In the realm of business, size sometimes do not matter. That can be said in running a transport company and your small truck fleet insurance may have a hand on it. For many small trucking companies, being efficient and in-demand as other big-time operators all rests in the mind. With fleet competition becoming more aggressive in the local arena, many small transport businesses are jumping into the bandwagon hoping to carve their own niche in the market; but how does one leverage on its reduced operational footprint and how can they make fleet insurance work to their advantage?
Understanding Fleet Insurance
Regardless of the size of a business, fleet insurance is designed to cover multiple vehicles in one policy. It may be a row of taxis, vans, mini-vans, or mini-buses or trucks, fleet insurance provide various coverage that can help keep a business safe from eventual downfall should accidents and other risks take a bad turn. Generally, this insurance system features three levels of coverage:
Comprehensive fleet insurance. Provide cover for any damage caused by you or the other party (fault or non-fault) as well as cover from natural or man-made calamities like fire and theft.
Third Party, Fire and Theft insurance. Provide cover to damages on third party vehicles while covering your own from theft or fire damage.
Third Party Only insurance. Provide cover for claims made by a third party against you.
Customized Small Truck Fleet Insurance. Provide coverage according to needs.
These covers may have distinctive differences but overall, it prevents financial losses befalling to a fleet owner when drastic circumstances arise from theft, injuries, damages, and other liabilities incurred by insured vehicles and drivers.
Can You Forego Fleet Insurance?
Aside from being a standard requirement in running a transport business in Australia, thinking big will tell you to get hold of a reliable fleet insurance policy. Regardless of the type or size of the vehicles you operate, a small truck fleet insurance can be considered an investment as it helps to ensure something for the business to fall back on should dire circumstances happen. Notwithstanding the idea that all your vehicles’ insurance needs is covered literally with a blanket policy.
The trucking or transport business is renowned as a high-risk venture. The moment your truck goes out to the streets to deliver or go about its task, its risk counter also goes on hyperdrive each time the driver steps on the accelerator. Having a cushion to catch your business each time it falls will give you peace of mind and more chances for the business to thrive and grow in the industry it serves.
Just like in various martial arts and related discipline, fighters of small stature can very well take down larger assailants through strategic thinking. That is precisely what running a small fleet with a big-fleet-attitude is all about and your small truck fleet insurance has a huge hand on it. By keeping each of your prized investment safe and secured as you build reputability in the market, your small fleet will eventually earn its place in the glory seats of the kings and queens in the transport business arena.