Important Factors to Consider When Insuring a Fleet of Commercial Vehicles
As your business grows, you may find yourself in a position where you rely more and more on your own transportation to get your work done. You may even find that you’ll require multiple vehicles, depending on the type of business you’re running. If you’re involved in shipping, delivery, or even just have the budget to allow your marketing and promotion staff to use company vehicles instead of their own for work purposes, you’ll find yourself in the position of owning a fleet.
As a commercial fleet of vehicles, not for personal use, the type of insurance coverage you’ll want will be very different. But insurance is still very important, and that’s why when you’re looking to get insurance for an entire commercial fleet, there are very specific concerns you’ll want to look into as you make your decision.
One of the biggest advantages of deciding to go with commercial insurance for an entire fleet of vehicles is the simplicity. Rather than have to take out individual insurance for every specific vehicle, incurring a lot of time and bureaucracy, all them can be cone in a single transaction.
However, to make sure that you get the best coverage, you need to look into whether a fleet policy you’re interested in covers an array of vehicles, or only a specific type. For example, if you have a business with a lot of “mixed units” such as cars, vans and trucks, you’ll want to make sure that your fleet coverage actually includes the differing types. On the other hand, if you only have a fleet of vans that are all the same, and any other vehicles are only for personal use, then a fleet policy that only covers one type of vehicle may be more in line with your needs, and possibly even cheaper. It depends on what you want.
Cameras on vehicles make a lot of sense for insurance investigation purposes. They can potentially protect both you and the insurance company. With “driver cams” installed on a vehicle, it’s possible to get a more accurate picture of what happened during an accident when it comes time to make a claim and determine exactly what happened. In some instances, it can even prevent abuse of the system.
For example, if a truck driver falls asleep at the wheel and runs off the road, and receives an injury as a result, there have been instances in the past, where drivers later report that they swerved to avoid a drunk driver. In these instances, both the company and the insurance company are now legally obliged to pay out and provide coverage to a driver that was negligent and is now getting paid for it. With a driver cam, however, it would be clear from footage that there was no car at all, and that the truck simply veered off the road.
Accident Reporting Procedure
In the event of an accident, good information is important for insurance processing purposes, but, understandably, an accident is a stressful time. It’s very easy to forget about what to do for insurance reporting when there is emotional upset and possibly even injuries.
Including a card or other type of guidance in the glove compartment can provide more structure on what to do in this event, and make it easier for both you and your insurance company to get the information you need to quickly, efficiently process the incident.
If you have a large number of vehicles working within your company, fleet commercial coverage is really the best way to go. But you need to take more factors into account to make sure your coverage is both thorough and helping your business.