Having a taxi business, whether you are in Florida or anywhere in the world, can be lucrative but also challenging, so whether you are merely a taxi driver or a business owner, you need protection to prevent loss in case an untoward incident occurs. To protect your business and yourself, you need taxi cab insurance.
Taxi Insurance in the United States
Taxi is a type of business vehicle used for commercial purposes. In this sense, one might falter to consider it a business similar to private hire commercial auto services such as limo, rideshare, Uber, or black car, but there is an essential difference between those and taxi services: it’s a public hire service, meaning that the locations of pickup and drop-off are random, passengers being transported are often anonymous, and the cars used are not luxury. As these factors bear their own sort of risks, taxi businesses require a different sort of for-hire livery insurance.
Taxi insurance costs and requirements depend on a couple of factors such as the age, weight, and type of the vehicle, the age and driving history of the driver, and most importantly, the city and state the business operates in. Still, there are some factors common in all states:
- Drivers shouldn’t be older than 65 years old or younger than 25.
- Drivers shouldn’t have any convictions for vehicular manslaughter, possession of drugs or weapons, or alcohol issues.
Further requirements are in the power of the Department of Transportation of the concerned state. Therefore, whereas crowded states such as New York are known for their strict requirements, it can be more lenient in less crowded states that have low traffic intensity. Similarly, the insurance costs will differ.
To learn more about costs and requirements in place for Florida, call us, or read on as we are going to delve further into the subject.
Taxi Insurance Coverage in Florida
Taxi insurance in Florida is a type of specialized commercial auto insurance. To get the best taxi insurance coverage, you need to find the right taxi insurance company to provide for your needs. Aside from calling us today, it is also recommended that you also talk to at least two other car insurance companies, so you can get the best deal that matches your business needs for a taxi insurance policy budget.
If your taxi company is in Florida, call us to learn more about the insurance requirements and get a taxi insurance quote. In Florida, the minimum requirements include the weight of the car and some other federal regulations that you need to fulfill and comply with if your business aims to cross state lines.
When you have taxi insurance, you need to make sure that you are fully aware of your coverage and what is not included in your auto insurance policy so that in the case of an accident, you will not be caught surprised or unaware of your losses because of a gap in your coverage.
Some of the usual coverages for taxi cab insurance in Florida are:
- collision coverage
- commercial auto liability insurance
- garage liability insurance
- physical damage insurance
- medical payment insurance
- general liability insurance
- workers compensation insurance
- uninsured/ underinsured motorist insurance
The insurance for a taxi cab driver is specialized because they are responsible for their passengers’ safety. Choosing the right coverage for your general liability insurance is essential because you want to ensure that you get the best protection against potential risks. Some insurance companies provide commercial taxi insurance that offers coverage against theft, personal injury to the driver and the passengers, and damage to the vehicle.
Contact us to find the most suitable commercial insurance for your company in Florida. When getting commercial insurance, it is necessary to also get a business interruption system for added protection.
To avail of this kind of auto insurance, there are some requirements for the drivers:
- They need to be between 25 – 65 years old
- They should have no vehicular manslaughter record
- They should have no record for alcohol issues and possession of drugs or weapons
Having commercial insurance is essential for a taxi service because it is a type of for-hire transportation. You need to have a $125,000 per person policy for bodily injury liability, $50,000 to cover property damage liability, and $250,000 for each occurrence. A physical injury liability insurance covers permanent and grave injuries or death caused to others due to an accident that involves your car. When you have this type of insurance, your insurer will shoulder the payment for the injuries that are within your coverage limits. They will also provide you with legal representation in the event of a lawsuit.
If you have bodily injury liability insurance, your insurer will pay for the injuries that you or your family who live with you have caused regardless of whose transportation they are using. This kind of insurance may also include other people who are driving your car with your permission.
Whatever business you are in and no matter what type of industry you are involved in, you need some kind of insurance to give you form protection to cover the potential risks that come with your profession. Having insurance will provide you with peace of mind knowing that you will be saved from incurring possible financial losses or save your assets and your business or even yourself in case of an unfortunate circumstance. The need for insurance is growing because potential hazards are increasing as well.
All kinds of businesses in Florida are required in some way to secure their properties and employees through commercial insurance. Taxi companies face many risks in their daily operation thus it is only right to have the best possible coverage for their business. Make sure that your insurance coverage is enough to protect your company from any eventualities, lawsuits, or claims. Consult with your insurance agent on the best taxi insurance for your business. Your agent should be able to explain to you all the ins and outs of taxi insurance quotes before you decide to pursue their offers.
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