Choosing More Coverage

Posted on: 29 June 2018

Insurance for a taxi service is usually centered on making sure that your cars and drivers are covered. However, you should also talk to a managing general agent about your professional liability coverage. These professionals can ensure that you fully comprehend this coverage and know what it does and does not cover for your business.

The Confusions Behind Professional Liability Insurance

Professional liability insurance is a type of coverage that helps to cover mistakes or errors that occurred when providing service to a customer. For example, if you own a taxi company and one of your drivers delivered somebody to the wrong neighborhood, there may be a professional liability issue. This fact is particularly true if that person suffered from a loss, such as losing a job.

This kind of liability insurance is a way of protecting you in a lawsuit and preventing you from serious financial loss. It will cover the cost of defending yourself in a civil lawsuit. For example, if your taxi driver left a person in a dangerous area and they suffered from physical or emotional harm as a result.

The problem with this type of insurance is that it can be rather difficult to understand if you are new to it. For example, you may have never considered this type of insurance and may be causing yourself serious issues without it. As a result, you may need a managing general agent to teach you about it and set you up with the right coverage.

When You Should Consider A Managing General Agent

A managing general agent is a type of insurance broker who handles specific functions that are often too complex or specialized for other agents. For example, they often help companies like yours set up their professional liability coverage. They can also adjust other types of insurance, such as multi-car auto insurance. 

They will help set up a policy that suits your company's unique needs. For example, they will focus on driving-related problems that are unique to taxi services. They can also adjust the price and extend your coverage range to ensure that, no matter what, your insurance needs are covered. They can also tweak other policies to make sure you aren't paying too much.

So if you think that your company needs this kind of coverage right away, please don't hesitate to contact a managing general agency. They can set you up with the kind of high-quality professional liability coverage that you need to avoid serious financial difficulties.