Businesses that own commercial vehicles are generally required to insure those vehicles, yet it doesn't necessarily make sense to get each vehicle its own commercial auto policy. Fleet insurance policies help Massachusetts businesses that have multiple vehicles insure their cars, vans and trucks through a single policy.
Fleet insurance is a specialized form of commercial auto insurance that’s uniquely made for businesses with multiple vehicles. Like other commercial auto policies, fleet policies tend to be multi-coverage package policies.
Most businesses that have multiple Massachusetts-registered vehicles ought to carry commercial fleet insurance. Not carrying insurance for vehicles is often a violation of state low and leaves businesses dangerously exposed to potential risks, and this is normally the most appropriate type of policy for insuring several vehicles at once.
While there may be exceptions, commercial fleet insurance generally covers company vehicles against damage and insures against liability lawsuits related to employees’ driving. Whether other protections, such as coverage for items inside company vehicles, is included varies. An insurance agent who specializes in this form of commercial auto policy can explain precisely what a particular commercial fleet policy does and doesn’t cover.
Most commercial fleet policies are designed to insure five or more vehicles, and they can insure many more when necessary. Policies that cover fewer than five vehicles might still bundle the vehicles’ coverages together but are typically coded differently for statistical purposes.
A commercial fleet policy might be underwritten to cover almost any legally registered vehicle. Policies are widely available for cars, vans, light-, medium- and heavy-duty trucks, and trailers.
Most commercial auto policies are normally written with “symbols,” and these symbols range from 1 to 9. The numbers generally refer to what vehicles the policy extends certain protections two.
Symbol 1 and Symbol 7 are two types of commercial fleet policies that businesses may come across. Symbol 1 policies usually extend protections to any vehicle employees might drive for work-related purposes, while Symbol 7 policies frequently limit coverage to only a specified list of vehicles that are noted in a policy’s documentation.
An insurance agent who’s familiar with these commercial fleet policies can help businesses find the symbol number that’s most appropriate for their situation.
Premiums for commercial fleet policies vary because they’re based on many different factors. Some of the items that can influence how much a policy’s premiums are include the:
Even with variance among policies’ premiums, this type of insurance tends to be an affordable way to insure multiple commercial vehicles.
Businesses that would like a more precise cost estimate should speak with an independent insurance agent. Independent agents are able to request quotes from multiple insurance companies, which makes comparing coverages and costs easy, and the quotes obtained can be based on a business’ specific details.
For help insuring a fleet of commercial vehicles in Massachusetts, contact the independent insurance agents of Keefe Insurance. Our agents have helped many businesses in the state obtain the commercial auto insurance they needed, and we’re able to assist you with fleet insurance.