• Bluedrop Insurance Blog
  • Fleet Insurance: the risk of going without is too great for your business

    The potential danger that business drivers take on a daily basis by pounding the roads continues to increase as the number of vehicles on the roads rise year after year. A disaster on the road could run into thousands of pounds of damages and risk the success of any reliant business without the safety net of a robust fleet insurance policy.

    One third of UK business drivers are said to be driving uninsured on the roads for business purposes. There are, however, steps you can take to minimise the financial impact of a road accident and to keep your fleet insurance premiums down.

    If you have one, review your current fleet insurance policy

    Keeping your fleet insurance details up to date can ensure that your policy covers you for all of your vehicles and drivers new or removed. It would be devastating to find out that a vehicle involved in a collision had not been added to the policy in error and find yourself without cover. In the same vein it is wise to check the details on vehicles, as older models decrease in book value or perhaps some currently unused vehicles could be needlessly being insured against collision, when this element may not currently be needed.

    Consider investing in technology

    Telematics or front facing cameras are proven to have a positive effect on diver behaviour, creating a greater awareness of safety and driving technique. Such systems are being positioned not just as safety enhancements for trucking firms but also as a way to gain fleet insurance discounts, as well as protecting against fraudulent crash for cash claims.

    Fleet Insurance - Risk of no insuranceTelematics technology can be used to provide more accuracy to ‘risk-scoring’ and root-cause behavior which insurance companies can take on board to reduce your fleet insurance premiums. Only those companies who have the appetite to work closely with the significant amounts of data produced will reap the real benefits of telematics, and of course, you need the correct processes in place to manage poor driving behaviour once identified.

    Have the right coverage in place

    Making sure you have the right cover in place will help you to save money if the worst was to happen. A fleet insurance policy can be tailored to your individual business needs, for example if you carry goods for hire or reward such as courier or haulage companies then you will need to add this type of cover. If your goods are refrigerated you may wish to cover for the event of refrigeration breakdown resulting from an accident. Perhaps your vehicles are critical to business and you need cover for potential downtime or replacement vehicles.

    Reduce the time taken to report incidents

    The first notification of loss following an incident can have a significant effect on fleet insurance costs and it is always wise to utilise a specialist insurance broker who actively chases their insurers to conclude claims as swiftly as possible, therefore mitigating loss and driving reserves down.

    The cost of third party claims can drive costs up considerably, however, if a claim is reported as quickly as possible or via leading technology then the insurer can reduce the time it takes to settle a claim and keep costs to a minimum.

    Want to find out more about Bluedrop's motor fleet insurance?
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