Insurance for Vehicle Rental Businesses
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What Insurance Do Vehicle Rental Businesses Need?
Product Liability insurance covers your business if you need to recall one of your products. It covers your costs for retrieving the defective product from the manufacturer or seller to prevent any further bodily injury or property damage.
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.
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.
Business Owners Policy (BOP) protects you from business liability and property damage at a lower cost. BOP covers claims resulting from fire, theft & disasters. BOP also covers claims of bodily injury or property damage during your business operations.
Frequently Asked Questions
Why do Vehicle Rental Businesses need insurance?
This industry consists of establishments that rent passenger cars for a short time. Drivers are not provided.
Whether you're starting a business or you've been in the business for quite some time, you need insurance for your vehicle rental business. There are events that could eventually destroy your business when you don't have enough coverage. These events could be disastrous and what's worse is that you can almost never see them coming. The best way to protect your business is to have a damage control plan in place, and insurance can help with that.
What risks do Vehicle Rental Businesses face?
Below are the common risks vehicle rental businesses can face:
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A rental vehicle that you own has been stolen and left abandoned in the middle of nowhere. The vehicle is barely usable as the hood has been damaged, the side mirrors stolen, there aren't any tires left, and the seats were stolen.
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Your customer is involved in a crash in a vehicle they rented from your business, and they complain that the crash was caused by the vehicle being faulty and that they have suffered injuries as a result. They sue your business and want to reclaim damages.
How much does insurance for Vehicle Rental Businesses cost?
There is no fixed amount of insurance for a vehicle rental business as it relies on various criteria to get the exact cost. The cost is often dependent upon the size of the business, the number of employees you have, and the coverage required. To find out the cost of insurance for your business, simply apply online and we'll send your free quote in minutes.