Commercial Auto Insurance
As part of the Revised RFP, Park City wants all Vendors to now carry $2,000,000 in Commercial Auto Insurance.
The estimated cost for a Tesla is $8,000 per year. The estimated cost for the Acura MDX Hybrid and the Toyotal Highlander Limited Hybrid is $6,000.
In the revised RFP, Park City ask all Vendors to include $500,000 coverage for Worker's Compensation
The Class Code for Worker's Compensation for "For Hire" Transportation is 7382 and is rated at $5.59 per $100 of payroll.
Keep in mind that with a "Tip/Gratuity" Employee we still have to pay Worker's Compensation, so we have estimated their compensation to be around $15/Hour.
So to calculate the Worker's Compensation for $15/Hour you would take the Monthly Labor of $5,475 and multiply that by $5.59 = $30,605.25.
You then take that number and divide by 100, which equals $306.05
Therefore our Worker's Compensation on a Monthly Cost Per Vehicle breaks down to...
Tip/Gratuity Only: $306.05 II $10/Hour: $204.04 II $15/Hour: $306.05
General Liability Insurance
As part of the Revised RFP, Park City wants all Vendors to now carry $2,000,000 in General Liability Insurance... which costs about $3,000 annually.
Based on four vehicles the monthly cost would be $62.50.