What Coverages Does Commercial Fleet Insurance Include?
While there may be exceptions, commercial fleet insurance generally covers company vehicles against damage and insures against liability lawsuits related to employees’ driving. Whether other protections, such as coverage for items inside company vehicles, is included varies. An insurance agent who specializes in this form of commercial auto policy can explain precisely what a particular commercial fleet policy does and doesn’t cover.
How Many Vehicles Does Commercial Fleet Insurance Cover?
Most commercial fleet policies are designed to insure five or more vehicles, and they can insure many more when necessary. Policies that cover fewer than five vehicles might still bundle the vehicles’ coverages together but are typically coded differently for statistical purposes.
What Types of Vehicles Can a Commercial Fleet Policy Cover?
A commercial fleet policy might be underwritten to cover almost any legally registered vehicle. Policies are widely available for cars, vans, light-, medium- and heavy-duty trucks, and trailers.
What is the Difference Between a Symbol 1 and a Symbol 7 Policy?
Most commercial auto policies are normally written with “symbols,” and these symbols range from 1 to 9. The numbers generally refer to what vehicles the policy extends certain protections two.
Symbol 1 and Symbol 7 are two types of commercial fleet policies that businesses may come across. Symbol 1 policies usually extend protections to any vehicle employees might drive for work-related purposes, while Symbol 7 policies frequently limit coverage to only a specified list of vehicles that are noted in a policy’s documentation.
An insurance agent who’s familiar with these commercial fleet policies can help businesses find the symbol number that’s most appropriate for their situation.