So, you’re a small business owner and your small fleet insurance comes up for renewal in the near future. What’s your next course of action? Do you renew with your existing provider or do you get a mini fleet insurance online quote?
Mini fleet, or small fleet insurance, covers up to 5 vehicles and is perfect for small or expanding companies. With so many sectors changing in terms of more home working and business downsizing, the average size of a fleet has dropped from 100 vehicles to 10 or below. But it still makes economic sense to take out a policy that covers all of your vehicles, rather than worrying about managing individual policies.
There are no rigid definitions in terms of the number of vehicles classed as a small fleet, although it usually ranges up to 16. However, the decision on the final numbers depends on the underwriter and the insurance company. Insurable vehicles are not restricted to cars and can encompass HGVs, minibuses, trucks and vans; indeed anything which is deemed to be a transporter of goods or people including construction vans, undertaker’s vehicles and catering vans
Getting the Right Mini Fleet Insurance Online Quote
By completing a short form online, your specific requirements will be compared with the policies available from a range of providers which specialise in small fleet insurance. Mini fleet products are designed to help drive profitability for a business by reducing administration and paperwork, saving time and reducing costs. At the same time, they offer the flexibility of insuring all vehicles under one policy.
Taking out insurance is a legal requirement; if you don’t, then you will face a fine, points on your licence or even a disqualification. Insurance is also necessary in order to protect you and other drivers should an accident occur. As with any policy, there is a trade-off between premiums and coverage. You will need adequate cover balanced with affordability.
As with domestic car insurance, there are three principal levels of cover. The first is the basic legal requirement: third party, followed by third party fire and theft. The two lower levels here will cover the other party if you are found to be responsible for the accident but you will have no coverage for your own losses. In the second of these two options, you are at least covered for a vehicle fire or theft.
The third option is that of comprehensive insurance, protecting not only the third party but also damage to or total loss of your own vehicle.
Mini fleet insurance policies offer various extras and optional features, as well as some flexibility in excess levels, inclusions and exclusions. Optional extras may include European driving cover, employer’s liability, goods in transit insurance and protected no claims bonus. Extras vary significantly from one provider to another.
To keep the cost of insurance policies down or indeed achieve reductions, there are various things that you can do, such as requiring that your team undertake further driving training; limiting or excluding any young drivers on your fleet policy; and managing risks through on-going training and a carefully designed company policy.
Other options may include installing dash-cam technology in your car to record any accidents. This technology is helping to reduce fraudulent so-called “cash-for-crash” incidents and may attract favourable terms from some providers.
Finally, it is important that you avoid taking any extras which you really don’t need. For example, your existing business insurance may provide personal injury and public liability coverage although do check any conditions and limitations.
Finally, if you are insuring HGVs or vans with your mini fleet policy, then installing telematics can be beneficial. With so many options at your disposal, this could be a good time to get mini fleet insurance online quote.