Do you have a fleet of vehicles used to help run your business? Different insurers might adopt different definitions on what constitutes a fleet – but in some cases, it may be as few as just two or more vehicles, and rarely is there any upper limit.
Whatever the size of your particular fleet, though, you are almost certain to benefit from business fleet insurance.
What is business fleet insurance?
However small the numbers are likely to be, the collective name for the motor vehicles being used by your business is a business fleet.
Just as the term suggests, business fleet insurance provides the cover you need for that vehicle fleet – both to satisfy the minimum legal requirement for at least third party cover, but also to meet the needs of your business in the protection of some of its valuable assets.
What does business fleet insurance cover?
Just as with any other kind of motor insurance, business fleet insurance may be tailored to cover just about what you want it to do.
You might choose basic third party cover only, third party, fire and theft or a comprehensive level of cover; annual no claims discounts may steadily reduce the cost of your fleet insurance premiums; and with excesses typically incorporated into your policy, it is generally possible to further reduce the cost of premiums by agreeing to a further voluntary excess.
Other elements of cover may vary from one insurer to another. In some cases, for example, a vehicle included in your business fleet might be replaced as new if it is no more than, say, three years old and is written off in an accident. Other policies might offer free use of a courtesy vehicle if one of your own fleet is off the road following an accident and many may include European cover for your whole fleet as a standard feature of the policy.
Who may business fleet insurance be suitable for?
If you own a number of vehicles used within your business, this might be a money saving option for you. It is likely to be money-saving in two important ways:
- as with many products and services, the more you buy, the cheaper the unit price – by arranging insurance for a whole fleet of business vehicles, you enjoy a reduction in the unit cost of insuring each one;
- important savings may also be made in your administrative costs by freeing yourself from the need to keep a careful eye on a whole host of vehicle insurances, all likely to have different renewal dates throughout the year – with business fleet insurance, all vehicles are covered by the same renewal date, leaving your administrative time, effort and money free from worries about renewing each vehicle when the time comes.
Typically, your fleet might include a range of different vehicle types, including cars, vans and lorries – and in some cases, private cars used by the directors of your company may also be included within the same policy.
Convenience, administrative savings and further reductions in the cost of insurance on a vehicle by vehicle basis might all be reasons for investigating the potential benefits of business fleet insurance.