How to Select the Right Insurance Provider for Small Fleet Businesses

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Selecting the right fleet insurance provider for your small business can be challenging. When making this decision it is important to understand the types of coverage available as well as the opportunities for your fleet to lower insurance premiums When selecting small fleet insurance for your fleet, it can be challenging to pick the right plan that will save your fleet money and ensure coverage if your fleet ever finds itself in trouble. Choosing the right small fleet truck insurance involves a lot of research and comparison shopping. Still, if you are just shopping based on price, you may be missing some important factors to consider to get the best coverage for your business. This article will discuss these factors and everything else you should consider when picking insurance for your small fleet business. 

Types of Fleet Insurance Coverage

There are many different types of coverage to look for when selecting insurance for your fleet. Of course, there are three basic types of coverage: 

  • Bodily Injury Coverage: This covers any injuries or death that result from an accident when your business is at fault. Most times, this coverage includes legal defense. 
  • Property Damage Coverage: If your vehicle damages another person’s property, then this coverage would apply. 
  • Combined Single Limit Coverage (CSL): This type of coverage attaches the same dollar amount of coverage for any instance, whether there is bodily injury or property damage. 

However, there are a variety of specialized coverage options that your fleet may want to consider. These include: 

  • Collision Coverage: When your vehicles get hit by another car or object, you’ll want to have collision coverage to take care of the damage. 
  • Physical Damage Coverage: Physical damage coverage protects your vehicles from weather events, theft, vandalism, and other similar events not caused by other drivers. This type of coverage can apply to any kind of asset. 
  • Uninsured Motorist Coverage: As of 2019, an average of 12.6% of drivers were uninsured. If one of these drivers hits your vehicle, you don’t want to be left in the dust. That’s why you should have uninsured motorist coverage in case one of these drivers hits you. 

Ways to Lower Fleet Insurance Premiums

There are many safety features your fleet can take advantage of to lower your fleet costs. Your fleet may already have some of these features in place! We will break down these features below. 

  • Dashcams: Insurance providers love dashcams because they will often exonerate drivers in the event of an accident. Dashcams can film both the road and the driver to ensure that drivers are exhibiting safe road behaviors and do what they should when something occurs on the road. 
  • Safety Scores: When fleets implement safety scores, they prioritize safety to create a safety culture among their business. Drivers tracking their safety scores are more likely to exhibit safe behaviors on the road and make fewer mistakes. 
  • Better Training: Regular training is instrumental to ensuring that drivers can handle all of the road’s challenges. Even better, targeted training programs based on data from telematics help drivers focus on the areas where they need improvement, optimizing their learning and best utilizing their time to improve safety. 
  • Vehicle Maintenance Programs: Vehicles in their best shape are the safest to drive. Maintenance alerts help fleet managers keep up with the necessary care their vehicles need. Telematics even tells managers when vehicles have specific issues that need addressing. 
  • GPS Tracking: Most fleets are using GPS tracking these days to manage operations more efficiently, but did you know you can also often obtain insurance discounts for this feature? GPS tracking keeps drivers safer and improves rates of recovery when vehicles are stolen. 

Get Ahead on Fleet Insurance with Azuga’s Features!

Azuga offers all of the features mentioned in this article and more to help you improve your insurance rates. If you’re searching for a new insurance policy, don’t give up good coverage in favor of cheap rates. Get the best of both worlds with Azuga. Try out a demo today and see what you’re missing.