If you have been anywhere in central London recently then chances are that you have noticed the plethora of taxicabs around the city of London.
This is nothing new and there have in fact been forms of public transportation within the city since the 17th century when the first cab regulations were enforced.
These days there are plenty of taxicabs for both private and public hire, but what is the difference between public and private? As you might have guessed, you can ride in either a public or private taxi which makes it a bit confusing.
To the taxi industry however, there is a significant difference that needs to be observed.
That being said, let's talk a bit about that difference and what it means to you as a business: Public Hire: When you are running a public hire company you have quite a few options.
The most evident advantage of the public hire company is that their cabs can be hailed from virtually anywhere.
From an abandoned street corner to a busy town square, the public hire cab can go anywhere and pick up customers as it pleases.
As a result, a public hire company will be able to build up funding much quicker than a private hire company.
Private Hire: These companies may not fare quite as well as public hire companies at all times, but with a bit of work and positive thinking, they can certainly turn a profit.
Private hire taxis are known as minicabs and they are not quite as popular as London's prestigious black cab.
This does not mean they do not serve a purpose however! One of the draws of the private hire cab is that the cars will be cleaner and they will be readily available.
If you choose to start a private hire taxi company, then you will need to seek out minicab insurance.
Luckily there are plenty of insurance providers, typically online that will provide you the cover you need at a price you can agree with.
That being said, let's take a look at a few items you will want on your minicab insurance plan before you hit the open road.
First of all you need to see if the insurance company provides discounts for multiple vehicles.
As a taxi company you may want to keep several vehicles in your fleet and they may even number more than ten.
If that is the case, you are definitely going to need insurance that can cover all of them! In addition to that you need to check the accident policy to determine whether or not it covers both accidents and assaults on your vehicle.
Minicab insurance is very important for those who wish to get into the taxi business.
It can be extremely profitable even though it does have its share problems.
That beings aid, take a look at the different insurance options and get your vehicles on the road.
It will not be long before you are turning a profit.
Fault accidents are another occurrence that you need to watch out for.
There is always a chance that your driver will make a mistake and if that happens, you will need to count on your insurance company to provide you another vehicle and even compensation for the accident in question.
These are a few things that you should be prepared for in the private hire business.
There are many other things to take into consideration, but in the end it will all come down to you and what your company needs.
This is nothing new and there have in fact been forms of public transportation within the city since the 17th century when the first cab regulations were enforced.
These days there are plenty of taxicabs for both private and public hire, but what is the difference between public and private? As you might have guessed, you can ride in either a public or private taxi which makes it a bit confusing.
To the taxi industry however, there is a significant difference that needs to be observed.
That being said, let's talk a bit about that difference and what it means to you as a business: Public Hire: When you are running a public hire company you have quite a few options.
The most evident advantage of the public hire company is that their cabs can be hailed from virtually anywhere.
From an abandoned street corner to a busy town square, the public hire cab can go anywhere and pick up customers as it pleases.
As a result, a public hire company will be able to build up funding much quicker than a private hire company.
Private Hire: These companies may not fare quite as well as public hire companies at all times, but with a bit of work and positive thinking, they can certainly turn a profit.
Private hire taxis are known as minicabs and they are not quite as popular as London's prestigious black cab.
This does not mean they do not serve a purpose however! One of the draws of the private hire cab is that the cars will be cleaner and they will be readily available.
If you choose to start a private hire taxi company, then you will need to seek out minicab insurance.
Luckily there are plenty of insurance providers, typically online that will provide you the cover you need at a price you can agree with.
That being said, let's take a look at a few items you will want on your minicab insurance plan before you hit the open road.
First of all you need to see if the insurance company provides discounts for multiple vehicles.
As a taxi company you may want to keep several vehicles in your fleet and they may even number more than ten.
If that is the case, you are definitely going to need insurance that can cover all of them! In addition to that you need to check the accident policy to determine whether or not it covers both accidents and assaults on your vehicle.
Minicab insurance is very important for those who wish to get into the taxi business.
It can be extremely profitable even though it does have its share problems.
That beings aid, take a look at the different insurance options and get your vehicles on the road.
It will not be long before you are turning a profit.
Fault accidents are another occurrence that you need to watch out for.
There is always a chance that your driver will make a mistake and if that happens, you will need to count on your insurance company to provide you another vehicle and even compensation for the accident in question.
These are a few things that you should be prepared for in the private hire business.
There are many other things to take into consideration, but in the end it will all come down to you and what your company needs.
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