Partner Article

Getting your business the right taxi insurance

Comparing policies, searching for hidden catches and the all-round sorting of motor insurance can be stressful and time consuming when you’re unsure what you need (sometimes even when you know what you need!). This is especially the case when your everyday work depends on having the right insurance and for taxi drivers this must be of paramount importance.

There are many things to consider for taxi drivers when you break down the requirements found within a huge variation of taxi insurance policies, so hare ten things to consider for getting your business the right taxi insurance

Does your business need public hire insurance or private hire insurance? Public hire is most recognisable with London black cabs whereby a taxi driver can pick up a passenger directly from the street, whereas private hire involves those arranged appointments where a taxi driver will pick up a passenger from a specified location. The insurer must know this first of all.

The level of cover is the same as regular motor insurance – a fully comprehensive taxi insurance package gives full protection against theft, vehicle damage and accidents; third party fire and theft protects you against theft of your vehicle and damage to vehicle caused by fire; finally, third party only is the lowest level of cover by law and only covers damage to other vehicles if you’re the one deemed responsible.

Adding on breakdown cover and roadside assistance as part of your taxi insurance policy means that, as a taxi driver, you’re never held up either on a job or on your way to a job with as little time lost as possible. For a small, additional fee, this policy also covers the safe transportation of your passengers to their destination in the event of a breakdown.

Keep your eye out for taxi insurance policies that have the added benefit of replacement vehicles – available to get you straight back on the road if your vehicle is damaged and required repairing following a non-fault accident. There’s no need for your earnings to suffer because of this.

Similarly, you don’t want your income to suffer if you’re having to take time off work for sickness reasons, so sickness cover is an insurance policy that will provide you with a monthly benefit if you’re unable to continue your everyday work as a taxi driver.

You are required by law to have employers’ liability insurance alongside your taxi insurance cover if you employ one or more members of staff. This ensures no claims of negligence can be made against you and you can pay compensation to an employee if necessary. Without this cover, you face a fine of up to £2,500.

Public liability insurance is crucial for all taxi drivers as this is a policy that protects you against third party injury or any property damage, including passengers who have just left the vehicle. As with employers’ liability cover, public liability insurance can protect you from claims often totalling thousands of pounds – it’s not worth the risk.

If you own a taxi firm that involves the daily overseeing of multiple taxis, a taxi fleet insurance policy is the best option for you. Switching to fleet insurance means that all your taxis are covered under a single policy which in turn means less documents flying around and potentially a lot of money saved.

If fleet insurance is of interest to you, then taxi office insurance may also be too. This policy is tailored to your specific needs and protects your office building and all valuable content such as phones, computers and any other equipment that would need urgently replacing in the event of a fire or theft.

Extra advice on getting the right taxi insurance for your business is important for understanding you need, so the team at InsureTaxi are always available to help by researching the market on your behalf to get the best taxi insurance deal at the best price possible.

This was posted in Bdaily's Members' News section by Rick Walker .