What To Know About Fleet Insurance

From busy contractors and HVAC specialists to logistics and delivery services—your company vehicles are the lifeblood of your operation. Managing individual insurance policies for multiple cars, vans, or trucks can quickly become a time-consuming and costly administrative headache. Rather than covering and managing each vehicle, fleet insurance provides a single, uniform policy that covers every vehicle in your fleet at a lower premium than insuring each vehicle separately. Before you jump in, here’s what to know about fleet insurance.

What is Fleet Insurance?

Fleet insurance is a single commercial auto insurance policy that covers multiple vehicles (2 or more) owned or leased by the same business entity. Rather than purchasing and managing separate policies and drivers for each company vehicle, a fleet policy bundles coverage under a single umbrella.

What is the Difference Between Fleet and Non-Fleet Insurance?

The primary differences between fleet and regular auto insurance are the number of vehicles. Fleet insurance covers two or more business vehicles, while a regular auto policy covers a single business vehicle. Typically, the more cars in the fleet, the lower the premium per vehicle. In addition, a standard company auto policy allows only the “named driver” to use the insured company vehicle. A fleet policy, on the other hand, can be written to include “any driver”, giving you greater flexibility with vehicle management.

Who is it for?

For businesses with several company vehicles, fleet insurance can be tailored to address industry-specific risks, making it a more efficient and often more affordable option. It offers a centralized way for contractors, roofers, plumbers, landscapers, and other companies to manage vehicle risk unique to their operation.

Fleet Insurance Coverage Options

Like a standard commercial auto policy, fleet insurance in Florida requires the state-mandated minimum coverages, but it can be highly customized to protect your company’s assets.

Minimum Auto Insurance Requirements in Florida:

• Personal Injury Protection (PIP): This covers 80% of medical costs and lost wages, up to $10,000, for the driver and passengers involved in an auto accident.

 

• Property Damage Liability (PDL): Pays for damage your vehicle causes to another person’s property, with a minimum limit of $10,000.

Other Coverage Options:

• Hired and Non-Owned Auto (HNOA) Liability: Essential if your employees use rented/leased vehicles or their personal vehicles for company business, like purchasing supplies, visiting customers, etc.
• Bodily Injury Liability (BIL): Pays for medical expenses, lost wages, and legal fees if a driver of one of your fleet vehicles injures another party.
• Medical Payments (MedPay): Optional coverage that pays for medical expenses for injuries sustained by the driver and passengers of your insured vehicle, regardless of fault.
• Cargo Insurance: Protection for the goods or materials your fleet is transporting.

Five Valuable Benefits of a Fleet Insurance Policy

Choosing a fleet policy offers several strategic benefits for your business:

Cost Savings

Unlock significant discounts for insuring multiple vehicles under a single policy, resulting in lower total premiums.

Simpler Fleet Management

With just one policy, you have a single renewal date, a single set of documents, and a single point of contact.

Flexible Coverage Options

Easily add or remove vehicles and adjust coverage limits across your fleet with a quick call to your CIS agent, giving you control over your policy as your business evolves.

“Any Driver” Coverage

Many fleet policies can be structured to cover any employee driving any vehicle in the fleet, which is ideal for businesses where drivers frequently switch vehicles.

Improved Risk Management

Insurers can work with you to implement fleet safety programs, driver training, and telematics devices, further reducing claims and leading to even lower rates.

Your Fleet Insurance Specialists – Get Coverage Today!

Commercial Insurance Specialists is a Trusted Choice independent agency that offers fleet insurance and other commercial policies from leading carriers at competitive rates. Our clients include engineers, roofers, HVAC contractors, and other businesses located in the Sarasota-Bradenton and Tampa-St. Petersburg areas, including Fruitville, Palmetto, Dade City, and Oldsmar, Florida.

Just give us a call or contact us online, and we will quickly gather the necessary details to provide a custom quote. We shop around to find the best rates and coverage options for your business vehicle fleet. Contact us today for a free, no-obligation commercial insurance quote!