PROTECT your TRANSPORTATION business
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Specialized insurance to help you prevent serious loss
Shuttle businesses and anyone in the shuttle transportation industry have a lot of details to keep track of in the day-to-day operations of their business. Some shuttle services are offered as an add-on to other business services, such as a hotel or resort offering airport shuttle services. Other businesses operate shuttle services very much like standard taxicab services so that they can transport larger groups of people at once.
Whether you offer shuttle services in the hospitality industry or you operate a shuttle transportation service itself, your vehicles are critical components of your business’s success. Transportation industry insurance is one of the most critical investments you can make to ensure that your company does not suffer financial hardship if an accident arises with your shuttle or other transport vehicle. Here are the types of shuttle and transportation insurance you’ll need for the best protection:
Liability Insurance – Whether you’re buying shuttle insurance or not, you are required by law to carry liability insurance. Liability coverage protects other drivers when you cause an accident with your vehicle. If you are at fault for the accident, your liability insurance will pay for any physical injuries caused to other people, and it will pay to repair property that you’ve damaged.
- Bodily Injury - The bodily injury portion of your liability insurance coverage is meant to pay for the medical related expenses that arise for victims in an accident that you are at fault for. If your transport vehicle causes an auto accident and one or more people is physically harmed in that accident, your bodily injury coverage pays for the bills and expenses that arise. It pays for the cost of emergency medical transportation and care, hospital stays, rehabilitation expenses such as physical therapy, time off work, pain and suffering, and any other related expense that the primary care physician deems necessary.
- Property Damage – The property damages portion of your transportation insurance policy pays for the cost of repairing the other vehicles that were involved in the auto accident. If you or your shuttle transport driver is at fault for the accident and there are damages caused to other vehicles or property, the property damages portion of your coverage will pay to have the vehicles repaired or replaced if necessary.
Liability insurance is set up with limits of your choosing. You can select either a split limit policy or a single claim limit. Single claim limit policies pay up to one maximum dollar amount for all types of damages – whether bodily injury or property damages – per accident. A split limit policy sets separate maximum limits for the type of damages it pays for. One maximum is defined for an individual person’s bodily injuries, one maximum is set for total bodily injuries, and one maximum is set for property damages. Call one of our licensed representatives to discuss the best liability policy coverage for your transportation industry insurance needs.
For example, if you select a combined single limit liability insurance policy of $1,000,000, then your policy will pay up to that amount in total for each accident your transport vehicle has. It does not matter how much of that benefit goes towards bodily injury payments or how much goes towards property damages.
If you select a split limit policy however, it will show three numbers. For example, a liability policy of $50,000/$150,000/$75,000 defines how much the policy pays at a maximum for specific things. In this example, the policy will pay up to $50,000 for one individual person’s bodily injuries in one accident. It will also pay no more than $150,000 total for all bodily injuries of all people combined. And for property damages, it will pay no more than $75,000 per accident.
You select the policy details for your transportation insurance when you set up your business liability policy. You can select the type of policy – single limit or split limit – the benefit maximums and the policy deductible.
An insurance policy deductible is an amount of money that your company must pay out of pocket for each accident before the insurance policy will pay for injuries or damages. For instance, if you select a $1,500 deductible, then when your shuttle is at fault for an auto accident your company must pay the first $1,500 in damages. If there are additional expenses for bodily injuries or property damages, then your liability policy will pay for the amounts above your deductible.
Medical Payments – Medical payments insurance provides you with protection for your driver as well as all passengers who are in the vehicle at the time of an auto accident, regardless of who is at fault. When your shuttle or other transport vehicle is involved in an auto accident, this insurance pays for the medical bills that arise due to that accident. It is particularly useful insurance for shuttle and transport industries that may have multiple passengers on board most of the time. This insurance is not available in all areas however. Contact one of our licensed representatives and we’ll help you determine its availability for your transport company.
Physical Damage Insurance – Physical damages insurance protects your company vehicle directly. This is the most protection you can get to help prevent you from suffering the financial consequences and hardship that arise with specific types of risks, hazards and perils. If your shuttle or other transport vehicle is leased or not fully paid for, this insurance is particularly important to help protect you as fully as possible.
- Comprehensive Physical Damage Protection – Comprehensive damage protection provides you with shuttle insurance that covers you from losses that are not caused by a roll-over event or a collision. If your shuttle is stolen for example, comprehensive damages will pay for the replacement. If the transport vehicle is damaged in a hail storm, or by a crowd of enthusiastic party-goers, comprehensive damages pays for those repairs as well.
- Collision Protection – Collision damage protection is the transport insurance you need to pay for damages that are caused when your vehicle rolls-over or collides with another object. If, for example, your transport vehicle accidentally side swipes a business sign while turning into a parking lot, your collision damage protection will pay for the cost of repairs.
- Specified Peril (CAC) – Specified Peril insurance protects your vehicle from only those perils and hazards that are listed on your insurance policy. It’s also known as CAC, or Fire and Theft with Combined Additional Coverage.
Uninsured or Underinsured Motorist - Uninsured or underinsured motorist coverage is a must-have insurance for transportation industry vehicles, because despite laws in the United States of America there are still a percentage of drivers that do not carry liability coverage. Some drivers carry insurance but it is not enough to pay for the full extent of damages they cause to your shuttle, or injuries they cause to your driver and passengers.
By carrying this shuttle insurance for your company, you are making sure you’re fully covered just in case the driver at fault is not. When another driver causes an accident and is not insured, your coverage will pay for the injuries and damages inflicted on your vehicle and passengers. When the other driver is underinsured – meaning his insurance is not adequate enough to pay for all of the damages he caused – your coverage will make up for the difference.
- Bodily Injury - As covered with Liability Insurance.
- Property Damage - As covered with Liability Insurance.
- Collision Deductible Waiver (CDW) - Your basic liability coverage transportation insurance normally includes a deductible that you must pay out of pocket when your vehicle is involved in an auto accident. If you carry uninsured or underinsured motorist bodily injury coverage however, then you can get a collision deductible waiver so that you do not have to pay any of the expenses out of pocket when the accident is not your fault.
Other Important Commercial Auto Insurance for SHUTTLE includes:
- Rental – When your transport vehicle is disabled in an auto accident, this insurance pays for the expense of renting a temporary shuttle until yours is in operation again.
- Towing – If your shuttle is damaged extensively in an accident, it may need to be towed away to a repair location. Towing insurance pays for this added expense.
- Accessories (Ex: mileage meters, navigation units, radios) - Since transport vehicles and shuttles are frequently used to transport large groups of people, they are likely to have additional accessories installed or mounted. Communications radios help the driver stay in contact with the company dispatcher for example, while GPS units help the driver navigate in unfamiliar territory. When your vehicle is involved in an auto accident, these expensive devices can be damaged or destroyed as well. You can protect your company from suffering those losses by adding accessories coverage to your transport industry insurance policy.