Our highly trained insurance brokers are comfortable discussing your fleet insurance needs and finding solutions.
DO YOU NEED A COMMERCIAL OR PERSONAL POLICY? Do you need to insure the fleet?
While personal and commercial auto insurance policies provide similar types of coverage, there are important differences. Commercial auto insurance policies typically have higher liability limits than a personal automobile liability insurance policy. For example, a typical commercial auto policy may have a liability limit of $1 million. A commercial fleet auto liability insurance policy also may have provisions that cover rented and other non-owned vehicles, such as employee-owned vehicles that are driven for company business.
Commercial insurance can be complicated, so be sure to discuss any terms, conditions, or concepts you are not familiar with or do not fully understand with your producer. One of the services our producers provide is their ability to answer your questions and help you understand the insurance you are considering.
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While your business may not need all types of commercial coverages, it is a good idea to have basic knowledge of the types of insurance coverages available. As your business changes and expands, you should reassess your coverages and determine what additional coverages you may wish to purchase. This is particularly true if your business grows and new risk exposures arise.
GREAT TIPS AND CONSIDERATIONS CONCERNING COMMERCIAL AUTO INSURANCE
• If your business owns or leases a vehicle, make sure the name of the business is listed on the policy declaration page as the insured.
• If you are relying on either a personal auto or personal umbrella liability insurance policy to provide you with protection for your company’s use of vehicles, closely review the policy language. Many personal insurance policies exclude business-related liability claims.
• If your employees operate a company car, make sure they have good driving records and are trained properly before you entrust your company vehicle to them. Failure to do so may expose your company to additional liability. The risk presented by your employees may
exceed the company’s underwriting guidelines and prevent you from getting insurance with the company you desire.
• Consider increasing insurance on your business vehicle(s) to cover permanently attached items, such as a generator or a storage unit.
Potential Insure The Fleet Insurance Discounts that may be available.
Commercial Driver’s License (CDL) Discount – Insurance customers who employ professionally trained drivers that have had a Commercial Driver’s License (CDL) for at least two years can potentially save big on their auto liability coverage.
Business Experience Discount – Business auto fleets & commercial truck fleet customers in business for more than three years may qualify. We will discuss and review all possible discounts available.
Prior Insurance Discount – Your company could be eligible for additional savings if you’ve maintained continuous commercial or business auto liability insurance coverage for the last 12 months.
Package Discount – Business Auto & Trucking customers with an in-force General Liability (GL) or Business Owners Policy (BOP) could be eligible for additional savings.
Paid In Full Discount – You can save considerable money if you decide to pay your total premium in one lump sum.
Truckers ELD Potential Fleet Discount- If you agree to share the telematics data we will be able to get you between 5%-20% annual discount.
We offer some of the best fleet auto liability and related coverages for business use vehicles, mixed fleets, route delivery vans and commercial truck insurance for fleets available anywhere. We will be excited to assist your company also!
Feel free to contact us right away with any of your needs or concerns. Let “Let Insure The Fleet Brokers” provide your solution today!
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Buying Commercial Fleet Auto Insurance: A Guide
For businesses managing multiple vehicles, commercial fleet auto insurance is an important and often required form of coverage. Whether you manage a couple of vehicles or a whole fleet, understanding the different types of coverage and the guidelines for obtaining it can be challenging. This guide is designed to help provide insight into what commercial fleet auto insurance is, the types of coverage available, and how to find the right policy for your business.
What is Commercial Fleet Auto Insurance?
Commercial fleet auto insurance is a type of insurance policy that provides coverage for multiple vehicles used in business – such as pickups, vans, cars and other commercial vehicles. It is generally required for those companies that have more than five vehicles. This type of insurance provides protection for both human and property assets in the event of an accident. It covers repair bills for the damaged vehicle, medical expenses for passengers or injured parties, and other damages resulting from a crash. It also provides liability coverage in the event of an accident causing bodily injury or property damage to another party.
Types of Commercial Fleet Auto Insurance
There are several different types of coverage available with commercial fleet auto insurance policies. There are required coverages, such as liability coverage and property damage coverage, as well as optional coverages such as collision and comprehensive coverage.
• Liability Coverage: This type of coverage pays for bodily injury or property damage caused by a covered accident. Bodily injury liability covers medical expenses and any legal fees associated with an accident involving you or your drivers. Property damage liability pays for damage to another person’s property, including automobiles, buildings and fences, caused by a covered accident.
• Collision Coverage: This type of coverage pays for damage to your vehicle caused by a collision with another car or object. Collision coverage is optional, but can be very beneficial in the event of an accident.
• Comprehensive Coverage: Comprehensive coverage pays for damages to your vehicle from non-accident related events such as theft, fire and vandalism. Comprehensive coverage can also be added as an optional coverage to provide additional protection against these types of losses.
• Uninsured/Underinsured Motorist Coverage: This type of coverage pays for medical expenses and other damages if you are involved in an accident with an uninsured motorist or with someone who does not have enough liability insurance to cover all the damages caused by the accident.
• Medical Payments Coverage: This type of coverage pays for medical expenses incurred by you or the passengers in your vehicle after an accident. Medical payments coverage is optional and can be added to your policy to provide additional protection in case of an accident.
• Gap Coverage: Gap coverage is optional and pays for the difference between what your vehicle is worth and the amount still owed on it in the event of a total loss due to an accident. Most lenders will require you to purchase gap coverage if you finance your vehicle.
How to Choose a Commercial Fleet Auto Insurance Policy
Choosing the right commercial fleet auto insurance policy can be a tricky process. In order to select the right policy for your needs, it’s important to consider several factors, including cost, coverage levels, vehicle age and type, drivers’ experience level and driving record, frequency and types of trips taken, number of vehicles covered by the policy, and the insurer’s customer service ratings. Additionally, it’s important to make sure you understand any exclusions or limitations that may apply to your policy. To get started in comparing different policies, start by getting quotes from several different insurers, paying close attention to their rates, customer service ratings and list of services offered.
Before committing to a policy, you should also check with your state’s Department of Insurance to ensure that the insurer is authorized to issue commercial fleet auto insurance policies in your area. Your state may also have minimum requirements for certain types of coverage that must be met before you will be allowed to operate certain types of vehicles on its roads.
Once you have narrowed down the choices to two or three insurers that offer the best combination of pricing & coverage, it’s important to read through each policy carefully before signing up so that you understand exactly what you are agreeing to. Your insurer should provide you with a thorough explanation of each type of coverage they offer so that you know what each term means and how it will affect your business operations in the event of a claim. You should also ask if there are any discounts available on certain types of coverages or on multi-vehicle policies that might help lower your overall cost.
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For businesses managing multiple vehicles, purchasing commercial fleet auto insurance is an important way to protect their human and property assets in case of an accident. Understanding what types of coverages are available, what types are required by law, and how to select the right policy can be challenging but is essential for purchasing comprehensive protection at a competitive price point. Hopefully this guide has helped provide some insight into how to find adequate coverage for your business’s commercial fleet auto needs.
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If you need to research USDOT laws for commercial vehicles click here.