Owning your own taxicab business is an excellent way to make sure you’re financially secure, independent and successful. As the owner of a taxi, you choose how often you work, how far you drive, and how many fares you want to secure each day.
Some taxicab business owners actually own many taxis and hire drivers to operate them each day. Others lease or rent the cabs to independent operators. Small taxi companies and independent operators may rent or lease their taxicab while others are buying or already own the vehicle outright.
Regardless of how you operate your taxi business, there are a number of important details you must keep track of in your day-to-day operations. One of the most important details you must be sure to not overlook, is taxicab insurance. By carrying insurance for your taxi, you can rest assured that all of the hard work and investment you have put into the business will not go up in a moment of unexpected disaster. Here are the primary types of taxi insurance you’ll need: