If you’re like every other small business owner in today’s economy, you’re scrambling around for ways to save money. Consider commercial fleet insurance. As you’re reviewing your business insurance coverage(always a good plan at least once a year), take a look at the vehicles you use for your business operation and the employees who drive them to see if you might benefit from fleet vehicle insurance coverage. Here are some tips on what this special business coverage is and how to shop for competitive quotes for commercial fleet insurance.
Does your company own a variety of cars, trucks and vans? While the number required to qualify as a fleet will vary, typically if you have three or more vehicles, a commercial fleet policy makes more sense than insuring each vehicle with a separate policy. Not only do you have the potential to save hundreds of dollars by consolidating your business vehicle insurance under a fleet policy, you’ll save a lot of time, too. There’s less bookkeeping and other record-keeping involved with a single policy – whether you’re managing the coverage, paying the premiums or filing any claims.
The cost of your commercial fleet insurance is going to depend on a variety of things. Typically, the insurer will look at the number, type, age and condition of vehicles to be insured, the mileage driven, the type of business you’re operating, the type of cargo (if any) you’re carrying, and the driving records of everyone covered by the policy.
You may qualify for discounts on commercial fleet insurance based on the number of vehicles covered (much like a multi-vehicle discount for personal car insurance), safety equipment and anti-theft equipment installed on your vehicles, safe driving records and other factors. Be sure to ask about discounts when you’re shopping for fleet insurance quotes.
When looking for commercial fleet insurance quotes, compare policies that offer comparable coverage. Generally, fleet insurance provides a combined single limit for bodily injury liability coverage, property damage liability coverage, medical payment or no-fault coverage, uninsured motorist coverage, comprehensive physical damage coverage and collision coverage. Many fleet insurance policies will also provide coverage for the cargo being transported, as well as the vehicle carrying it.
How much fleet insurance do you need? It’s probably a good idea to carry more per-incident coverage for a fleet policy than you would for a personal vehicle. After all, there’s more at stake if you’re sued, particularly for a multi-party claim. You can keep premium costs down by selecting higher deductibles or waiving the collision portion on older vehicles in your fleet, seeking out every available fleet insurance discount and periodically shopping for competitive fleet insurance quotes.