Fleet Insurance is a Must
Any company that maintains multiple vehicles, whether it’s just a few vans or a large motor fleet numbering in the hundreds, needs to have fleet insurance. Accidents are a fact of life and it’s essential to the security of your business that you maintain adequate insurance to cover any liability in the case of an unfortunate accident that causes harm. Even in the fortunate case that nobody is injured, there is still the need to provide protection for your considerable capital investment in vehicles. There are further consequences that can affect your bottom line, such as delivery schedule disruptions when your vehicles are unavailable. A well-designed policy can streamline the process in the event of a claim, sparing you the hassle of dealing with multiple insurers, each with their own different ways of doing things. This is especially true in a highly vehicle-focused business, such as truck rental or delivery services, where accidents are to be expected with a certain frequency. Having a single insurer that you deal with routinely can provide greater efficiency versus maintaining different policies for different vehicles.
What is Covered?
Vehicles that can be covered are typically those owned and registered by the company, or vehicles that are leased to the company. Drivers are typically only insured when driving the listed vehicles on the policy, and driving personal vehicles is generally not covered, though there may be exceptions for company directors, depending on the insurer. There can be additional benefits and coverages that are not normally possible with single-vehicle policies. Many factors contribute to the cost, such as the number of vehicles, vehicle size and class of vehicle, usage and the precise nature of use. Fleet policies may provide special savings if certain criteria, such as having all company drivers complete special training, are met.
There may be further costs related to the nature of your business to consider if one of your vehicles is involved in an accident. Are there goods being transported that will be lost or damaged? If the answer is yes, additional coverage may be required to protect against those losses. It may be possible, and cost-effective, to have your policy include this as an option. Most insurers are well accustomed to dealing with the specific needs of individual companies, since everyone’s motor fleet is different. The best strategy is to shop around to find the right fit for you needs.