Why Do You Want a Specialist to Broker you Fleet Insurance Policy?

In short, because you need to ensure your valuable and crucial motor assets have the ultimate in protection.

For personal vehicles, it’s not particularly challenging to source an insurance package yourself. Generally speaking, these policies are practically like-for-like — with the main comparison point being the overall cost. 

However, for fleet insurance — it’s vital you have an expert on your side.

Firstly, vehicles are the tools that keep your business moving — whether they’re replenishing your stock, delivering products, transporting you to crucial meetings, or excavating earth. 

Should one of these pivotal assets be off the road — it can mean failed orders, supply shortages, and missed engagements — all of which could temporarily or permanently cripple your business. Hence, choosing the most effective insurance policy to mitigate these issues is imperative.

However, perhaps the most compelling reason you need a broker for your fleet insurance is due to the varied nature of Australia’s businesses.

In fleet insurance — there’s no one-size-fits-all.

Each individual commercial operation differs in its policy requirements — depending on the types of vehicles, the number of vehicles, variety of drivers, the hours the motors work, and how they are utilised. Essentially — the level of vehicular risk associated with your business.

Furthermore, many insurance providers offer additional services to facilitate more extensive safeguarding. For some businesses, they could be priceless — for others, an unnecessary expense.

The best fleet insurance broker will work with you to ascertain the cover your operation requires. As experts in multi-vehicle shielding, they will explain and recommend fleet insurance options, identifying possible risk areas, and giving you peace of mind with the optimum vehicle protection.

Areas Examined by a Specialised Fleet Insurance Broker

While an experienced commercial fleet insurance broker will make a complete policy requirement assessment — six key areas require particular qualified attention.

Risk Engineering Services

Brokers will investigate whether specific fleet insurance providers offer their corporate clients risk engineering. This is a specialised service that reviews and scrutinises your multi-vehicle risk management practices to determine if they will respond adequately to current or future exposures.

Risk Management Tools

Many respected fleet insurance providers deliver their client policies that include comprehensive risk management tools — schemes that aim to improve the business’s operational systems to reduce risk and work towards a crash-free practice. A broker will ascertain whether this schedule component is beneficial to your operation — and if it offers the maximum in safeguarding.

Rapid Claims Process

Every hour that your car, truck, ute, or HGV is off the road, your business is suffering damage. An experienced broker will explore an insurer’s claim process, to guarantee that it provides the most time-efficient claim processing. Thus allowing your operation to continue to operate and minimise the working inconvenience and impact on revenue.

Experience in Fleet Insurance

A diligent broker will audit a prospective insurer’s fleet insurance experience — it’s crucial that the prospective underwriter has a comprehensive understanding of the diverse range of Australian commercial vehicles. Cars, trucks, and heavy earth-moving machines all have varying insurance requirements — and a policy to take into account each of these demands can be complex to write.

Commercial Motor or Fleet Insurance

If your business has a multitude of vehicles — this doesn’t inevitably mean it warrants a fleet insurance policy. For operations with less than 15 vehicles, a commercial motor policy can often be a more cost-effective and practical solution. An experienced and qualified broker will examine which schedule is most appropriate for your business. 

Check out our article on Commercial Motor vs Fleet Insurance for more details. 

Coverage Level and Additional Benefits

Effective fleet insurance is all about the detail. A conscientious multi-vehicle broker will advise you of the specific safeguarding elements your operation requires — and will source a policy that comprises these modules.

While not exhaustive, this can include:

  • Comprehensive, own-damage, or third party cover.
  • Vehicle-associated property damage.
  • Cost of towing.
  • Theft costs.
  • Vandalism costs.
  • Vehicle re-delivery.
  • Legal liabilities.
  • Hazardous good transportation.
  • Livestock logistics.
  • Loss of equipment from the vehicle.
  • Perishable goods.

The Bottom Line

As you have witnessed, fleet insurance is a specialised area in the safeguarding and protection industry.

Due to the complexity involved, prudent organisations and executives turn to qualified and experienced brokers to help organise their business fleet insurance. To start the process of suitably covering your own operation’s motor fleet, contact us at PIB today at (02) 9630 8788.