Fleet Insurance

Insuring a fleet of vehicles will be outside the coverage of your standard business insurance. This means you’ll need to take out a fleet insurance policy in order to get the necessary cover for your commercial vehicles. Whether you require van feet insurance, fleet insurance for company cars, or insurance for a mixture vehicles, a fleet insurance policy can meet your needs. Company fleet insurance policies offers the following coverage that standard car and van insurance polices won’t.

You’ll be able to add on other types of insurance coverage to your policy to give your fleet the extra protection it needs, for example common add-ons include:

• Breakdown cover – Not typically included as standard on fleet policies but can prove invaluable if one of your drivers needs roadside assistance.
• Goods in transit insurance (GIT) – This covers any goods you’re transporting that meet your insurers criteria.
• Carriage of own goods – This Insures tools or equipment you own while in transit. This sometimes falls under GIT insurance but isn’t always automatically included. If you need it, it’s vital to check that it’s part of your GIT policy before making a purchase.
• Hire and reward – If you transport other people for money then you’ll need this type of insurance.
• Employers’ liability Insurance – In the UK, you’ll need this by law if you have any employees. It pays the costs if a member of staff becomes ill or is injured because of work. If you employ staff without this type of insurance you could be fined £2,500 for every day you go without it. Employers liability insurance is usually set up when you start operating your business, however if your fleet is new you can have this added to your policy.
• Public liability Insurance – This pays legal fees and compensation if a member of the public has an accident or has their property damaged and blames your business.
• Personal effects cover – This covers any personal possessions that are stolen or damaged from your vehicle.
• Legal expenses cover – This pays legal fees if you need to go to court.
• Replacement locks – In case vehicle keys are lost or stolen, this will cover the cost of installing replacement locks.
• Trailer cover – This covers you to tow trailers depending on what you have (like a horse box, boat trailer or a flatbed).

The exact cost of your fleet insurance policy will depend on unique factors such as the size of your fleet, your business type, the number of employees and the types of vehicles in your fleet. The quickest way to get an accurate cost is to get personalised fleet insurance quotes for your business. Fleet insurance is usually a cheaper alternative to insuring multiple commercial vehicles and drivers individually with separate policies.

There are a few things that can be done to cut the cost of your commercial fleet insurance premiums.