Van Fleet Insurance

For business owner who uses trucks or cars to operate on a daily basis, a quality policy of van fleet insurance is a requirement. Not just because the law requires all automobiles to have liability coverage, but because a single lawsuit with proper insurance could potentially cripple many businesses in today’s economic environment. In the United States, Canada and most western European countries, the average lawsuit settlement can be in the thousands of dollars, which many times will force a small business to sell much of its operation inventory to pay. By having a proper commercial insurance policy for your company’s vehicles and other transportation equipment, you can at least have some peace of mind that in a worst-case scenario, some of the settlement costs would be covered by the insurance agency.

Q:  Where is the best place to buy a van fleet insurance policy from?

A:  You will probably be able to start your search for a policy with your current insurance agency.  While most property insurance providers can also offer coverage for vehicles, it will always behoove you to do some searching with other companies as well.  The simple answer to this question is; wherever you can find the best deal.  Of course, make sure you aren’t sacrificing needed coverage for a lower price.

Q:  How does a commercial insurance quote work?

A:  Again, just like many personal insurance quotes, a description of coverage amounts will be provided based on the number of vehicles you are looking to insure.  You can also adjust liability limits and deductibles – just like on your personal policy – which will either increase or decrease the monthly premium.  One of the differences between a commercial and personal policy though, is in the needed coverage amounts.  It is recommended to also have your corporate lower be involved in the purchase and review of a new commercial insurance policy.

Van Fleet Insurance Discounts

Not only because of the current recession, but in every marketplace a company will look for reduced operating costs to further grow quarterly profit.  When searching for a new fleet insurance solution looking for any and all available discounts is just as important. 

Often an insurance company will offer a multi-policy discount if you buy not only auto insurance, but also property, liability and equipment insurance policies as well from them.  Often all your coverage can be rolled into a larger umbrella policy with a single monthly or quarterly premium.

Another way to get a lower premium on your fleet insurance is to only hire employees with good driving records.  Depending on the industry your work in, this could hamper your recruiting efforts, but at the same time, make you more profitable.  Certainly there is a balance to be found in this option, and a good insurance agent can explain where driving history qualifications can be flexible.  You certainly don’t want to be put in a position where you can’t hire a great potential employee because he or she received a speeding ticket ten years prior.

What if I only need small fleet insurance?

Even for medium sized businesses there may be fewer than four or five vehicles that need to be insured at a given time.  When you start shrinking the number of cars in your company’s fleet, you also reduce the size of monthly insurance premium.  With a smaller group of cars you can also more likely put your vehicle insurance needs into an umbrella package from your current insurance provider.  Often times business operations financial consultant can help you look at options to reduce your fleet size.  Instead of having a car for regular errands and a van for deliveries, could you get a Sport Utility Vehicle that would work for both?  These kinds of expense reductions will also reduce the cost of your fleet insurance.

What are the largest fleet insurance companies I should contact for a quote?

In the United States the largest commercial insurance companies also are the largest personal insurance companies.  You can start your search for larger insurance providers online with websites from companies like American Family, Progressive, Geico, State Farm, Allstate and other popular insurance brands.

Keep in mind that biggest is not always best in the insurance industry.  Reaching out to your peers and friends in business may uncover other insurance companies that can provide adequate coverage at lower prices than the “big boys”.  You can also contact a local commercial insurance broker who will probably be able to obtain several van fleet insurance quotes from small coverage providers in your state or region.

Final Thoughts

The purchase of a company fleet insurance policy can certainly be a great deal of work, but is required for most companies that operate more than one or two cars.  Especially if your business delivers products or transports valuable possessions, an adequate amount of coverage is a necessity. 

The bottom line is finding the right policy for you, at a price you can afford.  When you get that first quote and think about how you might like to just “roll the dice” when it comes to insurance, keep in mind that one simple accident can cripple or kill an operation if they are not properly insured.