All About Fleet Insurance
Fleet insurance is a great way to protect company vehicles. It is especially helpful if you have a fleet of cars. Having fleet insurance instead of having individual insurance coverage for every car could save your business money.
Commercial or business can be a little overwhelming for someone new. This is perfectly normal, and our professionals at Insurance Professionals of Arizona are willing to help you out. If you have any questions, a licensed professional can help you figure out what is best for your company.
Here are several things to consider before you choose what fleet insurance your business needs:
You may be asking yourself what is workers compensation insurance? Luckily, we are here to answer your question in depth. The most basic understanding of worker’s compensation insurance is simple. Worker’s compensation insurance covers employees when they are injured or hurt at work. But what owners really need to know is that worker’s compensation insurance is there for the company. This insurance is especially there for you if the employee decides to sue or take legal action against the company.
Below is more information to help you understand what workers compensation is and what it can cover:
Why You Need it
You only need to get insurance for what you need. Having fleet insurance can be detrimental to your company if you do not need all of the necessary criteria. Fleet insurance is a great option if you do need it. You will want this kind of insurance if you have more than one company car. This may seem obvious but you do not have to have an entire fleet of cars to qualify for fleet insurance.
If you have more than one car for your business, you may be overpaying for your insurance. When you do not have fleet insurance, you probably have individual coverage for each car. This is where fleet coverage is a great thing. Having insurance for a fleet of cars covers both the cars and the drivers. This allows you to pay else without losing the coverage you have.
What is Covered
Obviously, cars are covered under this kind of insurance. Keep in mind that only the cars that are on the policy are covered. If you get a new company car, you will need to notify your insurance company. This is also true if you get new drivers. Not everyone can drive a company car, only people that are listed on the insurance policy.
Having people that are not listed can become a problem really quickly if the insurance company notices it. This can result in problems for your company and you may even need to find a new insurance package. The best way to avoid this from happening is to follow your policy and ask lots of questions.
Overall, each policy is going to be different. You will want to contact your insurance professional or read the policy to find out what is covered.
Some companies offer workers comp insurance and employees do not even know about it. This is something that you will want your employees to take advantage of eventually, you are paying for it.
There are different kinds of workers comp insurance, but the most comprehensive insurance policies are going to help employees through their whole recovery process. From staying in the hospital to physical therapy and in-home help, worker’s compensation insurance can cover it all. It is especially nice for the employee. Workers comp can also cover wages for the employee and their time away from work. This can be great if they are supporting others or raising a family who depends on that income and flow of money.
Worker’s compensation insurance is going to protect your company. It will also protect your employees. This will be the best of both worlds for you as an owner and your employees.
When You Do Not Need It
Not every company is going to need or even qualify for fleet insurance. Your business does not need insurance for a fleet of cars if you do not have cars. You will also not need this kind of insurance if you only have one company car.
If you are a smaller business that uses personal cars or has a lot of different drivers, you may not need commercial car insurance. Another reason why you may not need insurance for a fleet of cars is that your company drivers have a poor driving record.
Look At Your Options
Insurance is never a one size fits all situation. Each business and company is going to be unique with what they need. Not every fleet insurance package is going to be exactly the same. Fleet insurance packages may have different requirements and what they want from your company.
Our advice is to do as much research as you can. The internet is a great resource for finding out about different commercial insurance packages. You can find out what the baseline is for most packages. This can tell you right away if your company qualifies and if it is a good fit.
Once you know if you qualify then you can get to the details of each policy. You want to find an option that is not too expensive but gives you great coverage. That way you know that you are getting the most out of your money. This sweet spot can be hard to find but it is definitely worth the time and hassle of scouring the internet.
Speak with a Professional
After you have exhausted your resources of searching the internet, the next step is to give a professional a call. At Insurance Professionals of Arizona, we love to answer any questions or concerns you have about insurance policies. We specialize in commercial insurance and want to give you the best plan for your business.
Giving an insurance professional a call can be a little intimidating but we are ready to help you out. Our office serves many cities in Arizona and would love to help your business reach its goals. If you are not a fan of talking on the phone, you can reach out to us online. If you have an idea of what you want, you may want to come into the office and speak to someone face to face. Whatever option you choose to contact us, we are happy to help you with all your business needs.
Consider Your Business Plan
You are going to want to take a good look at your business plan before you buy any kind of new insurance. Know where your company stands financially. Look at what you are planning and forecasting for your business. If you want to grow your business and get more cars, fleet insurance could be the right option for your company.
If you are not going to get more than one company car, then you probably do not need fleet insurance. What you can do is get auto insurance for your company car. Insurance Professionals of Arizona offer a lot of different commercial insurance options.
There are a lot of reasons why your company should use fleet insurance. If you fit the category of having 2 or more vehicles and meet the policy’s criteria, you can try it out. If you have any questions or concerns, feel free to reach out to Insurance Professionals in Arizona. We are more than happy to answer any questions you have. Give us a call today.