Delaware Business Insurance Update from CNC Insurance Associates Inc. "Ride Sharing Words of Caution" 6-30-15

Like individuals, many businesses are looking to get into the ride sharing world to make better use of their fleets and routes. They are looking at it as a way to increase income. With technology, having folks "ride along" for a price has become really easy. A word of caution is warranted however when looking at the commercial auto insurance policy. As a small business owner you could be exposing your business to a "truck" load of liability. Many of the insurance companies will exclude "livery" or "public transportation" in policies. Also many state jurisdictions have limited Personal Injury Protection limits which could leave the business underinsured for passenger injuries. There are many other exposures for ride sharing that have to be dealt with before it can become good idea to increase income. Time will tell as the insurance industry and State legislatures respond to the market demand for ride sharing. Stay tuned. Until next time be careful out there and know your risks.


G. Kevin Nemith President CNC Insurance Assoc. & The Small Business Insurance Center
Serving DE, MD, PA, NJ, & VA
www.cncinsurance.com
www.bizinsurancetv.org

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