Whenever you budget the expenses of your business, Fleet Manager insurance must be near the top of the list because you can’t always know exactly what can happen in the future.
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With the protection provided by insurance against accidents and all the other sorts of insurance we will tell you about, you can protect your business and yourself in case something unwanted happens.
Like any business owner, for your Fleet Manager enterprise, you must consider how much financial risk you are taking on.
If your Fleet Manager business runs without proper insurance, you are taking a tremendous chance not just of losing some money but of a final wipe-out.
This is because the laws in every state are very strict in enforcing liability on the owners of businesses for the consequences of their actions.
In this article, we are giving very general guidelines for small businesses to explain what the main kinds of insurance that you need are, and where we can, a rough guide to how much you can expect to pay.
The question is, can you afford to NOT have insurance for your Fleet Manager business?
What this means, for any Fleet Manager business owner, is that if some person claims that your actions caused them some physical or economic damage, a court can award damages far beyond the total size of your business.
Your Fleet Manager business is not sheltered by laws in the same way as states are, where laws can place a “cap” on the maximum level of liability.
In some states, like New Jersey, there are specific monetary levels that limit the amount a judge can award in any case against the state.
In a court case, it’s purely the duty of the jury to award whatever amount they deem appropriate, even sometimes giving a person more than they have claimed.
When you are running your Fleet Manager operations, you can’t escape responsibility for the outcomes of your actions.
Even more importantly, unless you have spent beforehand the money necessary to have your business running as a corporation, all of that liability belongs to you as an individual.
What does Fleet Manager insurance protect you from?
For your Fleet Manager business, the most important types of insurance are designed to cover the risks to your business from accidents, from unexpected events, and from mistakes.
Also there are some legal kinds of insurance that various states require.
In the next few paragraphs, we will explain the most important points any Fleet Manager business owner should remember when negotiating the insurance needed.
The main headings of insurance for your Fleet Manager businesses are liability insurance, commercial insurance, asset insurance and workers compensation insurance.
General liability insurance
Any Fleet Manager business is dealing directly with members of the public, and that means you usually have the danger that some accident can happen to them bodily or else something of theirs can be damaged.
In such a case, they can demand compensation.
General liability insurance policy for your Fleet Manager business covers you against claims coming from injury to customers or damage to their property.
It protects your Fleet Manager business from the claims themselves and in addition to any resulting court costs and legal fees of the lawsuits.
In many cases, it can also help you to qualify for extra business from city and state organizations, where contracts demand proper liability insurance.
The usual level of general liability insurance for your Fleet Manager business would be with a cap of $1 million for a single claim and a total of $2 million for the whole year.
See the table in the costing section below for average prices of general liability insurance for your Fleet Manager insurance operations.
Professional liability insurance for your Fleet Manager business
In the event where a customer alleges some negligence, errors, or omissions in how you conducted your Fleet Manager business for them, you can quickly be involved in a monetary claim.
Even if the matter against you is ruled in your favor, the cost of defense can be high, and the impact on your reputation can be damaging.
Almost all small Fleet Manager business should have enough professional liability insurance to cover a once-off claim of $25,000, with annual cover of $50,000.
See the table in the cost of Fleet Manager insurance section below for average prices of professional liability insurance for your Fleet Manager operations.
Product liability insurance
Whatever goods you sell or advice you give about the goods, you are running a risk that customers may claim that the results didn’t meet your description of function, or that your recommendation was basically incorrect.
You need to be aware of the explicit laws of product liability in your own state.
For example, in California, all businesses in the supply chain can be held culpable for results caused by products claimed to be defective.
To cover yourself against any following lawsuit, you need Product liability insurance for Fleet Manager
Only you can estimate exactly how much insurance you must have.
Best advice is to talk to experienced insurance agents, brokers or company representatives for support.
Commercial vehicle insurance for your Fleet Manager business
Be careful! – most policies for private vehicle insurance do not cover any occurrence like theft or accidental damage when the van is being used for business purposes.
The right way to make sure that your vehicle is insured for both its own value, and the valuable contents, is by taking out a designated commercial vehicle insurance package.
Commercial truck policies cover the value of any vehicle in case of accident, malicious damage, fire, or theft.
Also, in case of any accident, the car itself, the content and any legal bills, medical expenses, and property damage is covered if your truck is involved in a collision.
Most states, other than Virginia and New Hampshire, insist on this type of insurance.
The wanted value of the insurance depends on the depreciated value of the vehicle, and your declared level of cover of contents.
Tools and Equipment insurance
Since your Fleet Manager business needs specific and expensive equipment, you know how much it can cost to replace it in case of any damage, loss, or theft.
The gear may be subject to malicious damage, deliberate fire, theft, other such unforeseen acts.
Also, acts of nature like lightning strikes, hurricanes, earthquakes, and other highly damaging natural events can wipe-out your whole business in one stroke.
Unless you can afford to immediately replace such unique gear quickly out of your own pocket, you should have full-level equipment insurance so that you can immediately buy any equipment needed to keep your Fleet Manager business running.
It is hard to advise how much equipment insurance you need – it’s basically dependent on how much you have invested in your Fleet Manager business’ equipment.
Commercial Property insurance
Any Fleet Manager business that owns or rents space in a building should have a commercial property insurance policy.
