17 Jul 3 Key Benefits of Business Fleet Insurance
As businesses expand and experience growth both in their employees and work bases, additional company vehicles are often purchased. These may be utilised as company cars for employees, pool vehicles made to be available on stand-by, as well as for other commercial and personal purposes.
However, the real frustration that tends to accompany this business decision comes with attempting to competently manage the administrative tasks involved in obtaining and retaining vehicle insurance coverage. The process of insuring vehicles on separate plans, and sometimes even through multiple insurers, is a hassle commonly experienced by expanding businesses.
The stressful administrative duties that are involved in managing this necessary evil have generally been considered inevitable. However, what is lesser known is that there is another option.
For an increasing number of businesses in possession of multiple motor vehicles, that alternative coverage option is fleet insurance.
What Is Fleet Insurance?
Business fleet insurance is a type of insurance that allows businesses to cover multiple vehicles and drivers under a single umbrella policy. While some insurance companies may require a minimum of at least four motor vehicles to be covered, some insurers may offer their plans to businesses or families in possession of a minimum of two vehicles.
This type of motor coverage has become increasingly popular and common among expanding businesses due to several key benefits that this type of insurance can offer over separate motor insurance plans.
These key ways in which this type of insurance can be beneficial to your company’s motor insurance include:
- Fleet Plans Are Less Hassle
Running a business is hassle enough and attempting to keep up with the responsibilities that come with managing multiple policy contracts for vehicles adds unnecessary stress. Companies may forget contract renewal dates, misplace their contracts, or otherwise struggle to keep up with making sure all the business-owned vehicles are properly insured for employee use.
By having all company-owned vehicles and drivers under one umbrella policy, you can evade the stress that comes with handling multiple policies and insurers. Under one coverage plan, there is just a single renewal date, and with much of the general administration work greatly reduced, less time will need to be devoted to the management of your motor insurance policy.
The costs that come with insuring a growing number of vehicles individually on separate plans can be profound. This includes the premium costs associated with the separate plans, as well as the varying prices you may encounter with certain vehicles if you opt for working with multiple insurers.
The cost-effectiveness of motor fleet insurance is one of the primary benefits that tends to win over companies that are growing weary and frustrated with their motor insurance costs. Many if not all fleet insurers will be able to offer a tailor-made plan that is customised to meet the needs of your business’s requirements.
Although quotes for this type of plan can vary based on what your business will need in terms of coverage, because all the vehicles are covered in bulk, the premium is likely to cost significantly less than the sum of all the individual premium costs.
- Suitable for a Variety of Vehicles
Another key advantage offered by fleet insurance plans is their suitability to cover many different types of motor vehicles to be used for commercial or personal purposes.
The types of vehicles that may be covered under this type of insurance plan include:
- Standard cars
- And more
There are also different types of fleet coverage plans that may be offered by insurers. Although a general policy may be suitable for fleets that primarily consist of standard cars, businesses within certain industries or that otherwise have specific requirements for their vehicle coverage may be interested in exploring the different types of fleet coverage options available.
For instance, businesses may choose to opt for van fleet insurance if their motor vehicle fleet consists solely of vans, coaches or lorries, and/or minibuses.
Taxi fleet coverage plans are available as well for taxi businesses. This allows taxi businesses to benefit from the advantages offered through choosing fleet coverage in addition to adequate asset protection.
There are also family fleet coverage plans for families who own two or more vehicles. Similar to plans designed specifically to meet the needs of company vehicle fleets, a family fleet plan will offer the same benefits of saving on premium costs, as well as avoiding the well-known hassle of insuring multiple vehicles separately.
Ready to Get Insured?
The cost-effectiveness and convenience of this type of insurance are just some of the ways in which a business may benefit from switching over to a fleet motor coverage plan.
For businesses that are interested in investing in the benefits that this insurance policy has to offer, you can head on over to Utility Saving Expert to compare cheap fleet insurance quotes that can suit your company and budget.