Hi,
My name is Chris. I am a student in the Ivey School of Business at the University of Western Ontario. We are actually working on a business plan on rental cars (solely for educational purposes). I wanted to know the insurance needed to operate with a physical location and the approximate cost of obtaining motor liability insurances. Thank you
Chris
A business such as this will need a couple of insurance policies. You will need a Commercial General Liability (CGL) policy for your business liability and your property location. You will also need a commercial fleet policy for your fleet of rentals. The CGL price will vary depending on the business revenue, location, insurance history etc. and usually costs around $1000 for a typical start-up. The fleet policy is more difficult to price unless you provide details of the number of vehicles, location of usage, etc. You will have to connect with a licensed insurance broker for these answers.
Sean Graham, Principal Broker at KTX Insurance Brokers.
Neither Kanetix® nor the KanetixForum.ca is an insurance broker or agent. Although this information has been passed along to you from KTX Insurance Brokers through the Forum, we are not responsible for the opinions expressed by them. Insurance can be complicated. When reading these answers, keep in mind each person’s situation is unique. Individual responses may vary depending on your insurer, geographic location, and specific circumstances. If you have a similar situation, always speak with your insurance provider, or a licensed insurance representative, for terms and conditions that may apply to you.