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5 Reasons Why Fleet Insurance is Vital for Your Business

5 Reasons Why Fleet Insurance is Vital for Your Business

Just as it is important to maintain the condition of your fleet, insuring it is vital too. We look at why fleet cover is so pivotal for South African businesses.

When something goes wrong with your fleet, it can bring business operations to a halt. Whether a lack of maintenance or an unexpected event like an accident causes the problem, the ramifications remain. If your business uses vehicles in its daily operations that are owned by the company, you can benefit from this type of business vehicle insurance.

Fleet Insurance and Your Commercial Risk Profile

If you own a commercial fleet of light delivery vehicles, trucks, or cars, you will understand that the risk profile of your business is unique. Fleet owners often face unique perils. Having a policy in place can give you peace of mind and can protect you from the loss of or damage to your commercial vehicles.

Even though many forms of business car insurance can offer you cover for the risks you face, there are distinct advantages to getting fleet cover for your cars in South Africa. Before you choose an insurance policy to cover your company’s vehicles, consider these five points.

5 Reasons to Get Commercial Fleet Insurance for Your Business Vehicles in South Africa

1. Covering Possible Financial Losses

The most obvious reason to purchase fleet cover is to plan ahead for events that could happen that may devastate your company financially. For example, if thieves break in and steal your trucks, how will you replace them? You would need to pay large sums of money to restore your business operations.

What if a flash flood washes your truck off a bridge and you lose the vehicle entirely? These are singular examples, but the risks your fleet faces are numerous. If your fleet sustains damage or losses due to an insured event, you can rest easy knowing the costs are covered when you have fleet cover.

2. Cutting Down on Admin

Business fleet insurance is a much simpler solution to protecting all your vehicular assets. Instead of getting a policy for each car or truck, you can cover them all with one policy. One set of documents, and only one plan means less admin for your offices. Your business insurance portfolio will be simpler and easier to manage.

Your staff can use the time they would have spent maintaining individual insurance for each car or truck focusing on other work instead. This may seem like a small benefit, but when you scale up your thinking, it makes more sense. For a business that owns hundreds or thousands of cars and trucks, cutting down on admin for each policy can mean savings months of work each year.

3. Preserving Business Continuity

Having a fleet insurance policy is important, because when the unexpected occurs, you can preserve your business continuity. Many fleet cover insurance plans include benefits such as towing and roadside assistance. They often also include a service that allows for loan vehicles to be used while your vehicle is being replaced or repaired.

In a pinch, this could mean the difference between delivering on commitments and reaching targets on time. In fact, if you cannot deliver on time, it could breach contracts and lead to massive ramifications for your business. That is why it is important to get fleet cover from a reliable insurance provider that will benefit your company in the long run.

4. Saving on Insurance Costs

Often, a fleet insurance company provides policies that are more affordable than insuring each vehicle one by one. Instead of ten or a hundred different premiums, you pay one premium. Insurers give fleet owners a good price, since they are covering many vehicles under one policy.

This is because it benefits the insurer to put all the vehicles under one policy, too. They want to reward you for choosing to insure your vehicles under one umbrella. Cheap fleet insurance is infinitely better than many car cover plans with separate administrative costs.

Remember, fleet policies are designed specifically to cover risks unique to commercial fleets. It also means the policies don’t include unnecessary extras that push up your costs. The cost of fleet insurance is low when you consider the savings and coverage you get.

5. Help in Emergency Situations

With fleet cover, you can process claims more easily, since everything goes under one policy. In emergency situations, this can come in handy. You will also get benefits such as roadside assistance, tyre replacement, assistance for when you or one of your drivers has locked their keys inside their vehicle, and more.

The emergency benefits you get differ depending on the insurer you choose. Auto and General have added a service called AutoSOS to all their policies. This benefit comes in the form of a smartphone app that picks up when a vehicle’s regular driver gets into a serious accident and automatically alerts their call centre.

Old Mutual IWyze car cover includes an added benefit that covers any emergency medical bills of any passengers in your vehicle when an accident occurs. As you can see, the benefits differ. That’s why it is worth it to compare your options by getting fleet insurance quotes from reputable insurers in South Africa.

By comparing your options, you can get affordable fleet insurance premiums. South Africa’s competitive insurance market is great for business owners, because insurers will do all they can to win you over. Find out what each one is offering you today! You can start by filling in the form on our page.

DISCLAIMER: The information that has been provided in this article is for informational purposes only. It should not be construed as legal, medical, or financial advice. Facts in this article are correct at the date of publication.