Why should you get Commercial Insurance for your Taxi/Cab?

What is Commercial Insurance for Taxis and Cabs?

A business taxi insurance coverage is a commercial vehicle insurance policy for taxis/cabs that protects you and your vehicle in the event of an accident, natural disaster, or other misfortune.

As a cab or taxi driver, your automobile is not just a mode of transportation, but also your major business, which is why it is critical to obtain not only a Limited Liability Policy, but also Comprehensive coverage to protect you and your vehicle throughout the process.

Why should I get Commercial Insurance for my Taxi/Cab?

If you or your company owns a commercial taxi, you are required by law to purchase at least a Third Party liability only coverage. This financially protects your company, maintains your profit margin, and eliminates downtime in the event that your taxi causes damage or loss to a third-party property, person, or vehicle.

Businesses are prone to dangers, and if you're an asset-heavy corporation with a large fleet of cabs, the risk double. In such cases, it is prudent to purchase a standard or comprehensive package policy for your taxis or cabs, which will protect your commercial taxi and the owner-driver from losses caused by natural disasters, accidents, terrorist activities, fires, thefts, and malicious acts, among other unforeseen circumstances. A taxi with proper insurance also informs your customers/passengers that you're serious and responsible. An insured taxi or cab assures that you or your business will not suffer any unanticipated losses or downtime, allowing you to focus your money and time on business growth.

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