How to Choose the Right Commercial Auto Insurance for Your Fleet
What if your business was making an incredibly costly mistake and you did not know it?
If you own a business that uses multiple vehicles, chances are you already have commercial auto insurance. Unfortunately, what you have may not be sufficient for your needs. And unless you know how to check the fine print, you might not realize your fleet insurance coverage is insufficient until there is an accident and you are stuck with major out-of-pocket expenses.
The solution is simple: You need to have the right policy in place well before anything happens. But what do you need to look for when it comes to carriers, and how can you know the coverage offered is sufficient for your needs? Keep reading to discover how to choose the right commercial auto insurance for your fleet.
The Importance of Insuring Your Business Fleet
Some entrepreneurs do not worry much about fleet insurance because they are unsure why it is important. Such coverage is crucial for you as a business owner because it helps repair or replace any of your vehicles that get damaged in an accident. Without a good policy, you would have to pay out of pocket for these costs.
Fleet insurance coverage also provides liability protection in the event an employee driving one of your vehicles causes property damage and/or injures somebody. The policy can help pay for the damage and, if needed, your legal bills if someone takes your business to court. This is one of the biggest reasons why liability protection is vital for your business.
Without liability protection, a court battle (even one in which you prevail) could be so costly that it could threaten or even destroy the business you worked so hard to build.
Assessing Your Fleet Insurance Needs
When it comes to fleet insurance, there is no one-size-fits-all method of choosing a policy. That leads to the obvious question: How can you determine exactly what kind of coverage your own business needs?
It usually comes down to calculating the size and nature of your fleet and measuring that against the unique risks you may face. Not sure how to do that? You will find everything you need to know below.
Determine the Size and Nature of Your Fleet
Depending on the carrier, you may have the chance to get commercial auto insurance suitable for small fleets or large fleets. As a general rule, you need small fleet coverage if you have less than 10 vehicles and large fleet coverage if you have 10 or more.
Remember though: The more cars you have to cover, the higher your premium. That is actually one of the bigger similarities between commercial vs. consumer auto insurance.
Evaluate Risks Unique to Your Business Operations
Ideally, your commercial auto insurance should be tailored to the unique risks your business faces. For example, businesses that offer delivery services are likelier to have accidents because drivers with time-sensitive tasks are more likely to make mistakes. Similarly, businesses that face inclement weather (like tropical storms in Florida and snowstorms in Boston) should consider coverage that takes those risks into account. Whatever dangers your own fleet faces, make sure to get a policy that properly protects you.
Coverage Options for Commercial Fleets
As mentioned before, fleet insurance typically offers collision coverage to help pay for damage to your vehicles and liability coverage to pay for damages to others and potential legal costs. The limits on both can be increased as needed if you would like additional peace of mind when it comes to collision or liability.
There are additional forms of commercial auto insurance you can add, including uninsured motorist coverage (for when someone hits one of your cars and does not have their own policy) and roadside assistance (in case one of your vehicles breaks down and requires immediate help). Remember, your business might be fine with the standard package, but it is important to carefully consider the exact protection your own fleet needs.
Why InsureOne Is the Right Choice for Your Business Fleet
When it comes to getting the best commercial auto insurance benefits, you have plenty of carriers from which to choose. But if you are reading this, chances are you are considering switching to a new carrier. And if you are ready to receive the best protection in the business, it is time to switch to InsureOne for your fleet coverage needs.
At InsureOne, you can get a versatile coverage package uniquely suited to the needs of yourself and your company. And you will work with industry professionals dedicated to giving you the best coverage at affordable prices. You are used to paying too much for too little; why not join InsureOne and see how fun it can be to pay too little for more protection than you ever imagined?
Get a Free Quote for Your Fleet
Now you know everything you need to know about commercial auto insurance. This includes what is covered, your additional options, and how to decide what your business needs. But when the time comes, do you know who you can trust with your business and its entire fleet?
At InsureOne, we specialize in protecting entrepreneurs just like yourself. Ready to give your business the protection it deserves so you can have peace of mind at prices you simply cannot believe? If so, be sure to come get a quote online. Additionally, you can also pick up the phone and give us a quick call at 800-836-2240. Finally, feel free to find an InsureOne office near you.