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Rev up your coverage with fleet insurance

Keep insurance coverage top of mind with these tips from Swathy Rayaprolu, Assistant Manager at Coastal Community’s Parksville Insurance Office.

November 2021 Time to read 3 min read

This article first appeared in the November 2021 edition of the Business Examiner. Read the online edition here.

As an insurance advisor, I’ve seen an increasing number of businesses adding more company vehicles to their fleet in response to new business needs—whether it’s trades taking on more work trucks or a transport company accommodating delivery demands by adding vans.

If your business is enhancing operations by adding to its pool of vehicles, don’t forget to keep insurance coverage top-of-mind. Once your business operates five vehicles, it’s eligible for ICBC’s Fleetplan (and if you have 20 or more motor vehicles, fleet insurance is required).

ICBC Fleetplan benefits

More streamlined: Because there’s only one policy and one policy expiry date, administering and managing the insurance is much more straightforward.

Greater flexibility: A range of vehicles can be covered under one fleet policy.

Extra savings: Fleetplan is more economical because you’re eligible for greater discounts. There’s also financing options available through ICBC’s payment plans.

And finally, here’s one benefit that always seems to resonate with businesses: it’s easier. Companies are hiring like never before and are also facing higher than usual employee turnover.  ICBC’s Fleetplan removes the administrative burden of constantly updating your business’s vehicle insurance with the most accurate list of drivers.

Things to keep in mind

A few factors will determine the premium you pay for your Fleetplan insurance. They can include any enhanced safety equipment in the vehicles and even data analytics (taken from an app that determines driver safety). Also, talk to your insurance advisor about what other vehicles might be eligible for ICBC’s Fleetplan, especially if you have less than five as part of your business operations. The bottom line is that each insurance client is unique. With a good understanding for what your needs and circumstances are, we can then tailor the insurance accordingly.

If you’re considering fleet insurance, that might mean your business needs have changed. And whenever “change” factors into your operations, connect with an insurance expert to make sure you, your employees and your livelihood remain fully covered, through the most economical means.