that are used to generate revenue by transporting people. To narrow it down further, a livery service is one in which the transportation is scheduled ahead of time or occurs on a scheduled route—like a bus. Therefore, if your business only transports people incidentally, such as a hotel shuttle, you most likely won’t need this coverage. This coverage also doesn’t apply to vehicles for hire that are driven by your customer.
What’s the difference between livery and auto insurance?
Livery and auto insurance share a few key differences. In the case of commercial auto insurance, the company at large often holds the policy to cover their vehicles. For instance, if you drive a taxi, you may believe you’re fully covered under the company’s commercial auto policy. However, that may only cover their liability and not your own or the costs of damages to your vehicle. The same applies if you’re a rideshare driver. Damages to your personal vehicle may not be covered by the rideshare company’s insurance, and you most likely won’t be covered by your personal auto insurance either since you were using the vehicle for commercial purposes.
Livery insurance and taxis.
The type of taxi service you offer may determine whether your business needs livery coverage or not. If you operate a traditional taxi business, where customers hail caps at the moment, your insurance needs may differ. If your taxi service offers pre-scheduled pick-ups and transportation, you most likely will need some form of livery insurance coverage. Taxi insurance as part of your livery insurance can also cover vehicles that may not be considered traditional taxis, such as airport shuttles or sightseeing tour buses.
Livery insurance and limousines.
People love to splurge and travel in style every once in a while. Black car and limousines services usually involve pre-arranged transportation in a luxury vehicle with a specific pick-up and drop-off location and time. If you offer a black car or limousine transport service, you’ll most likely need livery insurance to cover your business.
Livery insurance and non-emergency medical transportation.
Select insurance carriers will offer livery insurance coverage for non-emergency medical transportation (NEMT). These companies offer pre-arranged transport to medical treatment appointments for those who have difficulty traveling to them. For instance, a medical shuttle service that picks riders up from a senior home and takes them to their doctor’s appointments would most likely need livery coverage.
Livery insurance and rideshares.
The popularity of rideshare services like Uber and Lyft has risen exponentially over the past few years thanks to their convenience and the availability of drivers. However, your basic personal auto insurance most likely won’t cover the use of your vehicle for rideshare purposes. This specialized coverage protects your vehicle for commercial uses and may extend the limits of your liability coverage. The specifics of your policy will depend on your needs as a rideshare driver.
The nitty-gritty of insurance for livery services.
Livery insurance requirements vary by the location of your business, sometimes down to the city you operate in. This can also help determine the cost of your coverage. Insurers calculate your premiums using factors like the city and state in which you operate, your previous driving record, vehicle use, and coverage needs. When all is said and done, you should walk away with a livery insurance plan that meets your state’s requirements and offers you the protection your business needs.
Are you ready to learn more about specialized coverage for livery businesses? Contact us today to discuss your insurance options.
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