Whenever you budget the expenses of your business, scooter rental companies insurance must be high on the list because you can’t always know exactly what is going to happen in the future.
Need General Liability Insurance for Your Scooter Rental Companies
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With the protection provided by general insurance and all the other kinds of insurance we will tell you about, you can protect your business and yourself in case something unforeseen happens.
Like any business owner, for your scooter rental companies enterprise, you must consider how much financial liability you are taking on.
If your scooter rental companies business runs without proper insurance, you are taking an enormous chance not just of losing some money but of a complete wipe-out.
This is because the laws in every state are very strict in enforcing liability on the owners of businesses for the consequences of their actions.
In this article, we are giving very general guidelines for small businesses to explain what the main kinds of insurance that you need are, and where we can, a rough guide to how much you can expect to pay.
The question is, can you afford to NOT have insurance for your scooter rental companies business?
What this means, for any scooter rental companies business owner, is that if some person claims that your business caused them some physical or economic damage, a court can award damages far beyond the total size of your business.
Your scooter rental companies business is not harbored by laws in the same way as states are, where laws can place a “cap” on the maximum level of liability.
In some states, like Texas, there are specific monetary levels that limit the amount a court can award in any case against the state.
In a court case, it’s purely the duty of the jury to award whatever amount they deem appropriate, even sometimes giving a plaintiff more than they have sued for.
When you are running your scooter rental companies operations, you can’t avoid responsibility for the consequences of your actions.
Even more importantly, unless you have spent in advance the money necessary to have your business running as a limited liability company, all of that liability belongs to you as an individual.
What does scooter rental companies insurance protect you from?
For your scooter rental companies business, the most important kinds of insurance are designed to cover the risks to your business from accidents, from unexpected events, and from mistakes.
Also there are some official kinds of insurance that various states require.
In the next few paragraphs, we will explain the most important points any scooter rental companies business owner should remember when negotiating the insurance needed.
The main types of insurance for your scooter rental companies businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any scooter rental companies business is dealing directly with other people, and that means you generally have the danger that some accident can happen to them themselves or else something of theirs can be spoiled.
In such a case, they can sue you for compensation.
General liability insurance policy for your scooter rental companies business covers you against claims coming from injury to visitors or damage to their property.
It protects your scooter rental companies business from the claims themselves and as well to any associated court costs and legal fees of the lawsuits.
In many cases, it will even help you to qualify for extra business from city and state organizations, where contracts demand proper liability insurance.
The normal level of general liability insurance for your scooter rental companies business would be with a upper limit of $1 million for a single event and a total of $2 million for the whole year.
See the table in the costing section below for average prices of general liability insurance for your scooter rental companies insurance operations.
Professional liability insurance for your scooter rental companies business
In the event where a buyer alleges some negligence, errors, or omissions in how you conducted your scooter rental companies business for them, you can quickly have to fight a law suit.
Even if the lawsuit against you is decided in your favor, the cost of defense can be large, and the impact on your reputation can be damaging.
Every small scooter rental companies business should have enough professional liability insurance to cover a once-off claim of $25,000, with annual cover of $50,000.
See the table in the cost of scooter rental companies insurance section below for average prices of professional liability insurance for your scooter rental companies operations.
Product liability insurance
Whatever goods you sell or advice you give about the goods, you are running a risk that customers may claim that what they received didn’t meet your description of function, or that your advice was basically incorrect.
You need to be aware of the explicit laws of product liability in your own state.
For example, in California, all businesses in the supply chain can be held culpable for damages caused by products claimed to be defective.
To cover yourself against any likely lawsuit, you need Product liability insurance for scooter rental companies
Only you can estimate exactly how much insurance you need.
Best advice is to consult with experienced insurance agents, brokers or company representatives for guidance.
Commercial vehicle insurance for your scooter rental companies business
Take care! – practically all policies for private vehicle insurance do not cover any event like theft or accidental damage when the car is being used for business purposes.
The proper way to make sure that your vehicle is insured for both its own value, and the valuable contents, is by taking out a proper commercial vehicle insurance package.
Commercial truck policies cover the value of any vehicle in case of accident, malicious damage, fire, or theft.
As well, in case of any accident, the van itself, the content and any legal bills, medical expenses, and property damage is insured if your truck is involved in a collision.
Most states, other than Virginia and New Hampshire, insist on this type of insurance.
The necessary value of the insurance is worked-out for the depreciated value of the vehicle, and your requested level of cover of contents.
Tools and Equipment insurance
Since your scooter rental companies business needs specialized and expensive equipment, you can appreciate how much it can cost to replace it in case of any damage, loss, or theft.
The equipment may be subject to malicious damage, deliberate fire, theft, other such unforeseen acts.
Also, acts of nature like lightning strikes, hurricanes, earthquakes, and other highly damaging natural events can eliminate your whole business in one stroke.
Unless you can afford to immediately replace such specialized gear quickly out of your own pocket, you need full-level equipment insurance so that you can immediately buy any equipment needed to keep your scooter rental companies business running.
It is impossible to advise how much equipment insurance you need – it’s really dependent on how much you have invested in your scooter rental companies business’ equipment.
Commercial Property insurance
Any scooter rental companies business that owns or rents space in a building should have a commercial property insurance policy.
