When you are part of a business that deals with the public, it is called dealing with a third party. Anything relating to third party business must require insurance, especially when you are in the taxi service. A public hire taxi is a service which caters to transporting people from place to place. This requires Public Hire Taxi Insurance.
Public Hire Taxi Insurance is a great form of liability coverage. When an accident happens you can become liable and in most cases will be held accountable for the accident. This can result in a lot of legal fees and a hefty court settlement. Sometimes these settlements can break a person and their business financially. In the event of having insurance coverage you are protected on a personal level. All your legal fees and repair bills will be covered under your policy. This can offer a great peace of mind when you are worried about how you are going to pay these fees.
Also with your repairs covered you also have the repairs of the other automobile involved in the accident covered. As with any accident, a taxi will have to be repaired. This can mean it will be in the shop for any amount of time. Sometimes repairs are just not made on time and your taxi is off the road for longer. This can result in loss of business and income. Public Hire Taxi Insurance can also protect you against this loss, having your back in the event of loss of income and giving you the financial assistance you need until your taxi is up and running once more.
This coverage has indeed saved businesses time and time again and may one day save your own. Also with this coverage you gain onside road assistance in the event of a breakdown and even a set price for help in replacing your taxi should the need arise. All in all this is one policy no driver can afford to miss out on.