subject: Taxicabs Are Required To Have Proper Insurance Cover [print this page] A taxicab is similar to a personally owned vehicle, except that they are used as a paid-for service for people needing to get from one place to another. In fact, taxis are not all that unlike other commercial vehicles that transport goods from one place to another, except in the case of taxis, the goods are usually people.
Just like any other kind of business that involves driving a vehicle, there exists certain risks that must be faced as well as providing insurance cover to protec against these risks when they do occur.
Every vehicle on the UK public road is legally required to have insurance whether it is a personal car or a for-hire service. Additionally anyone who is running any kind of taxi business will be required by law to acquire taxi insurance that only protects the owner and the vehicle, but also will protect your fare-paying customers in case an accident happens resulting in subsequent claims.
You could turn to seeking the help of insurance broker who represents companies offering this type of insurance. Each one of the companies that offers protection to a taxi business will have subtle differences when it comes to the kind of cover there are going to offer you.
As with every business decision you are going to make in life, conducting careful and thorough research to familiarise yourself with the product will enable you to gain the needed information to make a wise and prudent choice. There are a number of different types of taxi insurance available which would include:
* Black cab
* Fleet
* Private Hire
* Public Hire
* Multiple Drivers Insurance
* Urban Taxi Operations
* Chauffeur's Cover
* Minibus
In order to choose the right cover, you need to know what category you will fit into, as well as the risks that you are going to take operating a specific kind of service.
The policy you eventually purchase will have to have the necessary cover to protect your vehicle, your passengers, the public in general as well as yourself.
You will be required to have some type of insurance but the amount of cover you obtain is going to be up to you. Although it is a wise choice to obtain comprehensive cover, many businesses opt to save as much money as possible and therefore obtain only the legally required amount of cover. You need to do what is right for you and your business and go with what you feel comfortable having.
No one will ever be able to predict if and when a breakdown leaves you with a vehicle on the side of the road for hours - reducing your daily revenue and at the same time presenting extra costs with imminent repairs at hand. Additionally, unless you have adequate cover in the event of an accident that leaves you completely out of action, you may be facing a financial loss from which there is no recovery.
Ultimately, owners of a taxi service may have their business success depended upon the adequate amount of taxi insurance cover that will not only provide you with peace of mind, but keep you in operation as well.
by: Tom Jones
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