Managing a fleet of vehicles is no mean feat. There are several components that are essential to running it successfully, including vehicle maintenance, driver training, and administration. Not least is fleet insurance, which is a legal requirement that protects your business from severe financial consequences.
Vehicle inspections
It's vital to maintain your fleet regularly, and the best way to do this is by creating an inspection schedule. Regular servicing and tyre inspections will not only keep your fleet running smoothly and on the right side of the law, but they will also prevent issues in claims disputes. Many businesses employ a fleet manager who will take care of this along with the fuel management of vehicles.
Driver checks and training
It’s important to check if drivers are compliant. It’s vital that they have the appropriate licence for each vehicle, from motorbikes to trucks. Regular drug and alcohol tests are also important. Many business vehicles are fitted with trackers to monitor driver behaviour, which helps lower insurance costs and manage overall fleet performance. Training your drivers on the latest regulations helps them become safer drivers.
Fleet management software
There can be huge benefits to utilising the latest fleet management software. Efficient route planning and monitoring every aspect of your fleet, from maintenance, vehicle location, and fuel management to security, all help keep your fleet on the right road and could reduce insurance costs.
Get the right fleet insurance
A fleet of vehicles is the lifeblood of many businesses. Keeping them, the people, products, and materials they transport safe is vital to protecting your business from disastrous financial consequences. It is essential to obtain a fleet insurance policy tailored to your business needs.
Benefits of fleet insurance
- Less admin: One renewal date means less admin when it’s time to insure your fleet of vehicles with one policy.
- It’s cheaper: Insuring a fleet is much cheaper than insuring each vehicle individually
- Convenience: All your drivers can be insured to drive any vehicle in the fleet.
Types of fleet insurance
Fleet insurance typically works in a similar way to car insurance and is broken into three levels: third-party only, third-party fire and theft, and fully comprehensive. Typically, you can insure a wide range of vehicles on a single fleet insurance policy, including trucks, cars, vans, and motorbikes.
Add-on
Tailoring your policy to the needs of your business or organisation will offer maximum protection against serious losses. Goods in transit insurance, breakdown cover, legal expenses, and trailer cover are a few examples of add-ons that could prevent thousands in costs
Tips on reducing fleet insurance costs
- Fleet size: The smaller the number of vehicles in a fleet, the cheaper the cost of insuring the fleet because fewer vehicles reduce the risk of a potential claim.
- Vehicle type: The replacement value, power, and fitted security of your vehicles will affect insurance costs.
- Fleet use: Every business is different; a taxi service belongs to a different industry sector than haulage, and the cost and policy details will reflect this.
- Drivers: Employing experienced drivers with clean driving licences will help reduce costs.
- Excess: Just as with your personal car insurance premium, the higher the voluntary excess, the cheaper the premium.
Final thoughts
Managing a fleet well in all aspects leads to cheaper insurance costs, and this is pivotal in keeping business moving in the right direction. Finding fleet insurance that best fits the needs of any business involves transparency, honesty, and a no-nonsense approach. This results in the right level of coverage and competitively priced policies that protect your business or organization.
Get a quote from our expert team today for all your insurance needs