Taxi Insurance – Beat the price rises

As everything starts to become more expensive, the cost of living rises, and fuel becomes more expensive overnight, you can be sure than insuring your goods, home and vehicles is not going to be the exception to the rule. Rising insurance costs, especially in the recent few months, are making everybody think twice about whom they are insured with and start to wonder if they may be able to get a better deal somewhere else.

taxi insurance premiums have definitely been on the up and up recently rising more and more each month. Recent research and market related surveys show the trend in higher premiums growing every year.

One of the biggest reasons the premiums are becoming so high is because of fraud – fraudulent claims lead to an increase in the insurance payouts, which means insurance companies have to increase their premiums in order to make provision for the higher amount of claims payouts every year. Many taxi owners are shopping around for better packages for taxi insurance online.

Specific insurance brokers, who cater just for taxi owners, will have a website that customers can search for a better deal in online taxi insurance. Because the insurance brokers know about the specialised needs taxi owners have, needing a specific insurance policy for their vehicles, they will be able to get the best deal available at that time and even negotiate with the insurance company to give them a better deal, as opposed to taxi owners going directly to the insurer themselves.

Shopping around for a better insurance deal may seem overwhelming at first that is why it is good to use an insurance broker website, to help you streamline the process and make up a short list of insurers to choose from. Shopping around and doing a bit of homework, will be able to save you a lot of money in the long run, and although a seemingly tedious task, it will be worth it in the end. Using a specialised broker would be the easiest choice, as they will do all the boring work for you, without you having to do a thing.

Find excellent value taxi insurance online at Redmetro

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Professional Indemnity Insurance

Professional Indemnity Insurance is legal for some businesses, not applicable to others and recommended for those in between.
In essence, it protects business whose product is not tangible, but is either a service or an intellectual commodity.

The institute of chartered accountants also have guidelines, but rather than a fixed sum, the figure to cover yourself against a claim for is based on the size of your individual business. Their calculation states that the minimum an accountant should take out PI for is two and half times the income brought in by fees, or fee income x two hundred and fifty percent.

Professional Indemnity is not just for accountants and financial advisors, however.
If your business is to give other people advice, such as a designer or architect, then you need to cover yourself in case there is an issue when your design is realised.
And this is not just insuring against fatality or injury. If, during the course of construction of your plan or design, it is proved that there are faults, rectifiable or not, the designer is liable for the expense of materials and labour invested up to that point. If the whole project is to be scrapped, your incurred costs can be business-threatening, so it is indeed advisable to insure against this eventuality.

It is generally accepted that, by the nature of this policy lending itself to professionals within their field, that not every business needs this type of cover. However, some more aware staffing agencies and call-centres are starting to incorporate some degree of PI cover as their business models change with the times.

Professional Indemnity Insurance is an add-on to any of your usual policies, such as PLI and ELI, and is rarely incorporated within those two main types of cover. However, it is worth asking the company with whom you have these basic policies with, as you are more likely to get a preferred rate for this ‘professional’s’ insurance as an existing policy owner.

And finally, have a risk-assessment plan in place. Some companies may not insure you at all, if you don’t. But, if you can prove you have most eventualities covered, you will appear a safer bet with your chosen provider.

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