One of the most exciting parts of being a business owner is watching the fruits of your labor grow. What some people don’t realize, however, is that as their business grows, it needs change as well. If your business has added vehicles to its fleet, regardless of their type and size, it’s very likely that you may want to pay closer attention to your Business Auto policy.

How Many Vehicles Constitute a Fleet?

This number varies between insurance companies, but most carriers consider a fleet to be 5 vehicles or more.  Generally speaking, fleet rating discounts come into play when you have three or more vehicles. A commercial fleet insurance policy covers all of your cars, saving money from having them individually insured. Also, the vehicles do not have to be used for the same purpose. For instance, you can insure your construction vehicles and commercial SUVs under one policy.

If you have three or more cars, SUVs, buses, vans or construction vehicles on your fleet, talk to your insurance agent about possible fleet discounts.

What Does Fleet Insurance Cover?

Fleet insurance is convenient and covers all of your company vehicles on one policy. Also, most policies have provisions that allow any employee from your business to drive and operate the cars while being insured.

Commercial vehicle insurance provides liability coverage, along with underinsurance and uninsured motorists coverage. You can add other options such as increased liability limits, roadside assistance, collision and comprehensive coverage as well. It all depends on your vehicles and your business needs.

Saving Money with Commercial Vehicle Insurance

If you are a small business, saving money on fleet insurance in NJ is a must. Fortunately, there are a few ways to do this.

If you have 5 or more vehicles make sure you are working with an independent insurance agent or broker.  It is almost impossible to get the best deal on fleet insurance directly from an insurance company or through a captive agent who only works with one company.

Ask your insurnace broker to compare quotes from different insurance companies

Combine your fleet policy with other commercial insurance. Many companies will give you a better deal if you also have them write youe General Liability, Workers Compensation, etc.

Ask your agent or broker to help you develop a fleet safety program, including a manual, training and driver motor vehicle record monitoring.

Consider adding gps tracking and monitoring to your vehciles.  There is not a specific discount for this, but the will definitely help you to control your losses, which will help keep your premium low.  I’ve seen this dramatically reduce the premiums of companies with larger fleets. Selective Insurance Company will even provide this for you free of charge if they write your policy.

Are you shopping around for a new quote on commercial fleet insurance? Contact the Soden Agency today for your free quote. We’re happy to help!