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.
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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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 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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As a restaurant owner, you’ve probably put a lot of thought into what beers to have on tap, what wines to include on your wine list, and what specialty cocktails your bar will serve.
But have you remembered to get liquor liability insurance?
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You’ve registered with SunBiz.org, signed a lease, and maybe even hired your first employee. But then a friend asks about your insurance. What does small business insurance cost, anyway? What should you expect?
Your business insurance premiums depends a lot on your unique business, but it doesn’t help you to just say, “It all depends; contact your agent” without also giving you a little bit of insight into how several different factors affect your small business insurance cost.
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