Get Yourself Covered with Taxi Insurance

English: A black Taxi in London, UK Deutsch: Ein schwarzes Taxi in London, Vereinigtes Königreich (Photo credit: Wikipedia)

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If you run a cab business whether you work in the city or in a quiet village, you must get yourself covered with taxi insurance. This is a legal requirement in the UK and the mistake many cab owners make is believing that a private auto policy will protect them and their customer in the event of an accident.

If you offer the service to transport customers from one destination to another and you are doing so under a private auto policy, should you be involved in an accident, not only will your vehicle not be covered, but neither will your customers. This is a shocking truth that many cab companies overlook, but a private auto insurance only enables you to use a vehicle for private use, the minute you use it for business, your policy is null and void and you are left in serious financial trouble.

These policies are specifically designed for your industry. Besides being a legal requirement they are a necessity to ensure your business doesn't end up with a large financial bill which you cannot pay.

Your policy should cover your vehicle or vehicles comprehensively. This means that any damage caused to third party vehicles or property is covered along with repairs or replacement of your own vehicle.

The policy should also protect you in the event of an accident, this can include additional loss of income, which pays you out for the time you are unable to work. This may be while you wait for repairs to be carried out or if you need time to recover before returning to work. Loss of income is a wonderful cover to have, it ensures that you can continue to pay bills even while you are unable to work. This means your business can continue moving forward even without you behind the wheel.

Then there are your customers and you need to ensure you are covered to take them where they want to go. In the event of an accident whether it was your fault or not, you are responsible for protecting your clients. So public liability cover is essential to the daily running of your business and your policy can protect you against any claims laid against you for loss of income, medical expenses or mental distress.

What you will notice is that if you run your company in the city you will have a higher premium than the cab companies that run in the quiet countryside. This is due to the fact that your risk of having an accident in the city is increased as there are more vehicles on the roads. Always double check any taxi insurance policy to ensure that your entire business is covered and that it offers you the best protection when you get in your vehicle each morning.

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What is Small Business Insurance?

Small business insurance is for all the businesses out there that are not large corporations and enterprises. These businesses still need adequate cover to protect them on a daily basis, due to the fact that they are smaller their profits are more precious to them and they need to ensure these are safe on a daily basis.

For this type of cover, business owners can enjoy peace of mind that their property or office is covered in the event of fire, theft or storm damage. Should anything happen to the property it won't cost them dearly to have the repairs carried out quickly and effectively enabling them to get back to work as quickly as possible.

Owning a smaller company doesn't mean that you need to lose out on the cover offered to larger businesses, you can protect your equipment, products and yourself under the policy.

You will need public liability cover if you welcome visitors to your property, this may be customers, deliver personnel or suppliers. Public liability cover is essential for every single business, this protects you when you have a claim against you should someone injure themselves while visiting your property. A claim can be for loss of income, medical and even mental distress caused by the injury and this can lead to thousands, which you are held accountable for.

It is a legal requirement in the UK to have employer's liability the minute you hire your first staff member, even though you are a smaller company, you may have a part time staff member assisting you from time to time, if they injure themselves while at work, you are responsible and having this cover in place protects both of you. It protects you from the claim and ensures the staff member is paid loss of income while recuperating.

If you advise clients on a daily basis, whether you mean to or not and they take your advise and it causes harm, you can see another liability claim coming your way for professional indemnity. Having this cover in place is an essential part of owning a company and will give you peace of mind when you give clients any advise. They don't have to follow the advise to the letter, but any injury or damage resulting in your advise can lead to a claim.

You can add additional cover such as loss of income which may be essential when you are a one man show. If you are unable to work for any reason, your company doesn't run, which results in profit loss. With small business insurance you can enjoy the benefits of knowing that every aspect of your business is taken care of.