Tailored to you
Do-it-yourself insurance might initially seem like an easy way to go, but the time you may save on the front
end typically will result in losses over the long run – sometimes substantial losses caused by coverage gaps,
lost discounts and higher accident rates.
Fleet insurance is there to make your life easier by managing your vehicle pool all at once, regardless of where
your vehicles are located.
Types of insurance plans include, but aren’t limited to:
- Scheduled-vehicle policies, which are good for smaller fleets that have few changes over the
year in size or activity
- Mileage-based policies, which are often attractive to fleets of 15 or more vehicles that run
- Gross-revenue policies, which may appeal to companies that earn most of their revenue from
A minimum limit of liability — for example, $1 million — will be required by your state, but you can choose
higher limits. Liability insurance covers claims alleging injury and/or property damage caused by your
You can also get coverage for collisions and/or comprehensive damage (fire, theft, vandalism and other noncollision
incidents) to help pay the cost of repairing or replacing your vehicles. In many cases, windshields are
covered without a deductible.
Other important coverage can be integrated with your fleet insurance, such as broker bonds, cargo, workers
compensation, employment practices liability and umbrella or excess liability for large losses. Ask about the full
range of complementary products and the possibility of discounted rates for policyholders who purchase
more than one coverage.
If your drivers carry valuable equipment in your business vehicles, you might opt to build out your fleet policy
with inland marine coverage. Other coverages, like uninsured motorist insurance and roadside assistance, may
be added for an additional cost.
Power in numbers
You can save money with fleet insurance. Premiums are normally calculated on a group basis, which can
reduce cost. A single policy applies to the entire fleet, creating efficiency by reducing paperwork. Adding or
swapping vehicles during the policy year is very manageable. And vehicles can be driven by anyone with
permission from the business.
If you are cost-conscious, you may consider agreeing to a higher deductible. Note that a tried-and-true
method of keeping costs down is reducing accidents through driver safety.
Research shows that offering drivers awards and incentives for safe driving is an effective way to minimize
Keep in mind that the insurance company will look at your firm’s driving record, typically for the last three
years, and will want to know about your safety manuals, vehicle-operations policies, and drivers’ motor vehicle
records. The better their record and yours, the more insurable your fleet is at a good price.
Safety is within your grasp
Some levels of fleet insurance offer assistance to improve driving safety. They can dovetail basic safe-driving
programs with automotive technology to help drivers and managers reduce accidents, stress and lost time.
They may include equipment that monitors traffic, vehicle location, fuel usage, mileage and engine function.
The insurance company also may provide distracted driving prevention as well as data analysis and reporting
tools to help your company enforce driving protocols and improve efficiency.
These comprehensive fleet management solutions use online platforms to help you manage and report
important fleet data in the way that best suits your company. They usually allow you to screen job applicants’
driving records and monitor their drivers on the road through telematics and frequent motor vehicle reports
from the state.
With the right insurance protection and partners, you can protect your fleet, your employees and your
company in an efficient and rewarding way. Speak to your insurance professional if you have any questions or
need more information.
This content is for informational purposes only and not for the purpose of providing professional, financial, medical or
legal advice. You should contact your licensed professional to obtain advice with respect to any particular issue or