If you own the space, you certainly have a substantial capital investment, along with a big liability if there’s a mortgage.
Your physical building location needs to carry insurance coverage for the value of the premises and contents against unexpected occurrences like fire and storms, and against deliberate damages like theft and vandalism.
If your scooter rental companies business works in areas of high risk, like Florida or North Carolina, extra coverage may be needed for earthquakes and hurricanes or tornadoes.
In other states like Illinois, where intense cold snaps can cause damage to outer coverings of scooter rental companies business premises, there is a need for more extra cover than in warmer climes.
Because the level of cover depends entirely on the value of the property, it’s not possible to say what cover your need, but we have been able in the table in the cost of scooter rental companies insurance section below to give some indication of the average prices per million dollars of property insurance for your scooter rental companies business.
Temporary insurance by month, week or day for your scooter rental companies business
Is your scooter rental companies business working part-time or casually, or is the level of business seasonal?
Using short-term insurance makes perfect sense. Business insurance by the month, day, or week – temporary insurance for scooter rental companies – are special policies where you can cover a designated period when you want to be covered.
By only paying for that period of cover, you will save by having reduced premiums but still having adequate risk cover.
The important feature of short-term insurance is that you pay for the cover for a defined period – a designated date, or a week or month starting on a specific date, for example for 30 days beginning on the specified date.
When you are expecting periods of larger business activity, get the existing cover raised.
Talk to your insurance agent, broker or the company’s representatives to see what options you have.
Business Owners Policy BOP for your scooter rental companies business
You have the option to combine most of the important kinds of small business insurance in one policy that is known as the business owner’s policy – BOP.
A BOP integrates commercial property and public liability insurance by packaging these coverages into one insurance policy, which can save you money.
BOP insurance will cover you if any claims of injury or property damage are made.
It is frequently the right choice for small and medium-sized scooter rental companies businesses, such as yours.
There are two limits that will dictate whether BOP is suitable for your own business.
BOPs will not cover your professional liability or commercial vehicle policies.
Also, the size of your business will determine whether you are permitted to take out BOP cover.
The usual business that is allowed to take a BOP policy must have less than one hundred employees, and not more than five million dollars in annual revenue.
As well, you must separately take out the necessary worker’s compensation, health and disability insurance as determined for your state.
Workers Compensation insurance for your scooter rental companies business employees
In most states, it is mandatory to have workers compensation insurance when your scooter rental companies business has one or more employees.
Workers compensation insurance covers the business against any costs that arise if any hired hand experiences an injury or becomes sick as a result of work.
The benefits cover medical expenses, death benefits, lost wages, and vocational rehabilitation.
Failure to meet a state’s laws in this regard can leave you as the employer required to pay penalties levied by the states.
Some states, such as North Dakota, Ohio, Washington, West Virginia, and Wyoming only allow coverage from the government-run monopoly state funds.
In these states, you cannot get your workers compensation obligations from private insurance providers.
Workers compensation charges are computed based on the employee’s pay, and usually come out at around $1.00 per $100 per month.
However, you must refer to the relevant authorities in your state.
Average costs of these types of insurance
Although every scooter rental companies insurance need is unique, there are enough examples of average quotes from insurance companies for us to give approximate guidelines, including what are the cheapest rates offered.
Of course, you should always check with an insurance representative what’s relevant for your business.
The list below is of annual premiums we have gathered for the main types of insurance your scooter rental companies businesses needs.
|Types of insurance||Price range|
|Commercial vehicle insurance||$1875 – $3315|
|General liability insurance||$750 – $1030|
|Equipment insurance||$305 – $1470|
|Product liability insurance||$340 – $745|
|Public liability insurance||$365 – $700|
|Commercial insurance||$1080 – $2410|
Cost of insurance for your scooter rental companies operations depends on many different factors.
We have calculated these figures for small independent scooter rental companies businesses.
In larger states like California, premiums are generally about 20%-30% higher than national averages, while in smaller states like Utah, they can be about 20%-30% cheaper.
The location and size and type of your scooter rental companies business can have a big effect on the cost of different policies.
You should discuss with professional insurance agents and brokers, or insurance company representatives.
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Also you can let the internet do the work for you by looking for insurance companies near where your business is located.
Another reliable source of information is the local Better Business Bureau in your suburb.
What is small business insurance for scooter rental companies operations?
This is an umbrella term used to describe common insurance policies designed to protect scooter rental companies business owners from risks like bodily injury, property damage, claims of negligence.
Does my scooter rental companies business have to have insurance?
Some of the types of insurance are not mandatory for you to open your business, but they can protect you from risks in your business operations.
Some other forms are required by state law, such as workers compensation and vehicle insurance.
What does a small scooter rental companies business insurance policy cover?
Liability insurance provides coverage against lawsuits or claims filed by a third-party for bodily injury, property damage, or negligence.
The precise cover will vary based on your own operations.
See the table in the costing section above for average prices of the recommended policies for scooter rental companies insurance.
How much will scooter rental companies business insurance cost?
As well as the size of the business, some other factors, such as location and claims history, are used to determine your policy’s cost.
You should consult with professional insurance agents and brokers, or insurance company representatives.
You can search for more information insurance for scooter rental companies, in the search box below, and follow the relevant links.