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Taxi and Livery Insurance in Illinois.
As the owner of a limo or taxi service in Illinois, you have many sets of responsibilities when it comes to livery insurance. First, you must protect your own financial interests. Next, you must consider your employees’ best interests. Finally, you need to consider what your customers have at risk.
Taxi / Livery Commercial Auto Insurance
The first and most obvious coverage that you’ll need for your limo service is commercial auto insurance coverage. This will provide protection for damages to your fleet as well as bodily injury and property damage to your customers and other individuals who could be negatively impacted by your limos or drivers.
Taxi & Livery Insurance Requirements in Illinois
When reviewing an insurance policy or quote, it is important to verify the correct amounts of coverage exist. When registering your taxi or livery vehicle in the state of Illinois, proof of coverage is requested by the state.
In the state of Illinois, minimum limits of insurance for taxi / livery drivers are:
- Liability per person — $250,000
- Liability Limit per accident — $250,000
- Property Damage — $50,000
- Liability Combined Single Limit — $300,000
The state verifies the correct insurance coverage exists by requesting a Certificate of Insurance.
Shown above in the sample, a certificate of insurance is a single page document that verifies the insured, address, agency, company, dates of coverage, policy number, coverage limits, etc. Typically, Illinois will request that the “Secretary of State” is listed as certificate holder.
A certificate of insurance is generated by your insurance company or agent upon issuance of your taxi or livery insurance policy. In most cases, a copy is also mailed to the state of Illinois.
Taxi and Livery Insurance Optional Coverages
In the state of Illinois, all vehicles must carry liability insurance coverage. But, in most cases, additional coverage need to be considered by taxi or limo operators.
Commercial Property Insurance
One important coverage you’ll want to consider in order to protect the business property you have at your office or storefront. Commercial property insurance can pay for losses of both the building and the contents within as well as certain outside structures.
It’s important to note that commercial property insurance does not cover flood damage so you’ll need to secure that policy separately if you are at risk.
Additional Liability Coverage
There are a few different types of liability coverage a limo service should consider. General liability insurance covers any lawsuit that your business faces from its client’s, including for false advertising and slander.
For even higher coverage limits, you can consider a commercial umbrella insurance policy, which adds an additional limit to all of your underlying liability policies.
In order to protect yourself and your employees you’ll also want workers compensation insurance to pay for the medical expenses and lost wages of employees who are injured on the job.
For additional protection you can secure employment practices liability insurance, which will cover you from lawsuits and judgments awarded for certain unintentional and inappropriate employment practices.
Livery and Taxi Insurance Cost
The cost of livery or taxi insurance varies and is based on many specific details. Some of these factors include:
- Location and radius of operations
- Livery / Taxi drivers motor vehicle record
- Vehicle type including year, make and model
- The type and limits of coverage
Livery and taxi insurance rates may also vary depending on whether you choose to buy your policy through a broker, an agent or directly through an insurance company. It’s important to have a policy that both fits your budget and provides adequate protection.
Taxi / Livery Insurance Quotes
It has never been more inportant for a taxi or limo driver to carefully assess coverage and premium in their insurance policy. Call today to speak with a licensed insurance agent who can help answer your questions and guide you through a taxi and livery insurance quote that meets your business needs.
In many cases, great discounts do exist. Call an agent at Insured ASAP today at (708) 233-4848 for a quick, easy insurance quote.
