Manufacturers Insurance

During your time in business, you have likely had the pleasure of seeing your company grow. Now you have a fleet of commercial vehicles and drivers under your wing. You have a lot to be proud of and even more concerns on your mind.
Consider the fact that around 87 per cent (or 9 out of 10) of businesses admit that a significant insurance claim has the potential to put them out of business. However, an estimated 62 per cent of companies either have the wrong insurance or do not have enough insurance. That information is reason enough to take a better look at your commercial fleet insurance.
Commercial fleet insurance is the cover you carry for the vehicles that you need to operate your business. Typically, a fleet consists of a minimum of two vehicles. However, some insurance companies will consider ten or more vehicles eligible for a discounted rate for fleet insurance.
Many people think of a fleet being delivery vehicles or big rigs that travel coast to coast. However, a fleet can be a combination of different kinds of vehicles. If the vehicle is necessary for your business, it can be a part of your fleet. This includes but is not limited to,
It is in your best interest to keep your business insurance and personal insurance separate as a business owner. Doing so means that you do not need to worry about gaps in your coverage.
*For Example*
You own a floral shoppe and deliver flowers with your personal car. If you are involved in an accident while using your car to deliver flowers, you stand a chance of having your claim denied because the car has insurance through your name and not your company’s name.
If you own and operate a fleet of vehicles, you need to list your company as the owner and carry commercial fleet insurance. Doing so will prevent the unwelcome news that your claim is denied because your personal car was being used for work.
Your commercial fleet insurance policy can cover a variety of situations. Aside from accidents that happen on the road, your policy can cover,
Typically, there are three levels of coverage for commercial fleet insurance.
Even though comprehensive coverage is the most expensive type of commercial fleet insurance, it also will offer you the most protection. Specifics can vary depending on your policy. However, this policy typically compensates for
Both circumstances are from a fault or non-fault accident.
A third-party fire and theft policy is a mid-range priced policy. It will cover damages and losses to third parties and their property. Additionally, it will cover for losses you sustain because of theft or fire.
The third-party only insurance cover is usually the least expensive type of insurance. However, you need to remember that the third-party only cover will only take care of
You will not receive compensation for damage to your property with this level of insurance coverage. Even though you will pay the least to have this cover, you must determine if you can afford to repair or replace your property if it is damaged.
Having the wrong insurance or not having enough insurance can both be potentially disastrous for a business. You rely on numerous drivers with your fleet. This allows for multiple unforeseen situations. Can your present insurance cover protect your company from the many potential mishaps? Contact Grace Insurance and speak with one of our experts in commercial fleet insurance. You can have the peace of mind that comes from knowing you are prepared and protected.
This article originally appeared on Grace Insurance Blog and has been published here with permission.
Advisr does not provide advice and does not hold a financial service license (AFSL). All information above has been provided by Frans du Plessis.
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