Here’s How to Lower Your Commercial Fleet Insurance
If you own a fleet of vehicles that you use for business purposes, you may notice that your commercial fleet insurance is a significant expense. Many business owners are looking for ways to cut down on their insurance costs, all while maintaining the coverage that they need to protect their vehicles and business. There are many strategies that you can use to lower your commercial insurance costs. Here are a few methods that you can put in action right away:
Hire the Most Qualified and Best Trained Drivers
One of the best ways to lower your insurance is to only hire drivers that have good driving records. A bad driver can cost your business more than being short staffed for a moment. Each potential hire should bring a printout of their driving record from the Department of Motor Vehicles. You should know that drivers with a history of moving violations or serious accidents are a higher risk and will result in you paying much higher insurance premiums.
You should also provide safety training to your team of drivers. Have meetings in which you discuss your company’s commitment to road safety.
Secure Your Fleet From Theft
Collisions are not the only risk that commercial vehicles face. You should be mindful of the safety and security of your fleet even when it’s not on the road. Vandalism and theft are known to occur in many areas. This is why it’s essential that you’re able to provide a secure parking location for your fleet. By making relatively small investments in quality fences, locks, lighting, surveillance systems and alarms, you can significantly lower your insurance premiums.
Consider Adding Technology
Technology can help reduce your overall insurance costs by helping provide evidence in case of an accident. Many businesses choose to add a GPS tracking system and onboard cameras to their vehicles, as these technologies are becoming a lot more affordable each year. Various other devices, such as rear facing cameras, collision warning devices and vehicle alarms can all prevent damage to your vehicles and result in lower insurance premiums. You can get in touch with your insurance agent for advice on what kind of technology they recommend that you deploy based on the type of vehicles you have and the size of your fleet.