Do you operate as a taxi cab business? Carrying passengers is a major risk for safety since an accident can happen at any moment. If you don’t have insurance, a bad incident can leave your business in a major predicament.
It’s imperative that if you are a taxi company, big or small, you have fleet private hire insurance for your vehicles to keep your business safe and secure in case any incident were to arise. Here are the pros and cons of getting this service added to your company.
What Is Private Hire Insurance
Private hire insurance is a policy that covers companies that are responsible for carrying passengers through a private-booked operator.
Operating as a taxi service is vastly different than driving as a standard car. It requires specific insurance since you over special motor services. While fleet private hire insurance still covers the same things as standard insurance, its purpose is to protect the liability of your company.
The good news is that this type of insurance can help protect you even if you were at fault for the accident.
What Private Hire Insurance Covers
Fleet private hire insurance can cover a lot of the standard features as regular car insurance, but it’s meant specifically for business needs.
Here’s what fleet private hire insurance typically includes:
- Liability coverage for employees and passengers
- Vehicle damages
- Risk management data tools
When you start shopping around for your coverage, you will find some companies offer more or less. If you’re a smaller taxi service, you might find that your business needs less than the typical company since you have a smaller fleet.
Pros And Cons Of Private Hire Insurance
The biggest con of a fleet private hire insurance can be the cost. Private taxi services have higher premiums for a variety of reasons that might be too much for your budget if you’re a smaller company.
The pros of fleet private hire insurance, though, are that it gives your business the protection you need in case there’s an accident or your vehicles are damaged, and if your fleet needs any repairs, the cost will be built into your premium.
Safer Choices = Smaller Premiums
Sometimes fleet private hire insurance can be costly for the services and since you’re likely to drive more miles in sometimes bad conditions. If your taxi services use bigger vehicles than standard cars, this can also impact the price of your policy.
The type of vehicles you use for your taxi service will be grouped into categories that are either low or high insurance policies. If you are looking for ways to cut your premium cost, opt for vehicles that are on the smaller scale.
Safer driving can also help lower your monthly premium just by making safe choices on the road. Some insurance companies can give you data tools that give you real-time driving behaviors to monitor the safety of your drivers as they’re out.
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