A commercial fleet insurance policy is a sort of business auto insurance that protects a fleet of commercial cars. Fleet insurance is typically available to companies with three or more work cars.
The insurer sets the floor on the minimum number of cars covered. Even with a tiny fleet size, some insurance companies will cover a business.
If you are considering about purchasing commercial fleet insurance, we cover all you need to know in this article.
BUSINESS FLEET INSURANCE: WHY YOU NEED IT
Ease of Mind and Risk Control
The confidence that comes from knowing your firm is protected by a solid risk management strategy is the primary advantage of commercial insurance.
Having a fleet of commercial vehicles exposes you to different dangers, regardless of the field you work in (construction, trades, car rental, installation services, or professional services).
It’s impossible to forecast when calamities like car wrecks, burglaries, and acts of vandalism will occur. In such a situation, the unexpected costs of medical care or repairs can be covered by commercial fleet insurance.
There is a greater administrative burden associated with maintaining multiple commercial auto insurance policies for a growing fleet of vehicles.
With commercial fleet insurance, you can manage all of your vehicles under one policy, whether they’re company cars for employee use or cargo trucks for transporting goods and machinery.
Multiple People Discount
The cost of insuring a business’ fleet of vehicles is often reduced if more than one vehicle is included in the policy.
By purchasing commercial fleet insurance, you can protect your whole fleet of vehicles for less than the cost of buying separate policies for each vehicle.
Businesses who need to often swap out their vehicles may benefit from commercial fleet insurance. In the car-rental company, for instance, vehicles must always be in pristine condition.
Similarly, in construction enterprises, where vehicles see frequent and heavy use, wear and tear can quickly accumulate.
When it comes time to replace a fleet of vehicles, having business fleet insurance with a particular endorsement that covers identical vehicles makes the transition much easier. There’s no need to completely change your insurance policy in order to accomplish this.
Nonetheless, if you anticipate often replacing automobiles, it’s best to let the insurer know right once so that the appropriate endorsement can be included in the policy. It’s also crucial to remember who to contact and what to do if a car has to be replaced.
Coverage for Commercial Fleet Automobiles
Whether you utilize your fleet of cars, cabs, vans, minibusses, SUVs, buses, trailers, trucks, or HGVs for the following reasons, a commercial fleet insurance policy can give you the protection you need.
Obtain via hiring or renting
Shipping and Handling of Products
Logistics of moving stuff like tools and materials
Commercial trucks of various types parked outside of an office
Full Commercial Vehicle Insurance Protection
There are primarily three categories of commercial fleet insurance policies to consider when insuring a company’s vehicles:
Complete Coverage of Third-Party Liability for Collisions
A commercial fleet insurance policy will typically cost more than just getting third-party liability and collision coverage.
One caveat, though, is that your safety net will be somewhat thin. If you own a commercial fleet, you need a policy that covers the following.
1) Body Harm
Commercial fleet insurance can assist pay for someone’s medical bills and legal fees up to the policy’s maximum in the event of an accident that causes bodily harm or death.
When the right insurance is in place, this can also apply to the car’s occupants. Regardless of who was to blame for the collision, if the insured driver was hurt, the policy would still pay for their medical bills.
2. Property Damage
Property damage and personal harm frequently occur together in car accidents. Repair or replacement costs for damaged property (such as third-party automobiles) are covered, subject to the policy maximum, by commercial fleet insurance. There are plans that will even pay for your lawyer’s fees if you need them.
3. Commercial Vehicle Damage
Commercial cars are vulnerable to damage from both traffic accidents and criminals who may attempt to vandalize or steal them. Commercial fleet insurance, however, can help with the financial burden of fixing or replacing damaged vehicles.
Hail, fire, and flying or falling debris may also be covered by commercial fleet insurance, depending on the policy.
what you should know about fleet insurance
Are you prepared to protect your company’s fleet with commercial auto insurance? One last set of considerations is as follows:
Driver information is required for commercial fleet insurance coverage. This is a crucial stage, therefore taking your time is highly advised. A future claim could be denied if not all relevant employees were named.
If you hire a new employee who will be using a company vehicle for business, make sure to inform your broker.
If you need to replace or add a car, communicate this to your broker so that everyone is on the same page.
Get commercial fleet insurance from a reliable broker because not all policies provide the same level of individualized protection.
Your Company’s Unique Commercial Fleet Insurance
The team at KASE Insurance is committed to helping you protect your company and commercial vehicles.
We are a commercial insurance brokerage agency that specializes in tailoring commercial insurance policies to the unique needs of businesses in a wide range of sectors.
Consult with one of our insurance professionals today!
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