Your business is unique. Cover Corps provides customized coverages in the Taxi & Livery Industry.
Typical coverages for the Taxi & Livery Industry:
- Commercial Auto Liability: Commercial auto liability insurance is an important safeguard for your business. If you or an employee is sued following a serious accident in a truck or vehicle, liability insurance helps protect your company’s assets. A minimum amount of commercial auto liability insurance (or proof of financial responsibility) is required in most states. You need this protection if: Your business: owns, leases, or rents any vehicles; Employees drive their own vehicles while conducting business; You or your employees drive company cars for both business and personal use.
- Bodily Injury Liability Coverage: Bodily Injury Liability Coverage provides payment in cases of bodily injury or death resulting from an accident for which you are at fault. This may also include legal defense expenses depending on the type of policy purchased.
- Property Damage Liability Coverage: If your vehicle accidentally causes damage to another person’s vehicle or property, this coverage can protect you. That can include legal defense expenses depending on the type of policy purchased.
- Medical Payments Coverage: This coverage provides payment for any medical expenses that may arise due to an employee or a passenger traveling in your vehicle, regardless of who is at fault in an accident.
- Uninsured Motorist Coverage: This coverage provides payment for any medical expenses, or in some cases property damage, that may have been caused by a hit-and-run driver or an uninsured driver. Underinsured motorist coverage (when the at-fault driver has insurance but not sufficient insurance to cover the damage caused) may also be included depending on the type of policy.
- Comprehensive Physical Damage Coverage: This is coverage for vehicles or trailers on your policy for damage caused to them other than a car accident. Examples include damage resulting from theft, vandalism, flood, fire, and other specified hazards.
Cover Corps also provides specialty coverages for the Taxi & Livery Industry that cover your unique business risks like:
Collision Coverage: This is coverage for vehicles or trailers on your policy for damage caused to them by a collision with another vehicle or a single-car accident.
Personal Injury Protection (PIP): PIP will pay for medical expenses and lost wages for you and any passengers injured in an accident. PIP pays whether or not you are at fault.
Workers Compensation: Companies with employees will require workers' comp. If an employee sustains a work-related injury for which you could be held liable, it covers their medical expenses as well as any lost wages.
Employment Practices Liability Insurance: Employment Practices Liability Insurance protects you as the taxi service owner if you’re accused of discrimination, sexual harassment, wrongful termination, etc. If you're sued by a current or former employee, this insurance policy will provide you with a lawyer and cover legal fees and settlement costs.
Business Interruption Insurance: If you get in an accident that impairs your ability to drive and complete your job requirements, business interruption insurance can help cover your lost wages until you’re able to work again. The policy can provide the same coverage if your office or garage space is damaged.
Commercial Property: If you use a dedicated office space, you will also need commercial property insurance - which covers the costs associated with major perils such as acts of nature, theft, and vandalism that could damage your building or result in the loss of smaller assets such as computers.