Taxi Insurance
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What Insurance Do Taxi Need?
Hired and Non-Owned Auto Insurance protects your small business that hires vehicles or allows employees to borrow company vehicles for business purposes. You're covered for claims of personal injury and property damage if any of your vehicles is involved in an accident.
Commercial Auto Insurance covers your cars, trucks, and vans used in your business. It covers the costs from vehicle damage in collisions, theft, vandalism and weather damage. It also covers medical expenses for to injured parties.
Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!
General Liability Insurance protects your small business against claims of third-party bodily injury and property damage, reputational harm and advertising injury. It covers medical bills, repair costs & legal fees.
Frequently Asked Questions
Why do Taxi Companies need insurance?
These establishments provide passenger transportation services, such as taxicab dispatch and fleet operations.
A taxi service needs insurance as this helps defend against costly and time-consuming claims and lawsuits. Insurance also covers your business from the costly expenses of repairing or replacing your vehicle when it has been involved in an accident, medical payments, and other expenses that could otherwise force your business to close.
What risks do Taxi Services face?
There are many unique risks that taxi services can face. Below are some examples:
Your taxi gets involved in a vehicular accident that not only damaged the other party's vehicle but injured them and your passengers as well.
Because of the accident, your driver injures their shoulder and is unable to work again until they make a full recovery.
How much does Taxi Insurance cost?
There is no fixed cost of insurance for taxi services as each business has unique needs. Insurance carriers often assess the cost depending on the size of the business, the number of employees, and the coverage required. Without taking these into account, below is a list of most frequently bought insurance and how much this costs:
- General Liability insurance costs $500 in annual premiums.
- Commercial Auto insurance costs $700 in annual premiums.
- Workers Compensation costs $1300 in annual premiums.