With millions of drivers between them, ridesharing platforms like Uber and Lyft remain popular for anybody with a dependable car looking to make some extra cash.
But while you may have wondered whether you can actually make a living as an Uber driver, you might not have bothered to think about another crucial number: rideshare insurance.
Just like a Business Owner’s Policy (BOP) combines multiple categories of protection into a single policy, typical homeowners insurance covers three major categories:
It is this last category—theft—that often raises questions, even among veteran homeowners.
If you own any type of business, you probably know that a Business Owner’s Policy (BOP) is an essential tool to have in your insurance arsenal. But it’s not the only kind of commercial insurance you need.
Your BOP doesn’t provide any coverage for vehicles, so you’ll need a separate policy if you want auto insurance. (Trust us, you do!)
You might have heard from other well-meaning business owners that your personal auto insurance will cover business use. In most cases, this isn’t true.
Let’s take a look at the difference between personal and commercial auto insurance.
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You just received another letter from your insurance company notifying you that your car insurance rates will be increasing this year.
“Why did my car insurance go up?!” you scream in frustration. “I didn’t even have any claims!”
Unfortunately for car owners, this is an common occurrence…and it doesn’t look like it will stop anytime soon.
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Most business owners hear the phrase “general liability insurance” and assume that they are covered against “general” liabilities.
This assumption could not be further from the truth.
The fact is, as a business owner, your general liability insurance coverage isn’t enough to protect your business from every foreseeable risk.
As every insurance carrier and broker knows, risk is unpredictable. After all, that’s why insurance exists.
But while there are some forms of risk that are foreseeable—fire damage, car accidents, catastrophic hurricane damage—there are other types of losses that are far more surprising.
Even more surprising? You can get insurance for them.
Here are 10 crazy insurance policies that actually exist (and why they’re not all that crazy).
As a business owner, you’ve heard about (or currently carry) a variety of different commercial insurance types, from worker’s comp to EPLI insurance.
But if you own (or want to start) a business that relies on any kind of vehicle, one type of insurance you can’t go without is commercial auto insurance.
After your BOP, Employment Practices Liability Insurance (EPLI) is one of the most important commercial insurance policies you will ever purchase.
Along with worker’s comp, liquor liability coverage, and commercial auto, EPLI insurance is an essential addition to any business looking to build a comprehensive portfolio of coverage.
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You may have seen attorney commercials on TV talking about workers compensation claims. Maybe you know someone who was injured on the job and needed to be on desk duty until their foot healed.
Or maybe, most importantly, you’re starting a business and need to purchase workers comp insurance for yourself.
But what is workers compensation insurance, exactly? And do you really need it?
Planning a trip should be fun—deciding where to stay, what to do, and where to eat. You definitely don’t want to worry about dealing with the aftermath of a car accident while you’re away.
Purchasing rental car insurance from the car rental company is a tempting option: you pay a few extra bucks a day and you don’t have to worry about a thing. But is it really necessary?
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