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What Type of Liability Insurance Does a Taxi Driver Need?
As a taxi driver, you can bring an action against you regarding your civil liability for bodily injury or property arising during your activity. Claiming these responsibilities can be expensive to defend and even more expensive if you are legally responsible. But first you go for liability insurance, you must have Public or Private Hire Insurance. Your liability insurance for taxi drivers protects you from these losses by taking out insurance for the premiums you pay and the cost of claims. Two Types of Liability Insurance: For most companies, there are basically two types of liability insurance that must be considered. Public Liability Insurance: Public liability insurance that protects you from any claim you may have on your legal liability for personal injury or for third parties. Public liability insurance may also include product liability insurance to protect you from claims arising from the sale or delivery of a product to you. Employers Liability Insurance: The employer's liability protects you from litigation whereby you assume your legal responsibility in the event of death, illness or injury to an employee during his employment. It should be noted that companies offering professional services should also consider professional liability insurance as part of their liability insurance. Cost of Liability Insurance for a Taxi Driver: Liability insurance costs for taxi drivers, as for any insurance, are based on information about the risks received by the insurance company. Liability insurance has generally become cheaper than in recent years, but unusual factors such as work in dangerous places affect the premium you pay. The refund limit is the maximum amount that the insurance company pays for a single claim or, in some cases, the maximum amount paid within one year. This limit is determined by you based on your needs. The common limits in these guidelines are £ 1 million, £ 2 million, £ 5 million, and £ 10 million, though other limits are available to taxi drivers. To get this limit, determine how much coverage you think you need, which may depend on the type of work you do. Deduction of Liability Insurance for a Taxi Driver: Liability insurance is also important for taxi drivers as public or Private Hire Insurance. if you talk about the deduction if liability insurance, the deductible is a sum of money that you are responsible for any claim arising out of your policy. In general, liability for property damage is claimed that is raised in connection with liability insurance. Normally, it is £ 250 or £ 500. There is no deduction for claims due to public liability or liability insurance.