Insurance for Bus Transportation
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What Insurance Do Bus Transportation Need?
Commercial Auto Insurance covers your cars, trucks, and vans used in your business. It covers the costs from vehicle damage in collisions, theft, vandalism and weather damage. It also covers medical expenses for to injured parties.
Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!
General Liability Insurance protects your small business against claims of third-party bodily injury and property damage, reputational harm and advertising injury. It covers medical bills, repair costs & legal fees.
Umbrella Policy adds an extra layer of protection to professionals if a serious event or cumulative claims exhaust your current polcy limits. It also covers you for events that would otherwise be excluded from your other policies.
Frequently Asked Questions
Why do Bus Transportation businesses need insurance?
Establishments in this industry cover two key areas: mass and commuter transit, and for-hire charter bus services. Businesses include city bus services and other commuter bus services covering local and suburban transportation, and charter bus services that transport locally, regionally or nationally. This industry includes bus services with regular, scheduled routes between cities and states.
Bus Transportation needs insurance because it can protect your business finances from defending against claims and lawsuits that are not only costly but very time-consuming. Without insurance, the payments for the claims and lawsuits could be taken out of your business finances and potentially lead to bankruptcy.
What risks do Bus Transportation businesses face?
The most common risk a Bus Transportation business faces is accidents. Accidents that can be extremely costly to your business since you are transporting a lot of people. People involved in an accident could sue your business when medical compensation is not considered enough. Property damage from the accident, possible collision damage from other vehicles and the cost to repair or replace the vehicles. Without insurance, all these expenses come out of your pocket.
How much does insurance cost for Bus Transportation?
There is no average insurance cost for Bus Transportation, but consider some of these sample scenarios:
- General Liability insurance might cost $500 per year.
- Business Owners (BOP) Policy could cost $1000 per year.
The average total business insurance cost for your business is around $1500 per year.