If you own the building, you certainly have a substantial capital investment, along with a big liability if there’s a mortgage.
Every physical building location should carry insurance coverage for the value of the premises and contents against accidental occurrences like fire and storms, and against deliberate damages like theft and vandalism.
If your Fleet Manager business deals in areas of high risk, like Texas or South Carolina, extra coverage may be needed for earthquakes and hurricanes or tornadoes.
In other states like Rhode Island, where intense cold snaps can cause damage to outer coverings of Fleet Manager business premises, there is a need for more supplementary cover than in warmer climes.
Although the level of cover depends mainly on the value of the property, it’s not possible to say what cover your need, but we have been able in the table in the cost of Fleet Manager insurance section below to give some estimate of the average prices per million dollars of property insurance for your Fleet Manager business.
Temporary insurance by month, week or day for your Fleet Manager business
Is your Fleet Manager business working part-time or casually, or is the level of business variable?
Using short-term insurance makes perfect sense. Business insurance by the month, day, or week – temporary insurance for Fleet Manager – are special policies where you can cover a specific period when you want to be covered.
By only paying for that period of cover, you will save by having reduced premiums but still having identical risk cover.
The key feature of short-term insurance is that you pay for the cover for a defined period – a nominated date, or a week or month starting on a specific date, for example for 30 days beginning on the specified date.
When you are expecting periods of better business activity, get the existing cover improved.
Talk to your insurance agent, broker or the company’s representatives to see what options you have.
Business Owners Policy BOP for your Fleet Manager business
You have the option to combine most of the important kinds of small business insurance in one policy that is known as the business owner’s policy – BOP.
A BOP integrates commercial property and public liability insurance by packaging these coverages into one insurance policy, which can save you money.
BOP insurance will cover you if any claims of injury or property damage are made.
It is often the right choice for small and medium-sized Fleet Manager businesses, such as yours.
There are some limits that will dictate whether BOP is suitable for your own business.
BOPs do not cover your professional liability or commercial vehicle cover.
Also, the size of your business will determine whether you are permitted to take out BOP cover.
The typical business that is eligible for a BOP policy must have less than one hundred employees, and maximum five million dollars in annual revenue.
Plus, you must separately take out the necessary worker’s compensation, health and disability insurance as determined for your state.
Workers Compensation insurance for your Fleet Manager business employees
In most states, it is mandatory to have workers compensation insurance when your Fleet Manager business has one or more employees.
Workers compensation insurance covers the operation against any costs that arise if any hired hand experiences an injury or becomes sick as a result of work.
The benefits include medical expenses, death benefits, lost wages, and vocational rehabilitation.
Failure to meet a state’s requirements in this regard can leave you as the employer having to pay penalties levied by the states.
Some states, such as North Dakota, Ohio, Washington, West Virginia, and Wyoming only permit coverage from the government-run monopoly state funds.
In these states, you cannot get your workers compensation obligations from private insurance providers.
Workers compensation rates are worked out based on the employee’s pay, and usually come out at around $1.00 per $100 per month.
However, you must consult the relevant authorities in your state.
Average costs of these types of insurance
Although every Fleet Manager insurance requirement is unique, there are enough examples of usual quotes from insurance companies for us to give appropriate guidelines, including what are the cheapest rates offered.
Of course, you should always check with a broker what’s relevant for your business.
The list below is of annual premiums we have researched for the main types of insurance your Fleet Manager businesses needs.
|Types of insurance||Price range|
|Product liability insurance||$210 – $660|
|Public liability insurance||$250 – $790|
|General liability insurance||$685 – $1145|
|Commercial insurance||$1015 – $2955|
|Equipment insurance||$470 – $1380|
|Commercial vehicle insurance||$1955 – $3030|
Cost of insurance for your Fleet Manager operations depends on many different factors.
We have calculated these figures for small independent Fleet Manager businesses.
In larger states like California, premiums are generally about 20%-30% higher than national averages, but in smaller states like Oregon, they can be about 20%-30% lower.
The location and size and type of your Fleet Manager business can have a big effect on the cost of different policies.
You should talk to professional insurance agents and brokers, or insurance company representatives.
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In addition you can let the internet do the work for you by enquiring about insurance companies near where your business is located.
Another reliable source of information is the local Better Business Bureau in your city.
What is small business insurance for Fleet Manager operations?
This is a wide term used to describe basic insurance policies designed to protect Fleet Manager business owners from risks like bodily injury, property damage, claims of negligence.
Does my Fleet Manager business have to have insurance?
Some of the kinds of insurance are not mandatory for you to open your business, but they can protect you from risks in your business operations.
Several other forms are required by state law, such as workers compensation and vehicle insurance.
What does a small Fleet Manager business insurance policy cover?
Liability insurance provides protection against lawsuits or claims filed by a third-party for bodily injury, property damage, or negligence.
The specific cover will vary based on your own operations.
See the table in the costing section above for average prices of the most common policies for Fleet Manager insurance.
How much will Fleet Manager business insurance cost?
As well as the size of the business, certain other factors, such as location and claims history, are used to determine your policy’s cost.
You should talk to professional insurance agents and brokers, or insurance company representatives.
You can search for more information insurance for Fleet Manager, in the search box below, and follow the relevant links.