Limousines represent luxury, comfort, and prestige. Today’s limos are modern, but the need and demand for these vehicles are as timeless as ever.

Globally, the limousine business is now worth approximately $114 billion today. This marks an 8.5% compound annual growth rate (CAGR) within a single year. If you’re going to get the most from your limousine business, getting adequate insurance will protect your vehicles, drivers, and business.

Here’s how you can explore insurance options for your limousine company.

1. Hit Your Niche

When shopping for insurance for your company, you need to get as specific as possible. Driving limousines is a very specific niche, so make sure to choose a company that specializes in it.

Many insurance companies offer fleet insurance for limousines and other specific types of vehicles. Many types of insurance are available, and covering your limos’ year, make, and model is essential. These automobiles are larger, have wider turn radiuses, and require special maintenance and repair work. Nailing your niche will cover your company better than getting general fleet or automobile coverage.

2. Gather Several Estimates

Next, collect as many price estimates as you need to get a great deal for your limousine business.

It’s crucial that you explore every possible opportunity. Your insurance premiums will directly affect your overhead and operating costs. Keeping these manageable can make your limousine company more profitable.

3. Secure Enough Insurance Coverage

Many companies make the mistake of not getting enough limo insurance. This puts you in a bind because being underinsured spells trouble should you or one of your drivers get in an accident.

Research the liability insurance minimums of your state, and make sure to opt for collision or comprehensive coverage. Go for as much as you think you need to minimize interruptions in your company. This way, your business and all of its assets and employees are protected.

4. Cover All Your Liabilities

The demand for limousines is tremendous right now, so your fleet will constantly have vehicles on the road. This requires you to get plenty of coverage to address all of your liabilities.

Look further than the amount of coverage and get the types of coverage you’re most likely to need. In addition to general liability insurance, get a plan that covers you for medical coverage, worker’s compensation, legal defense, and more.

5. Vet the Insurance Company

Finally, choose an insurance company that you know you can trust. Read their consumer reports and consult with other limo companies or fleets to see who they use.

You may want to choose a company with a long-standing presence in the industry. Decide whether you want to do business with a small shop or a nationwide company.

Properly Insuring Your Limousine Company

Insuring your limousine company will help you operate your company effectively.

Oliver L.E. Soden Agency is your one-stop shop for all your insurance and risk management needs. To request a quote or get your questions answered, message us or call our agency at 732-521-0001 in Jamesburg and 732-747-0041 in Shrewsbury.