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Thursday, November 21, 2019

C-Suite Advisory

Why You Need Extra Insurance If Your Company Has a Fleet of Vehicles

We all know how important it is to have vehicle insurance, and it’s also mandatory in most states to be insured. One of the biggest advantages of being insured is that you get financial support in the time of a catastrophe. Why rely on someone else when you have insurance to help out? If your company owns more than 4 cars then fleet insurance is something for you. However, please note that fleet insurance is mainly for companies that use vehicles for the transportation of goods. It provides these trucking companies with the advantage of lowering insurance costs, enhancing safety for drivers, and more. But this insurance can also be of benefit to a business that owns many vehicles as well. See below the advantages of having fleet insurance for that situation.

  1. The More the Merrier
    We all would love to expand our businesses. When our business grows, we profit and indirectly provide employment opportunities to other people. In the case of companies that own a fleet of vehicles, the more vans or trucks they have, or wish to add to the insurance, will grant the company a premium discount.
  2. Collision Coverage
    Safety is so important to us all. When we initiate a business, we have to ensure that all our employees are guaranteed a safe and wholesome environment to work in. Road accidents are unavoidable and unpredictable. In such cases, you want your company to be totally protected. Car accident insurance claims are important here. Fleet insurance, for example, helps to cover for collisions and road accidents, thereby reimbursing the company for any damage done to the vehicle.
  3. Protects Drivers
    Employees are everything for a business. They are the main power-house, and without them there is no business at all. Therefore protecting them is very important. If your employees are driving your company’s vehicles to conduct your business, then the company is responsible for their safety. In case of an accident, your auto coverage will protect your business from lawsuits and give financial help in case of physical injury to employees.
  4. Anyone Can Drive the Vehicle
    The fleet can be insured in such a way that allows anyone with your permission to drive your vehicles. This provides a lot of flexibility to your company when vehicles need repairs or are down for other reasons. All you need is someone with a driver’s license and a safe driving record, who can safely drive the vehicle. Here is a good tip, whenever you have a driver change in your company, update your fleet insurance,
  5. All in One
    One of the best benefits of fleet insurance is that all your vehicles are covered, as a single group, under one insurance policy. This really eliminates a lot of hassle for a company. Furthermore, since each car is on the same policy begun at the same time, they will also have the same expiration date.
  6. Lower Cost
    Fleet insurance is actually cost-effective when compared to other auto insurance. This can help your company save money. Instead of having to pay multiple premiums on multiple, different policies, a fleet policy will generally offer impressive savings due to the fact that you have multiple vehicles on one policy, so the associated risks are averaged out.
  7. Stolen Goods
    What if you could be reimbursed for any damage done to your vehicle, or complete loss? With fleet insurance, if your vehicle or goods are stolen, or if there is any damage done to the goods, then fleet insurance helps to cover the loss for it.
    If your company owns even a few vehicles, it would be prudent to investigate fleet insurance.

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Ryan Miller
Senior associate editor at ​the CEOWORLD magazine. Raised in Boston with a Brooklyn accent.
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