The taxi business has a number of unique risks that need to be taken into account by drivers and business owners alike. Commercial vehicular transport has its own inherent risks, and taxis in particular have separate and unique risks around violence, robbery, and injuries or property damages. Understanding and selecting appropriate taxi cab coverage options is essential to protecting your business, drivers, and clients.
What Types of Insurance Do Taxi Operators Need?
Your specific taxi cab coverage options may depend, to some degree, on the size and scope of your business. That said, you will likely want to carry some or all of the following policies:
- Property and bodily liability insurance are essential to cover physical damages, as well as injuries to other people, in the event of an accident
- Uninsured motorist coverage is also important, in the event your taxi is in an accident with an uninsured or underinsured driver or person
- Collision damage coverage will help cover costs in an accident involving a structure or object
- Physical damage will help to cover your taxi in unique cases of vehicular damage, like vandalism
Other types of coverage, including additional coverage for drivers, vehicles, or business premises may be necessary, depending on the particulars of your business. Speaking to an experienced insurer can help ensure you are safe and well-protected if the unexpected does occur.