When it comes to picking a corporate fleet insurance, it is sometimes most convenient to simply go for the cheapest or the one recommended by your peers. This, however, can be a reckless idea given the risks involved. Insurance companies in Australia offer various policies with distinctive coverage, office hours, scope of service, and speed of making a claim. To get the best of everything, it is essential to do research and ask questions from professionals in the field. To get you started, here are some important points to consider when shopping for a dependable fleet insurance policy.
Coverage. As a corporate manager or company owner, it is imperative that you know the required insurance coverage for your fleet. While there are various commercial fleet insurance policies in Australia, there are several companies which can customise coverage to suit your business needs. Keep a keen eye on the fine print of an insurance policy when scrutinising coverage as exclusions and limitations can be somewhat tricky.
Risk Assessment/Premium Cost. Whether operating a fleet of trucks, minibuses, vans, or simply providing company cars to executive and sales employees, risk assessment is essential in calculating premium cost for your choice of insurance coverage. Keep in mind that many insurers take driver credibility and safety standing of the business into the equation when calculating premiums. If you want it lowered while maintaining dependable coverage, adequate care must be done to mitigate risks. In some cases, getting all your insurance policies in a single provider may also help lower premium cost.
Payment Options. While an individualised insurance policy can make do with monthly or quarterly payments, corporate fleet insurance will do more with annual payment options. Most insurance agents and brokers will push for annual or semi-annual premium payment options and for good reasons. Not only will this help businesses ease the burden of scheduling their expenditures, it also can be a way for you to earn discounts and other incentives. An upfront expense will eventually allow you to save more in the long run.
Discounts. Do not hesitate to ask your eligibility to insurance discounts. This aspect can be enjoyed in many ways than one particularly when getting all policies for the business with a single insurer. When managing a corporate fleet, installing safety systems, regular preventive maintenance, telematics, and updated drivers’ training will help usher more discounts.
Claims. Often ignored until disaster happens, claims service can sometimes be a bane to insured parties like your fleet. It’s already hard to be embroiled in a disastrous situation only to suffer more from unreliably lagging claims service. As much as possible, choose insurers offering round-the-clock 7 days a week claims service; complete with toll-free hotline. Online claims may also be sought out but make sure that response rate must be 24 hours or less. This will help lessen the burden in getting your business back in track.
In all these, it is imperative to reach out to experienced professionals in the arena. The key is to talk seriously to one who specialises in corporate fleet insurance– a financial adviser or an insurance broker. These professionals have a network of insurers who can deliver the best value for your premium. Learn to ask the right questions and eventually, you will get the answer you need in terms of ensuring protection for your company.