Fleet Insurance For Small Businesses

Fleet insurance can deliver considerable business savings. With its reduction on the premium paid per vehicle, its inherent flexibility and ease of administration, it has many things to recommend it to small businesses.

Unfortunately, many small businesses — particularly those who only have 2 or 3 vehicles — don’t think they can qualify for fleet insurance and so miss out on these value business-boosting benefits. To try and overcome this, here is Coversure Hull’s guide to fleet insurance for small businesses. In it we’ll look at some of the benefits and also offer some advice on getting the right fleet cover for you.

What is Fleet Insurance?

While this may sound like an odd question, the term ‘fleet’ is rather misleading when it comes to fleet cover, conjuring up as it does visions of car parks full of company cars. In actual fact, fleet cover is a form of multi-vehicle insurance that can be taken out by any business with two or more vehicles.

And notice we didn’t say ‘cars’ there but ‘vehicles’. A policy can be taken out to cover a whole range of vehicles; from cars and vans to lorries and trucks and even agricultural sprayers and forklift trucks. With such a wide range of vehicles qualifying for inclusion under fleet policies, fleet cover suddenly becomes an option for a huge number of small businesses.

What are the Benefits of Fleet Cover to Small Businesses?

As we’ve already mentioned, there are great benefits to be had from fleet insurance and we’ll look at these in more detail in a moment. It is worth stressing though that for many small businesses running any sort of company fleet — be it made up of a car, a forklift and a piece of plant machinery — is a major commitment and the benefits afforded to a small business be fleet insurance can be, relatively speaking, even more impactful than for a medium or large enterprise.

So, what are the benefits of this type of cover? Well the principle ones are:

  • Savings on insurance costs — by grouping vehicles together on a single policy, small businesses can save money on their insurance premiums
  • Save time — with a fleet policy you have one policy, one renewal date and one set of insurance administrations tasks for all your company vehicles. This makes looking after your company’s vehicle insurance quick and easy
  • Save hassle — just like a private vehicle owner, companies change their vehicles from time-to-time. If each vehicle is held on a separate policy — as would be the case with private car owner — then each time the company changed a vehicle they’d need to get a new quote and a new policy. With a fleet insurance policy, you don’t have to go through that hassle as fleet policies can be updated to cover new vehicles at any time
  • Driver flexibility — in small businesses the company vehicles — be they car, van or forklift — are likely to be driven by several different drivers. Fleet policies allow you to name drivers or even specify any driver on the policy so your company vehicles can be placed at the disposal of all your employees and so reduce, or even eliminate, the need for a grey fleet.

What should Small Businesses Consider when getting Fleet Insurance?

As with most insurances, knowing what you need and which extras you can do without can make a big difference to your premiums. In the case of a small business, this can make the difference between a fleet being affordable or not. To help you with this, here are Coversure Hull’s top 5 tips for affordable small business fleet insurance cover:

  1. Consider your named drivers carefully — those with poor insurance claims records, the young and newly qualified can force up your premiums. Consider carefully who really needs to be on the policy, it could make a big difference
  2. Consider a higher policy excess — raising your excess — the amount you pay in the event of a claim — can help lower your premiums. If you, and your named drivers, have good no claims histories this could be a low risk way of reducing your fleet expenses
  3. Use an insurance broker — yes, we would say that, but using someone who knows the fleet insurance market and who can access the best deals can really pay premium dividends. Fleet insurance is a complicated sector and having someone who knows the ins and outs can save you a lot of time and money
  4. Secure your vehicles — having immobilisers, dashcams and in-car trackers can all help reduce your fleet costs
  5. Consider limiting your mileage — it stands to reason that the more mileage your fleet vehicle does, the higher your chances of having an accident are and so the higher your fleet insurance premiums will be. So — if possible — look to limit your fleet mileage

Like to Know More About Fleet Cover for Small Businesses?

We hope that this has given you some helpful advice on fleet cover. If you would like to know more about fleet cover for a small business or would like some help getting the cover that’s right for you, then please contact us by calling us free on 0800 977 6037, email us by clicking here or get a no-obligation fleet insurance quote here.