Becoming a taxi driver can be a good way to make money, be it a full time job or in addition to work you already do. However, knowing exactly what insurance you require can be confusing, which is why Well Dunn Insurance has put together this handy guide of all the insurance cover you require as a taxi driver.
- Carriage of Passengers for Hire and Reward – Carriage of Passengers Insurance is essential if you are working as a taxi driver, as it allows you to legally transport people in exchange for a fee. It is a form of Hire and Reward Insurance, which is a legal requirement for anyone who carries goods in exchange for a fee.
- Public Liability Insurance – Public Liability Insurance provides cover in case a member of the public suffers an injury, illness financial loss or damage to their property as a result of your business activities. If you contract into a large company or a public sector organisation such as a school, they are very likely to insist that you take out Public Liability Insurance.
- Employers’ Liability Insurance – Employers’ Liability Insurance is compulsory for anyone who employs staff. Therefore, even if you employ just one other person, you will need to take out Employers’ Liability cover.
- Breakdown Cover – Everyone breaks down at some point, so it makes sense to prepare for the worst if you drive for a living. Some insurers who provide breakdown cover for taxi drivers do not cover onward journeys for any passengers in the vehicle at the time of the breakdown, but other do. Make sure you clarify this before taking out a policy.
- Telematics Insurance – Telematics Insurance involves a ‘black box’ being fitted to a vehicle, which collects data on your acceleration, deceleration and braking and feeds it back to your insurer. Most telematics insurance policies take your driving style into account more than our speed, so it can be a good way of keeping down the cost of your Taxi Insurance.
- Assault Cover – Being a taxi driver can unfortunately be a dangerous profession, so having assault cover added to your insurance policy can be a sensible move. Assault cover provides financial protection if you are attacked or suffer a physical injury during the course of your work and can be included as part of your Taxi Insurance policy.
- Theft Protection Cover – Again, unfortunately, not all passengers can be trusted. But if you want to protect yourself in case a situation should arise in which your takings were stolen, you can opt for theft protection cover to be added to your Taxi Insurance policy.
- Taxi Office Cover – if you are running a larger taxi firm with an office, it is possible to insure your office and vehicles together on one Taxi Insurance policy. This can save you a lot of paperwork and means you only have one annual renewal date. Visit our Office Insurance page for more information.
For more information, visit our Taxi Insurance, Private Hire Vehicle Insurance and Public Hire Vehicle Insurance pages.