Business car insurance if you operate a bus is the right choice
We covered business auto insurance just on Tuesday, today, we get back with a very special case: bus-iness business insurance. But let’s start with a short story:
If you’ve ever been to Minneapolis, MN, you may have noticed what looked like tables riding down the streets. These are called “pedal pubs” and have become popular over the years with locals and tourists alike. They are essentially bars on wheels that are operated by a sober pedal pub driver but powered by pedaling drinkers. For anyone looking to get around the city and visit a few bars safely, this is a great option and makes for a fun night out. The city realized the opportunity for revenue and tourist attraction and made an exception four years ago for the pedal pubs regarding open alcohol containers. Now, Minneapolis City Hall is trying to impose more regulations on the pedal pubs.
This includes a proposal that all pedal pubs must be licensed, which includes a $59 per driver free as well as a $98 per vehicle fee. Another proposal is that they need to rest their feet by 10 pm, which seems early for the Friday night drinker. Minneapolis is also requiring that pedal pubs carry at least $2 million in insurance. While the 10 pm rule seems a little extreme, it might make sense for the owners of the pedal pubs to have a little bit more insurance. Running any business means an increased risk of liability but if you add alcohol to the mix, it could develop into a cocktail of disaster. Shaken not stirred.
Party On!
While pedal pubs are a pretty new development, the infamous party bus has been around for a long time. And it’s actually a great idea. It helps to keep drunken drivers off the road, ensuring other driver’s safety. A sober driver makes sure everyone arrives to and departs from their destination safely. But hauling around a bunch of people drinking alcohol can cost you when it comes to insurance but it’s a necessity. You want to protect yourself and your patrons.
The Types of Bus-iness Insurance – Commercial Insurance For Your Bus
When you go to buy commercial insurance for your bus, the standards of the policy
are going to be very similar to a personal auto policy. Before you buy your policy, be sure to check state minimums. The requirement will likely vary by state and will also depend on what you’re using your bus or van for. Your party bus might have different limits than a cement mixer truck or an ice cream van because you all have very different businesses and they each come with their own set of risks.
When you buy your policy, you should know that several factors are going to influence your policy price. Commercial insurance can be more expensive than your personal policy but things like the personal driving record of all your drivers, the number of miles you drive and if you transporting anything will be very important information. Make sure that you provide your insurance agent with accurate and complete information. You don’t want to forget a driver and then receive your insurance quote only to have to go back and get your premiums raised.
Liability Insurance
Once you know your state minimums, ask your insurance agent what other things you should add to your policy. It’s always a good idea to go above and beyond the state limits because even though that’s the bar they set, it normally won’t provide the coverage amounts you need in case something happens. Sometimes people that are drinking can get rowdy or may not be able to maintain their balance. If they destroy part of your head rest or bang their knee when your bus comes to a stop, your liability insurance is going to help cover you if they try to make a claim or you need to fix your seat.
Your insurance company can help you determine what is going to be the best amount of commercial liability insurance. Liability insurance is going to cover any kind of property damage or bodily injury claim. For buses, it is usually offered in two forms: combined single limit or split limit. With a combined single limit, you will have one pool of coverage for both bodily injury as well as property damage. A single limit splits the two areas and each has their own amount of coverage. Both can provide a good amount of coverage but it’s important to make sure your per person limit is adequate.
Full Coverage
Be sure you also have collision and comprehensive coverage as well as underinsured and uninsured motorist policies. Collision will have you covered in the event of an accident and comprehensive will help cover claims that are a result of theft, vandalism, natural disasters, and other things that can’t be helped. If you own a large company that specializes in party buses or any other kind of transportation, you might want to see if fleet insurance will work for you. Normally it’s not recommended for businesses with less than 25 commercial vehicles. If you meet that requirement, it might be a cheaper way to insure your buses rather than trying to do it individually.
Hit the Road
It may not be easy to find insurance, especially if you are trying to insure a party bus. Some companies don’t want to even take the risk and will deny you from the get-go. Don’t be discouraged and just be sure to do your research. There are some companies that specialize in insuring various busses and vans and can offer you more than standard policy. They might can offer things such as garage keeps liability insurance and combine all your business insurance needs into one policy. Many insurers will provide discounts if you hold multiple policies with them. Be sure to shop around to find a few options and then call an insurance agent. The individual attention you receive is going to be a great help when choosing your policy and if you ever have any questions, you know you will have someone to call.
