What You Need to Know About Commercial Fleet Insurance 

Alberta businesses come in all shapes and sizes. We’re a dynamic province filled with hardworking entrepreneurs who require a variety of services to support their activities. Do you own a commercial business in Alberta? Does your company use a series of vehicles in daily operations? Do you specialize in deliveries, drop-offs, transportation, or something else that requires regular driving? If you operate two or more cars or trucks in your business, you technically run a fleet of vehicles. 

Having a commercial fleet doesn’t just sound impressive; it also comes with a set of responsibilities. One of the more critical duties when operating a fleet of commercial vehicles is having the proper insurance to protect yourself, your company, your team, and anyone else who might come in contact with your vehicles and be at risk. This insurance article covers everything you should know about shopping for and purchasing fleet insurance or commercial trucking insurance in Alberta. 

The 101 on Commercial Fleet Insurance in Alberta

How Many Cars Are in a Commercial Fleet?

A fleet of cars refers to a group of vehicles used for business purposes. The term “fleet” implies that there are more than five vehicles in use for your company. The number of cars in a fleet can range from several catering trucks operated by a bakery or hundreds of taxis operated by a taxi company. The exact number of commercial vehicles in operation is not the most important factor for insurance. It’s the type of activity, the risk associated with the activity, and the number of vehicles that will determine the cost of your insurance. 

Businesses don’t necessarily need to own their fleet cars either. A commercial fleet can consist of:

  • Company owned vehicles, 
  • Leased vehicles,
  • Employee-owned vehicles (primarily used for work purposes)

For insurance purposes, registering a fleet of cars can result in significant savings compared to buying insurance for each car individually. Commercial car or truck insurance also has additional coverage that personal auto insurance does not. 

Why Is Commercial Car Insurance Necessary?

In Alberta, car insurance is mandatory by law for all drivers to have. This includes business vehicles as well as personal and recreational ones. Commercial vehicles often have a higher risk for traffic accidents because they are on the road more often, especially for industries that require long-distance driving. The main difference between an accident while driving your private vehicle and an accident while driving a work vehicle is the liability. Suppose you or one of your employees is involved in a traffic collision, regardless of who is at fault. In that case, your commercial fleet insurance can help protect you from medical costs, vehicle repairs, and liability coverage issues. 

What Does Commercial Fleet Insurance Coverage Look Like?

Similar to personal auto insurance, commercial auto insurance protects you and others on the road in the event of a traffic incident. The main difference with commercial insurance is that it also offers coverage for your employees and clients, including:

  • The health and well-being of your employees and drivers
  • The health and well-being of your client(s)
  • The health and well-being of the public and the community
  • The business vehicle itself (a significant asset to your company)
  • Your company – from lawsuits and liability for property damage, injuries, etc.
  • Your company – from interruption to business after an accident

Ensuring you have sufficient commercial auto insurance in place helps protect your business from surprises. Your policy provides accident benefits and liability coverage in the event of a collision, taking care of your employee, clients, and public health and well-being. Your coverage will also protect your business from expensive bills. 

How to Find the Best Commercial Car Insurance in Alberta

How Does the Commercial Fleet Insurance Process Work?

The first step towards purchasing commercial fleet insurance is a risk management assessment. At Cornerstone Insurance Brokers Ltd., we begin the process with a risk management assessment to determine what your needs are as a business. The risk management assessment will include a full review of your operations and your insurance exposure. Regardless of the policy you choose, we always recommend that our clients purchase minimum liability coverage of $2 million. If the unthinkable happens, the cost of health and legal fees can rise dramatically. Liability insurance is essential for any business. 

What Can Affect the Insurance Premiums for Commercial Fleets?

Most business owners want quality and affordable pricing for business services. Insurance is no different. When you work with our brokers, we always aim to find the lowest insurance rates for your commercial fleet while providing the best coverage possible. We can also find ways to lower your insurance premiums. Most insurance companies offer a discount for fleet vehicles, depending on how many cars and trucks need coverage. You can also qualify for lower insurance premiums by maintaining a claims-free record. 

How Insurance Brokers Can Make Fleet Insurance Shopping Easier

Your business is unique, and so are your insurance needs. At Cornerstone, we work with a variety of insurance companies to help find you the right policy for your commercial fleet. You’ll have options between policies that include auto liability, medical payments, comprehensive or collision coverage, and more. You’ll be able to choose the coverage that best suits your business and your workforce. 

And the best part? We know you’re busy running your business, so we take care of the shopping and comparison for you. We’ll provide you with competitive insurance quotes and policy packages to choose from. We’re also ready to explain and answer any of your insurance questions. Once you select a policy package, we take care of the legwork so you can run your business, knowing you’re in good hands. 

Commercial Auto Insurance in Edmonton, Alberta

Shopping for commercial auto insurance in Edmonton can be challenging. With so many options available and confusing terminology, working with an experienced insurance broker can make the process easier. Our brokers at Cornerstone Insurance are dedicated to finding you the right policy for your unique business. Contact us today to start the insurance quote process. 

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