Different businesses have varied fleets of vehicles that they use for their operations. From transport firms that can have multiple cars and trucks to make deliveries, to agricultural businesses that require trucks and tractors for farming and transport of produce, the purposes and variety of vehicles can vary greatly.
The range of vehicles can include not just cars, trucks and agricultural machinery, but also construction vehicles, buses, minibuses, vans, and motorcycles. All these types of vehicles represent a significant asset investment by the business. They require adequate coverage to ensure the business does not suffer financial loss or disruption to their operations should anything go wrong with them.
Some of the risks associated with having these assets are that their use can lead to injuries to operators, passengers, passers-by and property. They are also at risk of being stolen, vandalised or otherwise damaged or destroyed. If the vehicles travel long distances that include cutting across borders, there may also be a need to decide if you need both domestic and international coverage.
Like other forms of insurance, there are off-the-shelf motor insurance packages that businesses can opt for. However, these options tend to be inadequate for businesses that run a fleet of vehicles. This is because, with fleets, the level and range of risks are much larger.
What Is Fleet and Haulage Insurance?
Fleet insurance is a bespoke insurance product that can be tailored to whatever number and variety of vehicles your business uses for its operations. Whether it is a few cars or hundreds of different vehicles, fleet insurance can ensure that your business is protected in the event there is damage to the vehicles, damage to third party vehicles, property damage, and injury to anyone. This cover can also be extended to cover the use of these vehicles even beyond domestic borders.
This is a flexible insurance product that allows businesses to more easily manage the insurance needs of running a fleet. Just as with standard motor insurance policies, businesses can decide on what level of cover comes with these policies, ranging from the basic third-party cover to comprehensive cover. Additional cover can also be provided for goods in transit so that in case there is theft or damage, you are compensated for the cost of having to make replacements or repairs.
Haulage insurance is targeted at businesses that undertake the delivery of goods for others using large commercial vehicles. It can be used to cover a single vehicle or a fleet of vehicles, which should weigh 3.5 tonnes or more. This can include heavy goods vehicles (HGV), big trucks, and artic lorries. Like fleet insurance, a haulage insurance policy may include cover for liability, fire & theft, accidental damage, and goods in transit cover.
Although there are fewer insurers that provide suitable haulage insurance cover for businesses, First Business Protection works with a wide enough network that we can help meet this need. Our vast experience n risk management also means we can help our clients better understand the challenges they face and how they can go about minimising their risk of incidents that would lead to claims.
Types of Fleet Insurance
As said, fleet insurance can range from the third party to comprehensive cover. There are three distinct categories for this insurance.
1. Third-Party Cover
This cover is the most basic and concerns itself with just damage to the property or injury to third parties. it does not cover the costs related to injury to the business’s driver or vehicle. Therefore, the business would need to pay out of pocket for these related medical costs and repairs. It is the cheapest type of fleet insurance and the minimum legal requirement to have vehicles operating on the road.
2. Third-Party, Fire & Theft
Under this cover, the business will have third party coverage alongside fire & theft cover. This means that if the business vehicle under the policy is damaged due to a fire or stolen, a claim can be made to the insurer for compensation.
3. Full Comprehensive
Comprehensive cover offers the widest coverage that includes third party cover, fire & theft, and any other damage or injuries that can be incurred on your vehicles or drivers.
Cover Options for Fleet and Haulage Insurance
The insurers we work with provide a range of cover options for businesses looking for either fleet or haulage insurance. The policies can cover:
- Commercial fleets with vehicles of different types and size
- Families with multiple vehicles
- Road risks
- Loss or damage to vehicles
- Medical expenses for injured operators, passengers or third parties
- Liability claims
- Legal costs
- Goods in transit
- Windscreen and window replacement
- Courtesy vehicles
- Breakdown assistance
- Enhanced claims services
Our fleet and haulage insurance policies can cover drivers of various risk and age profiles, however, the business is responsible for ensuring that the drivers have the appropriate training and license to operate such vehicles.
Our team of insurance experts are highly knowledgeable and experienced in handling risk assessment and management. We also undertake claims processing for our clients, including submitting and monitoring claims, personal injury and legal assistance, and pursuing uninsured loss recovery.
The policies can be tailored based on multiple factors including
- Number and types of vehicles
- Claims history
- Driver risk profile
As part of risk assessment and management, we can recommend methods by which our clients can minimise their premiums, including:
- Undertaking suitable driver recruitment and training
- Installation of permanently fitted cameras to the front and rear of vehicles
- Installation of tracking devices and telematic systems
- Building a strong relationship with their specialist insurance broker who understands their needs and will work in their best interests
- Undertake regular risk assessments on your vehicles
Benefits of Fleet and Haulage Insurance
· A single policy for multiple vehicles
Fleet and haulage insurance allow businesses with multiple and even mixed types of vehicles to have one policy that covers them all, rather than have to undertake paperwork and administration of multiple policies.
· Renewals
With just one policy covering all vehicles, renewal is also made easier as it is the same for all the vehicles under the cover. This again reduces paperwork and time devoted to the administration of this work.
· Premiums
Because the policy allows for multiple vehicles to take cover from a single insurer, there is more opportunity to attract bulk discounts that can lower the cost of premiums on the said vehicles. It can often be cheaper than taking up individual policies per vehicle.
· Drivers
This insurance is more accommodating of drivers that may be difficult to insure and can offset the risk that one individual adds to the fleet.
At First Business Protection we offer streamlined coverage for multiple vehicles under a single policy which is more efficient and cost saving. No matter the size and composition of your fleet, we can help you find the best cover from our panel of the top insurers in the industry.
Feel free to get in touch with our team today at 01634 386 869 or email us at info@firstbusinessprotection.co.uk to find out more about how we can help your business.
