Fleet Insurance for Small Businesses: How it Works

If you have a small business, it’s likely that you will only have a few vehicles registered to your business that are insured individually. However, just because you may only have 2 or 3 vehicles, it does not mean that fleet insurance isn’t right for you.

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Can you get fleet insurance for a small business?

Yes, you can get fleet insurance for small businesses and it is usually referred to as small fleet insurance.

Small business fleets are aimed at businesses that own a relatively low number of vehicles including cars, vans or motorbikes. This is generally defined as having fewer than 5 vehicles in your fleet.

Can a business with less than 5 vehicles benefit from fleet insurance?

Yes, having fleet insurance for your business, even if it has less than 5 vehicles, can be extremely beneficial. Not only does it help you to keep track of your fleet in the same way as larger businesses with bigger fleets, but it can also help you to keep costs low which is something many small business owners look for.

If you do have a small business, you will likely benefit from investing in comprehensive fleet insurance policies that will cover your entire fleet, not just one vehicle.

What types of fleet insurance works for small businesses?

Typically, businesses with two or more vehicles will be able to get fleet insurance of any kind, including:

Third party only – This is the legal minimum to drive in the UK.

Third party, fire and theft – This covers the third party in the event of an accident caused by your fleet. This also only covers fire and theft, not your actual vehicles.

Comprehensive – This type of cover provides the highest level of protection for your fleet, including third party, your vehicle and property.

Depending on what insurer you use, there are a few add-ons that could also work for your small business:

Employers liability Insurance – This provides cover for claims made by employees, past and present.

European driving – This cover is usually capped at 90 days, but is often included in standard policies.

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How insuring a small fleet works

Insuring a mini fleet works in exactly the same way as it does with a larger fleet. You have a single policy for all the vehicles in your business, with only one start and end date to keep track of.

Small fleet insurance will cover any vehicle in your fleet, regardless of the type of vehicle you have. You can also add or remove vehicles as you wish, since they all fit under the one policy.

Under a small fleet policy, the vehicles are insured rather than the individual drivers, meaning you have greater flexibility over who can drive which vehicle. This may not be necessary in a small fleet, but it does give you peace of mind knowing if your drivers do need to swap vehicles, they can legally do so.

Should your small business invest in fleet insurance?

Investing in fleet insurance for your small business might not seem like something on the top of your priority list, but it can help to streamline your insurance policies.

Although you may think there will be no difference between a few insurance policies and one fleet policy, you can potentially make significant savings through insurance premium discounts by putting multiple vehicles on one policy.

For more information on fleet insurance for your small business, get in touch with our team today to talk to one of our expert advisors.