If you have ever bought insurance to protect your personal assets, you probably already know that bundling coverage types into one policy saves you time and money. It streamlines the process of shopping for quotes and consolidates coverage in a way that makes it easy to assess its completeness, too. When you operate a taxi, the same is true of your business coverage. Commercial taxi insurance makes risk management simple and inexpensive for small businesses like yours, with a policy that takes care of everything an owner-operator needs to operate legally.
Common Coverage Types
Commercial vehicle insurance is typically specialized to the purpose of the vehicle. For taxi coverage, that means covering liability for physical damage and bodily injury. Uninsured and underinsured motorist coverage is just as essential as for personal vehicles, too. Last but not least, coverage that protects damage to the vehicle and medical expenses you incur because of a crash is also vital.
Additional Considerations
Comprehensive commercial taxi insurance is designed to take care of all your required coverage areas so that you can get to work. It does not commonly include business risk or income insurance, which are usually sold as separate policies. Not every owner-operator elects to carry them, but they are worth considering. For those just starting, though, protection for your vehicle and professional liability are the most essential because they take care of state mandated vehicle coverage options.