Commercial Bus Insurance
Similar to auto insurance, commercial bus insurance can be broken up into several types of coverage. Due to the large size of a bus, it can cause extensive damages and injuries in an accident, so it is important to evaluate the appropriate limits on your coverage based on the potential costs of an accident.
- Liability Insurance: Liability is the most important coverage in your policy; it covers your company in case one of your buses is involved in an accident in which you or one of your hired bus drivers is at fault. Liability coverage has two parts. Bodily injury is portion of the liability policy covers the costs of medical care for a driver or passengers in another vehicle involved in the accident. Property damage is portion of the policy covers the costs of damage done to other vehicles or other people’s property.
- Collision Coverage: This insurance covers damage to your vehicle, regardless of who is at fault in the accident.
- Medical Payments Coverage: Pays for your medical expenses in the event of an accident, as well as those of your passengers. If any of your passengers do not have health insurance, or if anyone injured on the bus has high deductible health insurance, medical payments coverage can help cover the costs.
- Comprehensive Coverage: Comprehensive, or “other than collision” coverage, compensates you for loss due to things like vandalism fire, theft or damage from an object.
- Uninsured/Underinsured Motorists: Covers your accident costs if the driver at fault does not have sufficient insurance to pay for your damages.
Depending on how you use your bus, you may want to add additional riders or optional coverage types to your policy. For example if your passengers are children, you may want to protect your company financially if a driver or employee is accused of abuse or molestation. You can also consider excess liability coverage, known as an umbrella policy. Umbrella policies can dramatically increase your liability coverage limits to protect your business from liability claims that result in a lawsuit.