According to data analysis by the Bureau of Transportation Statistics, 15% of disabled workers ride as passengers on their commute to work. Disabled persons and the elderly might find riding taxis or any other form of public transport strenuous. Paratransits provide a solution to this problem. Your business must be ready to face the unexpected. To protect your business from damaging lawsuits and damage claims, you will want to purchase paratransit insurance. Keep reading to determine which components you will need for your paratransit business.
| CoverWallet | NEXT (Best) | Thimble | Hiscox | The Hartford | |
|---|---|---|---|---|---|
| Per occurrence limit | $1,000,000 | $1,000,000 | $1,000,000/$2,000,000 | $2,000,000 | $1,000,000/$2,000,000 |
| Aggregate limit | $2,000,000 | $2,000,000 | $1,000,000/$2,000,000 | $2,000,000 | $1,000,000/$2,000,000 |
| Products and completed operations aggregate limit | $2,000,000 | $1,000,000 | $2,000,000 | $1,000,000 | $1,000,000 |
| Advertising injury coverage aggregate limit | $1,000,000 | $1,000,000 | $2,000,000 | $1,000,000 | $1,000,000 |
| Tenant’s legal liability coverage limit | $300,000/$1,000,000 | $300,000 | $100,000 | $100,000 | $1,000,000 |
| Waiver of subrogation included? | Yes | No | Included | Can be included | No |
| Hired/non-owned auto liability coverage included? | Yes | No | No | Can be included | Can be included |
| Equipment breakdown floater included? | No | Yes | Yes | Can be included | Can be included |
| Can you get a certificate of insurance online? | Yes | Yes | Yes | Yes | Yes |
| Name additional insureds? | Yes | Yes | Yes | Yes | Yes |
| Deductible | $0 | $0 | $0 | $0 | $0 |
General liability insurance will protect your paratransit business from third-party property damage and bodily injury claims that come from clients and the general public. Some example situations of this coverage include:
A client falls over and injures themselves while trying to get into your transport vehicle
Someone wanders onto your commercial building and cuts their leg in an accident
Below are a few popular add-ons you will want to look into for your paratransit business:
Inland marine coverage–Protects business tools and equipment when they are stored at another location or in transport across the land
Employment practices liability–Covers your business interests from lawsuits that accuse you of discrimination and wrongful termination
Excess liability–Extends coverage of your general liability policy beyond the normal limits
Paratransit general liability insurance will have coverage limits between $1 million and $2 million. Higher limits are available if you talk things out with the insurance company.Â
Your paratransit insurance company will offer other important policies that you might want. Workers' compensation helps protect your employees, and commercial property insurance helps protect your business property. Be sure to take inventory of your assets and employees so you can make an informed decision about which policy to get.
| CoverWallet | NEXT | Thimble (Best) | Hiscox | The Hartford | |
|---|---|---|---|---|---|
| Per occurrence limit | $1,000,000 | $1,000,000 | $1,000,000/$2,000,000 | $1,000,000 | $1,000,000 |
| Aggregate limit | $2,000,000 | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000 | $2,000,000 |
| Name additional insureds? | Yes | Yes | Yes | Yes | Yes |
| Waiver of subrogation included? | Yes | No | Yes | Can be included | No |
| HIPAA coverage included? | No | No | No | No | No |
| Sexual misconduct coverage included? | No | No | No | No | Can be included |
| License defense coverage included? | No | No | No | No | Can be included |
| Deductible | $500 | $500 | $500 | $50/$10,000 | $500 |
Error and omissions insurance for paratransit businesses protects you financially from mistakes, errors, oversights, and negligence that your business may make. Some example situations include:
An employee drops a passenger off at the wrong stop, where they get injured unnecessarily
One of your employees makes a scheduling error that causes a client to miss an important medical treatment
Excess liability–Extends the coverage of your errors and omissions insurance to cover expensive incidents when your coverage limit starts to run thin
Extended reporting period–This allows you extra time to file your claim outside of normal policy limits
Your para transit insurance will have a coverage limit of $1 million for errors and omissions insurance. It’s also possible to get an errors and omissions policy offering $2 million or more in coverage.Â
Yes, many top companies will offer to deliver your insurance certificate digitally through email or other means. This means you can get instant coverage and can show your coverage if you need to prove it to a client or governing agency.
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| CoverWallet | NEXT (Best) | Thimble | Hiscox | The Hartford | |
|---|---|---|---|---|---|
| Building coverage limit (minimum) | $50,000 | $260,000 | $25,000/$500,000 | $25,000 | $60,000 |
| Contents coverage limit (minimum) | $50,000 | $22,000 | $25,000/$500,000 | $25,000 | $60,000 |
| Outdoor signs | Excluded | $2,500 | Excluded | Excluded | Excluded |
| Accounts receivable | Excluded | Excluded | $5,000/10,000 | Included | Excluded |
| Money and securities | Excluded | $2,500 | $1,000 | Included | Excluded |
| Lock and keys | Excluded | $2,500 | Excluded | Excluded | Excluded |
| Business interruption floater | Excluded | Included | Included | Included | Excluded |
| Equipment breakdown floater | Excluded | Included | Excluded | Excluded | Excluded |
| Inland marine insurance floater | Excluded | Excluded | $10,000 | Excluded | Excluded |
| Employee dishonesty floater | Excluded | $5,000 | $2,500 | Included | Excluded |
A paratransit insurance program with commercial property protection will provide financial compensation for building and business property damage caused by lightning, sinkhole collapse, and other covered perils. Examples include:
A fire starts out of nowhere and damages your business building forcing you to pay for repairs.
A thief breaks into your commercial building and steals some of your property
Equipment breakdown–Protects your paratransit business equipment if it gets damaged from internal breakdowns, power outages, and power surges.
Earthquake insurance–This provides earthquake peril coverage that is generally not standard with commercial policies.
The usual commercial property insurance coverage is around $60,000. The amount of coverage you get is based on the value of your property.
No, commercial vehicles will need a commercial auto insurance policy. Since vehicles move and get into accidents, they require their own form of insurance protection. You can add commercial auto policies onto other insurance policies if need be.
| CoverWallet | Thimble (Best) | NEXTÂ | Hiscox | The Hartford | |
|---|---|---|---|---|---|
| General liability aggregate limit | $2,000,000 | $2,000,000 | $2,000,000 | $300,000 | $1,000,000/$2,000,000 |
| Commercial property coverage limit | $50,000 | $500,000 | $260,000 | $25,000 | $75,000 |
| Optional policies can be added? | Yes | Yes | Yes | Yes | Yes |
| Name additional insureds for free? | Yes | Yes | Yes | Yes | Yes |
| BOP discount? | Yes | Yes | Yes | Yes | Yes |
A business owner’s policy is a simplified policy that encompasses the protections of general liability insurance and commercial property insurance. Examples of coverage include:
An individual stumbles into your office and slips on a wet floor, injuring themselves
Your commercial building is vandalized and requires graffiti and broken windows to be cleaned up
Extra expense coverage–Adds protection for extra expenses that may occur while you are trying to get your business back into operation after experiencing property damage
Commercial crime insurance–Protects you from malicious actions from employees like theft, forgery, and other forms of business crime
Your business owner’s policy will offer $1 million in general liability protection and between $20,000 and $50,000 in commercial property protection.
Workers' compensation insurance is a policy that protects your employees from injuries and illnesses they contract on the job. BOP does not include this coverage by default, so you will need to purchase this policy as well to get your employees covered. It may be important to get this coverage because most states require you to have this protection for your employees.
