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What does Fleet Insurance cover?

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Fleet insurance is a single insurance policy that covers multiple vehicles, known as a fleet. Fleet insurance is preferred by businesses with multiple vehicles as it insures the vehicles as a group rather than through individual policies, saving financial costs and time on administration.

Fleet insurance often allows greater flexibility on who is driving your vehicles and is able to cover drivers and passengers that are either employed or are volunteers.

What types of vehicles are covered by Fleet Insurance?

Motor Fleets may include a range of vehicle types including motorcycles, cars, utilities, light trucks, minibuses and vans among others. Fleet insurance is able to cover owned, rented or financed vehicles, including novated leases.

What types of Fleet insurance are there?

Fleet insurance comes in a range of levels of cover. Options typically include:

Comprehensive Insurance: Covering your fleet for theft or damage broadly, plus covering third parties through legal liability
Third party, Fire and Theft: Covering your fleet for theft, or loss or damage caused by fire or similar, plus legal liability, or
Third party only, through legal liability.

Fleet insurance works in complement to other types of business insurance.

What does fleet insurance cover?

Motor fleet insurance typically covers your vehicles, their drivers and passengers and third parties involved in an accident with your vehicles.

Additional items often covered by fleet insurance include:

Sign writing or artwork on your vehicle
Non-standard accessories and permanently attached plant or equipment
Private vehicles belonging to employees or volunteers used for business purposes - check what other policies are in place on that vehicle
Tools and personal effects in the vehicle.

These items may be covered for damage or loss as a result of a specific accident or theft of your vehicle.

At the time of or following an incident fleet insurance may cover costs related to:

Towing or storing a vehicle
Clearing up debris from goods carried in the vehicle, including spillage
First Aid and emergency services help
Emergency vehicle repairs to return a vehicle to the road immediately
Transporting and providing overnight accommodation for stranded drivers or passengers
Vehicle hire while your vehicle is out of action
Additional expenses to expedite permanent vehicle repairs to minimise down time or business interruption
Modifying a vehicle for a driver who is permanently injured in an accident in an insured vehicle
In the case of death paying trauma counselling fees and funeral expenses.

Cyber Liability Insurance

Cyber Liability Insurance is designed to help protect you from claims and support your profitability in the event of a cyber breach or attack.

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Public Liability Insurance

Public Liability insurance is there to provide protection if someone makes a claim against the insured, the business or its employees.

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Business Insurance

A business insurance pack can provide cover for your business premises and contents, against loss, damage, theft or financial loss from an insured interruption to the business.

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Towing or storing a vehicle
Clearing up debris from goods carried in the vehicle, including spillage
First Aid and emergency services help
Emergency vehicle repairs to return a vehicle to the road immediately
Transporting and providing overnight accommodation for stranded drivers or passengers
Vehicle hire while your vehicle is out of action
Additional expenses to expedite permanent vehicle repairs to minimise down time or business interruption
Modifying a vehicle for a driver who is permanently injured in an accident in an insured vehicle
In the case of death paying trauma counselling fees and funeral expenses.

Fleet insurance may even cover your dog!

When do I need to update my Fleet Insurance?

It is worth speaking with your insurance broker about when you need to update your fleet insurance.

Consider scenarios such as:

Acquiring a business with an existing fleet
Change of driver types
Change of vehicle types or usage
Change of vehicle address

Many Fleet Insurance policies do have automatic addition. This is for the purchase, hire or lease of a new vehicle to add to your fleet that is similar to vehicles already insured under the policy. Automatic addition inclusions allow you to grow your business without having to manage your insurance policy at every step.

Fleet insurance, sign me up!

Fleet insurance is designed to cover businesses that depend on a fleet of vehicles for their business activities.

Working together with an insurance broker with fleet insurance experience will help you to navigate the best cover for your business. If you are running a business that includes a fleet of vehicles, Urban Insurance can help to ensure that adequate motor fleet insurance is in place to ensure your business is covered for its motor fleet risks.

Fleet Insurance

General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is appropriate for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.

All information above has been provided by the author.

Channelle Ricketts, Urban Insurance, AFSL 233750