Legal Question in Insurance Law in Nebraska

Taxi Cab Compnay Insurance Coverage

As an owner of a Taxi Cab business,we need to lower our insurance costs.Nebraska requires us to have $500,000 liability coverage.This costs us nearly $7,600 per cab annually.I would like to know if it would be possible to form an LLC Limited Liability Corporation for each cab. Thus,making them independent entities.Would I be able to insure each entity for $25,000 of liability coverage,since most accidents fall in that range,to save money and then have a policy for $500,000,in reserve to meet the requirements of the state and in case of catostrophic loss? This way the exposure is lees for the insurance company since each policy is only for $25,000,conceptually.i.e. A football player insures his knees for $2 million on the chance he gets injured and loses his livlihood.He has insured himself for catostrophic loss but at the same time has some insurance for the lesser injuries.The goal of my idea is to lower the cost of insurance by 25-50% overall.

And maybe there is added benefits and protection by having each cab serve as it's own entity.Please let me know if my concept has even a shread of validity or if there is another way to tweek the concept to reach my goal.Thank You.

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