As a businessowner, you need insurance coverages for the cars, trucks, vans or other vehicles you use in your business as you do for vehicles used for personal travel. Your Businessowners Policy (BOP) does not provide any coverage for vehicles, so you must have a separate policy.
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Coverage for insured /driver
Overnight vehicle insurance
Bodily injury coverage
If a person is injured while on your business premises, your business could be responsible for all related medical expenses
Bodily injury liability coverage pays for any injuries or death associated with an accident for which your business is at fault. Often, this coverage includes legal defense.
Property damage coverage
If your vehicle collides with a third-party vehicle and damages it, you become liable for their loss.
Property damage liability coverage protects if one of your vehicles damages another person’s property.
Your vehicles are often exposed to risks like fire, theft, and other natural hazards and require sufficient protection.
This can cover loss or damage to vehicles by fire, accidents, burglars, natural calamities, and other unexpected calamities.
Coverage for insured/driver
Your driver can meet an accident while driving your vehicle and suffer bodily injuries.
This provides coverage for the insurer/driver. In addition, multiple fleet insurance policies cover injuries to the driver.
Overnight vehicle insurance coverage
Your driver can meet an accident while driving your vehicle at night and incur great damage to your vehicle along with the goods in transit.
Many policy providers offer coverage for fleet overnight also since some businesses might need their vehicles to transport goods within one night.
What is Fleet Insurance?
As the owner of a small to medium sized business with a fleet of automobiles, it is imperative that you carry the appropriate types and amounts of commercial fleet insurance. Businesses like yours that own fleets of vehicles depend heavily on those vehicles. Without them you may not be able to deliver the goods and services your company supplies. Not only would you lose money from the loss in business operations, but if you also had to pay for repairing or replacing one or more of your business autos it could put a severe financial strain on your company.
These are the most important types of business fleet auto insurance you should carry:
How is the cost of Fleet Insurance policy determined?
Insurers use many factors to determine the policy premium. The number and kind of vehicles insured, and the location of the business, are key factors. Insurance rates vary by state and region. For example, costs tend to be lowest in rural communities and highest in cities, where there is more traffic. Also, some cars are more expensive to insure than others. Vehicles with expensive repair costs and those that are more attractive to thieves cost more to insure.
The policies generally protect not just the driver and vehicle, but also your business, pedestrians and other motorists. The specific use of your commercial vehicles will be important in determining the right policy type and coverage limits. Regular personal car insurance is often not sufficient to cover a potential financial loss when a vehicle is used commercially.
We can help review your risks and provide auto fleet insurance program costs for coverage that would best protect your business. Talk to us today to know more.
Already have Fleet Insurance? Switching is easy
It might be time to switch insurers whenever the service that your existing insurer provides doesn’t meet your needs. For example, if you have a poor claims experience or an unexplained rate increase, it might be time to consider other options
If you cancel a previous policy before a new policy is effective, you could run into some serious financial problems.
Contact us today to help you with multiple options to choose from.