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Livery Insurance

Livery insurance is a specialized policy designed to protect businesses that generate revenue through livery services. It covers you in case one of your drivers inflicts physical damage and bodily injury to a third-party. Although the insurance falls under commercial auto insurance, they differ. A standard commercial auto policy covers your vehicle when used for business purposes such as transporting your employees. However, your auto policy might not cover your auto if used for livery services. It depends on your policy coverage and the policy provider. Nevertheless, livery insurance covers you explicitly from losses during for-hire services.<br><br>Click here to learn more: https://quotezebra.com/livery-insurance/

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Livery Insurance

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  1. Livery Insurance Hitch a ride to risk-free zone

  2. Livery Insurance Livery Insurance covers the risks of business that generate revenue by transporting people. Here, we will learn about: • Business that requires livery insurance • Specific livery business risk • Livery insurance coverage and exclusions • Factors that influence livery insurance premium

  3. Who needs livery insurance? • Limousine services • Taxi services • Rideshare services • Non-emergency medical transportation (NEMT) services

  4. What coverages do livery insurance provide?

  5. Commercial General Liability Insurance (CGLI) • Provides coverage for bodily injury or property damage. •  CGLI indemnifies financial losses as a result of physical damage, if you are at fault. • It includes cost of transportation, medical bills, follow-ups, and funeral expenses. • Pays to repair or restore third- party property damage

  6. Uninsured/ Underinsured Motorist • Motorist without auto insurance coverage is termed as uninsured motorist. • UM/UIM is mandatory for limo service providers in most states. • This coverage includes: • Bodily injury • Property damage • Collision deductible waiver (If uninsured/ underinsured motorist is at fault, your insurance deductible is waived)

  7. Employment Practices Liability Insurance (EPLI) • Protects against claims made by your employees • Common employee claims includes- wrongful termination, discrimination, and sexual harassment • EPLI provides expenses for- •  Legal defense • Claim settlement • Attorney's fees

  8. What are some additional coverages? You can consider the following endorsements: • Coverage for expensive equipment installed in the vehicle • Combined Additional Coverage (CAC) to get coverage for specified peril • Towing services, if necessary

  9. What does livery insurance policy exclude? Livery insurance policy does not cover if- • Theft occurred as a result of your negligence. For instance, leaving keys in the car, keeping the windows open is not considered as perils. • An accident happens when you use the vehicle for purpose not listed as your job • You use your vehicle outside your area of operation

  10. What determines the cost of livery insurance? • Types of business • Area of operation  • Limits and deductibles • Location • Accident history • Types of vehicles • Business experience

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