What coverages are provided by commercial fleet policies?
Commercial fleet policies offer a variety of coverages that help protect against vehicle damage and accident liabilities.
- Personal Injury Protection (PIP): Usually insures injuries to individuals who are inside company vehicles at the time of an accident.
- Bodily Injury Liability Coverage: Usually insures injuries to individuals who aren’t in company vehicles at the time of an accident. Typically covers pedestrians, passengers of other vehicles, and other drivers.
- Collision Coverage: Usually insures damage to company vehicles that occurs during collisions with other vehicles.
- Comprehensive Coverage: Usually insures damage to company vehicles that occurs during other, non-collision events. Typically covers risks like falling trees, animals, vandalism, fire, theft, etc.
- Property Damage Liability Coverage: Usually insures damage that occurs to other vehicles and other property during accidents.
- Uninsured and Underinsured Motorist Coverage: Usually insures accidents involving drivers who lack adequate insurance. Typically covers hit-and-runs too.
Other protections may be available too, although these can vary more from one policy to another. For example, some policies might cover vehicles in storage while others might not.
An insurance agent who’s familiar with commercial fleet policies can help businesses find a policy that has the various coverage options they need.
Which vehicles can commercial fleet policies insure?
Commercial fleet policies are available for most classes of vehicles that businesses have. Policies for cars, vans, trucks and other road vehicles are usually easy to find. There are also may be policies that can cover multiple trailers.
What’s a Symbol 1 commercial fleet policy and a Symbol 7 policy?
While policies are available for most types of vehicles, not all commercial fleet policies cover all vehicles. One of the biggest determinants as to what vehicles a specific policy insures is whether it’s Symbol 1 or Symbol 7:
- Symbol 1 policies normally offer coverage for all vehicles that employees drive for work.
- Symbol 7 policies normally offer coverage only a predetermined list of vehicles, with other vehicles being excluded.
There are other symbols too, but these tend to be used for different types of commercial auto insurance. An agent who knows commercial auto well will be able to get businesses the right symbol policy for their situation, whether that be Symbol 1, Symbol 7 or another number.
How much does insuring a fleet of business-owned vehicles cost?
The premiums charged for commercial fleet insurance vary substantially. The number of vehicles obviously influences cost, as does the year, make and model of vehicles, experience, endorsements and accident history of drivers, where vehicles are stored, and other details.
An independent insurance agent can help businesses check how much insuring their fleet will cost. Independent agents aren’t obligated to promote any one insurance company, but instead can show customized quotes from several insurers. This makes comparing both cost and coverages simple.
Where can Massachusetts businesses find fleet insurance?
For help insuring a fleet of business-owned vehicles, contact the independent insurance agents at Paul T. Murphy Insurance. Our Massachusetts agents will make sure to find a fleet insurance policy that protects your business’s vehicles well.