Running a taxi business can be a great way to make a living. However, running a business can be risky and this is especially true for taxi businesses. Taxi drivers and taxi business owners are exposed to a wide variety of financial risks that include claims, lawsuits, repair/replacement costs, and other expenses that could potentially force your business to close. Because of this, it is vital that you have taxi business insurance.
What Types Of Taxi Insurance Do You Need?
There are many types of taxi insurance available for different risks. Some are required in some areas and others are optional. When deciding what taxi insurance to purchase, it is important to consider all the risks you will be exposed to and act accordingly. Some of the taxi insurance coverages you may want to consider are:
- General liability insurance
- Commercial auto liability insurance
- Errors and omissions insurance
- Excess liability insurance
- Professional liability insurance
- Physical damage insurance
If your taxi business employs workers, you will also want to obtain workers’ compensation insurance to cover work-related injuries.
How Much Does Taxi Insurance Cost?
The cost of taxi insurance can vary widely depending on a few factors. Some of these factors are:
- Your location
- The size of your business
- The number of workers you employ
- Your claim history
Running a taxi business can be complicated and risky. Taxi business insurance can help everything run more smoothly.