Fleet Insurance is Comprehensive Protection for Multiple-Vehicle Businesses
Managing a business fleet comes with unique challenges, from cost control to risk management. Fleet insurance offers a streamlined solution for businesses operating five or more vehicles. We spoke with TJ Bumby, a seasoned expert in commercial auto insurance, to explore how fleet insurance can protect your business and simplify operations.
TJ Bumby is a Senior Commercial Account Executive who specializes in Fleet & Commercial Auto Registration and Insurance. He is based in Langley, B.C. TJ is the current president of the Canadian Association of Fleet Supervisors and has been a board member for the last five years.
Why choose Western for fleet insurance?
Western is a national insurance broker with offices across Canada that will allow you to have local, uninterrupted service and care when you need it. Our team is committed to providing continuous support and minimizing business disruptions. We are able to insure small fleets to fleets with hundreds of vehicles, owned by businesses, companies, or municipalities. Western has a lot of experience and expertise to share when it comes to insuring fleets. You'll know that if and when a loss does come, there will be as little interruption to your business as possible.
Who needs fleet insurance?
Any business that has 5 or more vehicles, such as a repair facility, trucking company, contractors, or sales company, and are using their vehicles in their daily operations.
What are the financial advantages that come with fleet insurance?
Under the fleet plan program, a business owner could potentially save up to 63% on their insurance coverage. Discounts are based on the fleet's overall claims history and risk profile, rather than individual driver records.
Tell us about the administrative advantages of fleet insurance for business owners with five or more vehicles
Fleet insurance allows business owners to have a common expiry date. If you were to have 5 or more vehicles insured individually, administratively it would take up a lot of time if one policy is expiring in March, one in May, and another one in August, and so on. If there are any discrepancies or issues, it’s easier to deal with one policy that insures all your business’s vehicles. Fleet insurance also removes the need for business owners to declare who their drivers are on each vehicle. Note that if a vehicle under a fleet plan has a claim, that claim would affect the rating for all of them. But at renewal time, we have the opportunity to review to see what claims are present and if it is financially beneficial to the fleet owner to repay any claims to improve their discount.
What are some other advantages of fleet insurance?
Loss of use coverage, which helps cover the cost of a temporary vehicle, may have higher limits. Liability coverages, including umbrella insurance, can also have higher limits and there may also be the opportunity for high liability limits per vehicle. Businesses may want to consider being covered beyond the minimum limits for protection of their fleets.
Can fleet insurance cover electric vehicles?
Yes, we have that opportunity for clients. The technology has improved and electric fleets are becoming more common. Western Financial Group has the opportunity to make sure that you as a business owner have the coverage you need for your fleet for a price that is fair and that you will be able to continue operating your business in the event of a loss.
Ready to protect your business fleet? Contact Western Financial Group today to explore customized insurance solutions that fit your needs.
