Your small business is growing and you’re adding more vehicles to your fleet. Now, the question becomes should you insure each vehicle individually, or buy fleet insurance? Muller Insurance offers personalized service and can help you pick the optimal option for your company. With decades of experience in fleet and commercial auto insurance, we help clients in Hoboken and Jersey City, NJ, navigate what kind of auto insurance is ideal for an expanding or established fleet.
What Is Fleet Insurance?
Fleet vehicle insurance covers automobiles owned or leased by, and used for, a business or organization. It falls within the commercial auto insurance sector. Buying fleet coverage enables the owner or operations manager to purchase one policy that insures the entire fleet no matter the number of vehicles or drivers. This differs from individual coverage for each vehicle where all payments and processing are done independently.
Most insurance companies divide coverage into small fleets, which are generally two to 20 vehicles, and large fleets, meaning 20 autos or more. In addition, commercial fleet insurance covers many types of vehicles, including:
- Cars
- Vans
- SUVs
- Pickup trucks
- Semi-trucks
- Backhoes and bulldozers
For example, if your company requires two semi-trucks and three vans to operate, you can cover all five vehicles under one fleet insurance policy.
What Does Fleet Insurance Cover?
It’s important to know exactly what you’re getting when purchasing fleet insurance. Most states require bodily injury liability coverage, which covers accidental death or injury when your company is at fault. Other coverage within the policy can include:
- Comprehensive: This coverage pays for damages to your fleet vehicles and drivers in addition to third parties in either fault or no-fault accidents.
- Third-party fire and theft: This covers fire damage and theft of your fleet, as well as third-party vehicles.
Independent insurance agencies offer a lot of flexibility when it comes to fleet coverage because they have a large pool of companies to choose from, such as Liberty Mutual Insurance or Progressive Insurance. This enables agents to tailor a fleet policy precisely to the needs of a business or organization.
H2: Advantages of Buying Fleet Insurance
There are many advantages to purchasing fleet insurance for your company vehicles rather than buying individual policies:
Save Money
The final plan premium can depend on the types and number of autos, company location, and other factors. However, the cost will be more affordable than buying individual policies because you’re purchasing the service in bulk. Independent insurance agents with access to a myriad of insurance providers can negotiate a deal for you and even bundle your fleet insurance with your business insurance, saving you additional money.
Save Time
No matter how many motor vehicles are in your fleet, it’s helpful to have them consolidated into one policy. A fleet insurance policy allows you to add and remove vehicles and drivers from the policy as needed while leaving the original contract intact.
An individual policy would require you to cancel the contract or start a new one as your business evolves. With a single fleet insurance policy, you’ll save time and won’t need to dedicate as many staff hours to policy management.
Save Hassle
The structure of a fleet policy enables you to have one policy to keep track of and one agent to call for any changes, payments, or claim processing. There are better things to do for your business than spend time managing insurance policies. You can simplify your administrative tasks by choosing a single policy.
An independent insurance agent who specializes in commercial auto insurance, in addition to personal auto, can help you navigate the complexities of buying vehicle insurance in any scenario. They can even find opportunities to bundle all kinds of insurance to save you money, time, and hassle.
Review Your Business Auto Insurance Policy
Muller Insurance is here to help fleet owners and managers in Hoboken and Jersey City, NJ, find the ideal fleet insurance for their company. With over 100 years of experience and a solid reputation to match, we can custom-build an array of other policies, from flood to umbrella insurance. Let Muller Insurance review your current auto policy and provide new fleet insurance options – contact us today to get a quote.
