The purpose of insurance is to help you mitigate risk, so the type of coverage you need depends on the types of risks you regularly encounter. For example, the risks of driving a car for your personal commute are different than those of driving a taxicab. Our team at LaVaughn Rodgers Insurance has been providing auto insurance for the past 48 years, and we can help you find the right coverage for your needs. In this article, we will go over some key differences between standard car insurance and taxi insurance.
- Coverage – Taxi insurance covers not just damage to the taxi itself but also injuries to the driver, passengers, and any pedestrians or other bystanders that may be involved in an accident. In addition, this type of policy covers property damage caused by collisions. Because taxi insurance has to cover more types of risk, the premiums are typically higher than those of standard car insurance.
- Workers’ Compensation – Taxi insurance can also include workers’ compensation coverage. If one of your drivers is injured on the job, this part of your insurance policy will help cover their medical expenses, as well as providing compensation for wages lost while they were recovering or unable to work.
- Business Interruption – Because taxis are commercial vehicles, taxi insurance can also include coverage for business interruptions, which provides payouts to make up for income lost when the taxis are unable to operate. Standard car insurance does not include this type of coverage because it is meant for personal vehicles, not vehicles that are part of a business operation.