If you want to run a legitimate fleet, you should know that insurance coverage is mandatory. As a fleet manager, it is your responsibility to not only protect the vehicles that make up your fleet but your drivers as well. There are several providers offering fleet courier insurance, but is it enough to protect all your assets?
Nowadays, simply having fleet insurance might not be enough. You need to look into your policy coverage and look for what’s missing and lacking. The truth is, your basic fleet insurance may not cover all situations, or it may not be tailor-made for your industry. If this is the case, you should look into these fleet insurance types to see if you should add these to your existing policy.
Public Hire Insurance
When you apply for fleet insurance, you not only give your insurance providers information about the vehicle but driver information as well. This means the insurance policy is only valid if the driver on file is behind the wheel. However, what if you were running a taxi or chauffeur service? This would mean that a single vehicle will be driven by more than one person, depending on their shifts.
Public hire insurance allows for coverage of up to three persons instead of vehicles, so a single vehicle can be driven by different people as long as each person is insured. This also means that the insured driver can drive more than one vehicle without worrying about the insurance being void.
Hazardous Goods Insurance
If you look at the fine print on your insurance policy, it will probably say that any accidents caused by the transportation of dangerous chemicals are not covered by insurance. Most general fleet insurance policies have this clause. This is why if your company deals with transporting hazardous chemicals, toxic waste, and radioactive materials, you need this type of additional coverage.
Vehicle Replacement Insurance
Let’s say your vehicle got into a traffic accident. Most insurance policies would compensate you financially so you can get your vehicle repaired. However, the process is a lengthy one. You first have to take your vehicle in for inspection so that the mechanic can give you an estimated cost of damage. Then you have to submit these documents to your insurance provider, and once the investigation is complete, you can get reimbursed for whatever you spent on repairing your vehicle.
However, while repairs are ongoing, this means your vehicle is out of commission and therefore not earning money for the business. Vehicle replacement insurance coverage ensures you don’t have to suffer in the meantime. With this type of coverage, you are given a vehicle temporarily to continue with business as usual.
Haulage and Fleet Courier Insurance
Haulage and fleet courier insurance is a special type of insurance coverage that caters to businesses in the logistics and delivery sectors. Heavier and larger vehicles cost more to get insured, and this type of insurance is designed to help ease the financial burden on courier and haulage businesses.
Protecting Your Fleet To The Fullest
As a fleet manager, having a fleet insurance policy can make you complacent and feel at ease until something happens to one of your vehicles. You discover that your current insurance coverage is lacking in so many ways. Because businesses that require fleets can come from a whole range of industries, you need insurance coverage that matches up with what you do on a day-to-day basis.
Suppose you currently have a fleet insurance policy in place. In that case, there’s no reason why you shouldn’t take a look at it and supplement it with other policies to make sure your vehicles and drivers are fully protected no matter what the situation.
