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Fleet Insurance for Business Owners
A fleet policy insurance plan is especially important for those that run businesses with large groups of employees who drive vehicles out on public roads in the UK. If you are familiar with different types of insurance then you may have already heard of motor trade insurance. Whilst this type of insurance does indeed cover multiple vehicles and often numerous individuals, a fleet policy plan is quite different.
The biggest difference between a fleet plan and other insurance policies is that all the vehicles and employees are insured under the company entity and not under the name of one or numerous individuals. This consequently means that for employees driving the vehicles for business purposes, they are provided with adequate cover in case any claims are made. If a company is found to be operating their business outside of the stipulations stated within the insurance policy then this business may be held liable for claims that are made when an employee is behind the wheel of a company vehicle. Not only will the insurance cover the vehicle and also any other vehicles that are involved in accidents, but also the medical expenses of those who have been injured in one of the company vehicles.
There are generally four different categories for this type insurance which are as follows;
Insurance that allows drivers of 25 years and older to operate a company vehicle.
Insurance that allows drivers of 30 years and older to operate a company vehicle.
Only drivers who are named under the policy may drive a company vehicle.
Any driver of any age.
The particular policy that allows drivers of any age to operate a company vehicle may seem to be the most attractive option but also comes with tight restrictions that often mean business owners have to choose a different type of policy. The policy that allows drivers of any age to operate a vehicle requires the presentation of a detailed background of the company employees and any claims that were made on previous insurance policies. Each individual is also required to have a completely clean driving license and any points apparent on a license will either cause the premiums to rise dramatically or result in an application being declined altogether.
If you currently have a fleet insurance policy for your company then do not hesitate to get in contact with other companies to see if they can beat your current premiums. The insurance industry is an extremely competitive world so just by discussing your specific requirements and the financial aspects of your business, many companies will construct a custom-made payment plan to ensure that you get just what you need at just the right price. Payment plans can often be made on an annual basis or every six months and just like standard personal insurance, each year you will be assessed to see if any claims have been made and the price of your insurance premiums will be adjusted accordingly.
Author Resource:-
Neil Anderson is a UK based finance specialist who provides advice and information about a wide range of products including Fleet Insurance. Find out more by visiting his preferred website DNA Insurance.
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