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Scooters are as good as bikes when touring cities or holiday spots. According to Statista, the e-scooter-sharing market is expected to reach 134 million users by 2027.
If you run a scooter rental business, then having insurance for scooter rental business will come in handy. You will want to maintain an insurance policy that can adequately protect your business from liability costs.
This article aims to explain the components of scooter rental insurance and explore various coverages.
General Liability Insurance for Scooter Rentals
General liability coverage adds third-party injury or property damage protection to your scooter or e scooter rental insurance. Some examples of when to use this coverage include:
General liability will have a $1 million per occurrence limit and a $2 million aggregate limit.
| CoverWallet | NEXT (Best) | Thimble | Hiscox | The Hartford | |
| Per occurrence limit | $1,000,000 | $1,000,000 | $1,000,000/$2,000,000 | $300,000/$1,000,000 | $1,000,000/$2,000,000 |
| Aggregate limit | $2,000,000 | $1,000,000/$2,000,000 | $1,000,000/$2,000,000 | $300,000/$2,000,000 | $1,000,000/$2,000,000 |
| Products and completed operations aggregate limit | $2,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
| Advertising injury coverage aggregate limit | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 | $1,000,000 |
| Tenant’s legal liability coverage limit | $100,000 | $100,000 | $5,000 | $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 | Excluded | Can be included | Can be included |
| Equipment breakdown floater included? | No | Yes | Yes | Can be included | Can be included |
Public liability offers similar coverage to general liability but is limited to claims from the general public. It provides coverage for risks that happen to the public in connection with your business. Some examples of when to use this policy include:
Public liability coverage generally has a $1 million per occurrence and an aggregate limit of $2 million.
Product liability insurance can be a critical component of your scooter hire insurance or moped rental insurance because it provides protection against claims resulting from the manufacture, design, or marketing of your scooters. Examples include:
A standard product liability protection covers $1 million per occurrence and $2 million in aggregate coverage.
Commercial property insurance protects your commercial and business property when it gets damaged or needs replaced. Some examples include:
Commercial property insurance often has a limit of $60,000 for businesses. However, the actual value of your property will determine how much coverage you can get for it.
| CoverWallet | NEXT (Best) | Thimble | The Hartford | Hiscox | |
| Building coverage limit (minimum) | $50,000 | $340,000 | $25,000/$500,000 | $35,000 | $25,000 |
| Contents coverage limit (minimum) | $50,000 | $35,000 | $25,000/$500,000 | $35,000 | $15,000 |
| Outdoor signs | Excluded | $2,500 | Excluded | Excluded | Included |
| Accounts receivable | Excluded | Excluded | $5,000/$10,000 | Excluded | Included |
| Money and securities | Excluded | $2,500 | $1,000 | Excluded | Included |
| Lock and keys | Excluded | $2,500 | Excluded | Excluded | Included |
| Business interruption floater | Excluded | Included | Included | Excluded | Included |
| Equipment breakdown floater | Excluded | Included | Excluded | Excluded | Included |
| Inland marine insurance floater | Excluded | Excluded | $10,000 | Excluded | Excluded |
| Employee dishonesty floater | Excluded | $5,000 | $2,500 | Excluded | Excluded |
Business owner’s policy combines general liability and commercial property, which you can then add on more coverage if necessary. Situations to use this insurance include:
Business owners’ policy coverage has a typically aggregate limit of $1 million for liability coverage and $25,000-$50,000 for property coverage.
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Tools and equipment insurance provides protection for your business tools or equipment even when they are not on your commercial business property. Examples include:
A typical coverage limit for tools and equipment policy is $10,000 per scheduled item on the policy.
| NEXT | Thimble | Hiscox | The Hartford | |
| Aggregate limit | $3,000/$10,000 | $2,500/$5,000 | $15,000/$25,000 | $5,000-$10,000 |
| Covers hired and borrowed equipment? | $3,000/$10,000 | $2,500/$5,000 | No | Yes |
| Miscellaneous equipment also covered? | $5,000/$10,000 | No | Yes | Yes |
| Offered as an endorsement to general liability insurance? | Yes | Yes | Yes | Yes |
| Deductible | $500 | $500 | $0 | $0 |
Workers’ compensation insurance is a policy that offers benefits to your employees when they get injured or ill while on the job.
You use workers compensation insurance to provide benefits for hospitalization, medication, rehabilitation, lost wages, and death. Coverage examples of this insurance are listed below.
Many business owners ask, ‘How much is insurance for a scooter rental business?’. The answer is, the average scooter rental insurance cost is $52 per month or $624 per year for a $1 million general liability coverage. Factors that affect the cost of premiums are location, deductibles, policy limits, revenues, claims history, and business history.
| Cost per Month | Cost per Year | Deductible | |
| General liability insurance | $52 | $624 | $0-$500 |
| Commercial property insurance | $100 | $1,200 | $1,000-$2,000 |
| Business owner’s policy | $152 | $1,824 | $1,500 |
| Tools and equipment insurance | $55 | $660 | $500-$1,000 |
| Workers compensation insurance | $113 | $1,356 | $500-$1,000 |
NEXT has a range of different policy options for scooter rental insurance.They are experienced in over 1,300 professions and have a strong A- financial ranking from AM Best.
Average cost: $30 per month
The Hartford has over 200 years of experience in the insurance industry and an A+ rating with the Better Business Bureau. The company writes $11 billion in premiums every year.
Average cost: $44 per month
If you want to compare scooter rental business insurance rates, CoverWallet covers 48 states and maintains an A+ rating from the BBB. The company is notable for its digital marketplace exchange that makes comparison shopping easier.”
Average cost: $35 per month
It is a tech-based insurance platform with a selection of over 200 partners for you to compare options from.. Tivly® has 20 years of experience in the industry and an A rating from the BBB.
Average cost: $46 per month
Thimble is a company that covers a wide range of different professionals that focuses on people that want their policy quickly. They have all of the policies a scooter rental company will want. In addition, thimble’s app received a highlight from Forbes magazine.
Average cost: $48 per month
Hiscox has an A rating with Am Best and over 100 years of experience in the insurance industry. The company employs specialists that get back to you within one day of you filing for a policy.
Average cost: $36 per month
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Not all those who wander are lost.
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