Running your own taxi service can be a great way to make a living or supplement your existing income. However, there are risk mitigation measures you must take if you want your taxi business to go smoothly. The most important of these risk mitigation measures is obtaining taxi cab insurance.
What Is Taxi Cab Insurance?
Taxi cab insurance is a category of insurance coverage that is designed to protect taxi cab owners from a variety of common business risks. It can pay for things like repair costs, medical bills, and legal fees.
Why Do You Need Taxi Cab Insurance?
It can be easy to think that you’ll never run into problems with your taxi business. With the right amount of caution and luck, you should be fine without insurance, right? Wrong.
All it takes is one bad incident to completely sink your business. Extended legal battles or being responsible for someone’s medical bills can really add up. Paying a small monthly cost is a small price to pay for peace of mind.
How Much Does Taxi Cab Insurance Cost?
The cost of taxi cab insurance can vary widely and is impacted by a number of factors. Some of these factors are:
- Your location
- Your claim history
- The size of your business
Running a taxi service can be difficult and risky. Taxi cab insurance can make all the difference.