Fleet Insurance: What To Consider When Choosing and Managing Vehicle Insurance
Insuring your fleet seems like a no-brainer, but a lot goes into obtaining and managing commercial fleet insurance. Developing a strategy for managing insurance ensures compliance, keeps costs low and protects assets.
Choosing the Right Fleet Insurance
Managing a fleet of vehicles comes with great responsibility. In addition to managing drivers and maintenance, fleet managers must keep the safety and protection of their assets front of mind. To mitigate any risks surrounding your fleet, it’s important to have fleet insurance.
Fleet insurance allows organizations to protect all of their assets under a single policy. Not only is fleet insurance less expensive than holding individual policies for each vehicle, but fleet insurance also caters to the specific needs of businesses.
When choosing the right coverage for your fleet, think about the risks associated with the types of assets in your fleet. Leverage any fleet data you have available, consider your surroundings and speak with insurance professionals to determine what is best for your fleet.
How Much Does Fleet Insurance Cost?
The cost of commercial vehicle insurance varies greatly depending on the size, type and purpose of your fleet’s vehicles. Because fleet insurance is highly specialized, the cost can vary based on the insurance company.
The type of fleet can play a large role in determining your premium. For example, service fleets generally pay less than delivery fleets, as most delivery fleets need insurance that protects the goods they transport.
Types of Fleet Insurance Coverage
Both federal and state laws require all fleet vehicles to have commercial fleet insurance, specifically liability insurance. This covers bodily injury, property damage or a combination in the event your drivers are at fault for any accident.
- 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 liability coverage provides protection if one of your vehicles damages another person’s property.
- Combined single limit (CSL) coverage is a type of policy that attaches the same dollar amount of coverage for any instance, whether bodily injury and property damage.
credit: https://www.fleetio.com/blog/fleet-insurance-what-to-consider-when-choosing-and-managing-vehicle-insurance
