woman outside leaning on car looking at tablet

Rates for business auto and fleet insurance varies greatly and is determined upon various factors. If your business has been in accidents, and your auto, medical, hospital, lawsuits, and judgments are high, it is almost certain that your premium costs will rise.

Other factors are a determinant, this includes:

  • The type of vehicle(s) you own and are on your fleet
    • Make
    • Model
  • Deductibles
  • Has insurance fraud ever taken place?

Your company should take a look at the factors above. This will affect the companies premium business’s auto insurance payment.

Too Many Accidents Versus the Severity

If you have too many accidents and the severity is great, this will influence the premium cost for your business auto and fleet insurance policy.

In other words, the more severe accidents you’ve had, the higher your business’s auto insurance premium payment will be and the more the insurer will have to pay out on claims.

You Could Lower Your Risk With the Following Strategies

If companies want to minimize overall risk, it is crucial to implement safety and risk management strategies. This will limit the number of car accident occurrences whether in New Jersey and even out of state.

It is also important to constantly provide driving and safety training, this will keep your employees aware of continuous safety practices.

Once you begin to lower the severity and frequency of auto accidents you will be able to obtain a lower premium payment for your business’s auto insurance. Strategies you can use include:

  • Make sure that your employees know how to properly report a loss as soon as an accident occurs; if they are well and able at the scene of the crash
  • Hire drivers with clean driving records
  • Properly provide safety and driving training classes for your employees throughout the year
  • Maintain a list of good/bad drivers and their performance
  • Implement fleet safety program
  • Leverage driver safety technology and auto tracking technology

Business Auto Insurance and Fleet Auto Insurance

There’s more than just premiums when it comes to business auto insurance, too. If you own a number of vehicles and your employees drive them for work purposes, then fleet auto insurance will be beneficial as it could provide each automobile on your lot with insured protection; this includes coverage for the employees who drive your business vehicles.

Gaining further knowledge to protect your automobiles can be a complicated experience, but our insurance experts in Monmouth County will rest your mind and help you determine what type of business auto or fleet insurance is best for you.

The next step is easy!

Call us today at (732) 649-1600 to learn how our advisors could get you the right Business Auto Insurance coverage, at the right price, and superior service. You can also Request A FREE Insurance Quote on our site or Contact an advisor for more information.