Fleet Insurance for Businesses Businesses that use fleet vehicles often invest in fleet insurance. It can help them save money on vehicle repairs, lost time and sales, and other expenses that may arise from a car accident.
It’s important for a company to have this coverage because the costs of an accident can be extremely expensive. A good way to save on fleet insurance is by maintaining high safety standards and using the right types of vehicles.
Coverage for Damage to Third-Party Property Unlike personal auto policies, fleet insurance offers multiple coverage options for business owners. One option is direct compensation property damage coverage, which pays out to repair or replace a vehicle after an accident regardless of fault. Another option is comprehensive coverage, which protects commercial vehicles from fire, theft, and more. Finally, there is rental reimbursement coverage, which pays out for a temporary replacement vehicle if yours is damaged or stolen.
Fleet insurance can benefit businesses of all sizes, from small operations with a handful of cars to large logistics companies with thousands of delivery vans. The exact costs will depend on the size of your fleet and the type of coverage you choose. For example, a plumber or locksmith company may pay less for a fleet policy than a taxi service that needs to purchase coverage for hundreds of vehicles. Contact a BrokerLink insurance expert to learn more about fleet insurance and to get a free quote.
Coverage for Damage to Your Vehicle Fleet insurance policies can cover all kinds of vehicles, from a single car to multiple vans, cars, trucks and even tractor-trailers. You can also customize the policy to your specific business needs by adding a variety of different coverages, such as property damage liability and bodily injury liability. You can also choose from a wide range of limit options, such as combined single limit (CSL) liability that provides one overall limit for property damage and bodily injury claims across your entire fleet.
Another key benefit of fleet insurance is that it helps your business keep its rates down by signaling to potential insurers that you take driver safety seriously. Maintaining high safety standards may also lead to better discounts, especially if you have one young or high-risk driver in your fleet. It can also save you time by eliminating the need to manage and renew individual vehicle insurance policies. Ultimately, finding a comprehensive and affordable fleet car insurance plan is easy with the help of an experienced broker.
Coverage for Damage to Other Vehicles Fleet insurance typically comes as a single policy covering all your business vehicles. The advantage of this is that it’s usually less expensive than buying individual policies for each vehicle. It’s also easier to manage, since you only have one renewal date instead of many. You may be able to save even more by bundling your fleet insurance with other business insurances, such as commercial property or general liability.
If your business operates a large number of cars, trucks, vans, or other vehicles, you’ll likely need physical damage coverage. This protects your fleet from damage caused by weather, theft, or other uncontrollable events. It’s a smart addition to any fleet, as it protects your business from expensive repairs.
The intended use of your vehicles will have a direct impact on the price of your fleet insurance policy. Try to avoid driving for personal reasons, and choose vehicles with a lot of safety features. It’s also a good idea to implement a driver risk assessment process and vet your drivers thoroughly.
Coverage for Damage to Other People’s Property A fleet insurance policy provides protection against damage to property of others that your business may cause with vehicles in your possession. This type of coverage typically includes bodily injury, property damage, and combined single limit liability.
You can also choose to add on coverage for accessories. This is particularly important for commercial vehicles that often have expensive equipment like navigation units, communication radios and mileage meters. Fleet insurance policies can provide coverage to replace or repair these items after they are damaged in an accident.
Depending on the insurer, you may be able to reduce your fleet insurance premium by bundling it with other business insurance policies. This can help you streamline your paperwork and lower your rates. Maintaining high safety standards in your company’s vehicle operations can also help you obtain competitive fleet insurance rates. Keeping records of your drivers’ driving history, including accidents and tickets can further improve your ability to get low cost fleet insurance.assurance flotte