Being involved in the taxi trade comes with a whole host of responsibilities. Not only do you need to make sure you’re fully licenced before you can start work (appropriate licences can be obtained from your local authority) but you need to have sufficient private hire insurence in place as well, because that’s the only way to make sure you’re totally prepared for doing business as a taxi driver.
A lot of people might wonder why they need separate taxi insurance if they’re already covered with a more generic car insurance policy, and the simple answer is that you’ll be operating in a business capacity rather than driving for pleasure. You’ll be dealing with members of the public, transporting strangers from place to place rather than providing a personal taxi service for your own friends and family, and you’ll also be operating on a hire and reward basis which adds another element of risk into proceedings.
By having sufficient cover in place you can be confident that you’re prepared for any eventuality. At the most basic level you’ll be able to choose from third party, third party fire and theft and fully comp, and it’s always wise to go for the most comprehensive level of cover you can afford. But, there’s more to it than meets the eye—a policy of this nature should ideally include everything from vandalism cover to breakdown assistance, and make sure to check that your chosen policy covers you for loss or damage to your radio/meter as well to keep your business interests properly protected.
Public liability insurance will also be an essential consideration—it’s there to provide a financial safeguard should things go wrong, ensuring that if a member of the public was injured or their property damaged you wouldn’t be held financially liable. There are plenty of other levels of cover you could need depending on your individual circumstances, but as long as you make sure you’re getting a bespoke policy that’s tailored to your business interests you can be confident in being prepared for anything the taxi world could throw at you.