Vehicle insurance is legal recruitment when driving in the UK. If you work for a business that has more than three business cars for business-related activities, you’ll benefit from having business car fleet insurance.
Choosing the best fleet insurance for your business cars
These are a few things you should consider when reviewing and purchasing business car fleet insurance.
Number of vehicles
When choosing business car fleet insurance, you need to consider the number of vehicles you want to insure; anything above three would be suitable for small fleet insurance, and over 20 vehicles will benefit more from corporate fleet insurance. There isn’t much difference between commercial and small fleet insurance, other than the risks involved. Review the number of drivers or vehicles you have and ensure its adequate for your business operations.
The type of cover you need
As with standard vehicle insurance, fleet insurance also comes with the options of third-party, third-party fire and theft and comprehensive. As a fleet manager, it is your responsibility to decide which level of insurance your fleet of business cars need. You will also need to consider other additional insurances, such as liability insurance, goods in transit, tools insurance, and many more to ensure your vehicles and the items inside your vehicles are covered for any damages.
To decide what cover is best for your fleet, you need to review all your current and future risks and look back at your claims history to understand the level of insurance you need to protect your business cars. You can always speak to one of our team who can help assess what insurance is best.
Size and weight of the vehicles
To make sure you get the most from your fleet of business cars, you will also need to review the number of vehicles your business has and their weight, as this impacts the insurance costs. The more you have and the heavier the vehicle, the most expensive your business car fleet insurance will be.
Using fleet technology, you can assess if you have too many vehicles or not enough, you can also check the load weight of your vehicles and if you can opt for smaller vehicles to help your business cars operate more efficiently.
Managing business car fleet insurance
Insurance Renewal
You need to review and evaluate your current requirements when it comes to business car fleet insurance renewals and ensure they match up with the level of cover you have.
For example, you may introduce new fleet technology such as telematics or dashcams that tracks the safety of your fleet, which can result in reducing your fleet premium costs. You may also look to expand your fleet and drivers.
Whether you renew your fleet insurance semi-annually, annually, or even monthly, you will need to plan for future business operation changes. For example, going through a growth period, a business merger or even reducing your services. This will need to be considered and accounted for when renewing your fleet insurance policy. For better planning, have all this information ready before your renewal date so the transition is smooth.
Flexible fleets
Since the start of the covid-19 pandemic, fleets managers are opting for more flexible fleets that benefit their needs during peak periods and quieter periods to avoid vehicle downtime.
Using fleet technology, you can review if having a flexible fleet with more flexible business car fleet insurance will be beneficial to your business, but if your business remains consistent throughout the year, then it may be cheaper to stick to the traditional style of fleet insurance.
Use telematics data and fleet technology to lower insurance premiums
Tools like telematics can help track driver behaviour and vehicle usage so you can make better business car decisions. You can use the data collected on telematic and video recording devices to provide evidence on the safety of your fleet.
You can even use this data to check who needs driver training, which will reduce your risk of accidents and bring your insurance premiums down.
If you need help and advice on your business car fleet insurance and how to manage renewals going forward, speak to one of the Bluedrop team who can help.