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With over 76 years of experience, The Jordan Insurance Group is an industry leader in Life Insurance strategies and Employee Benefits. We strive for excellence through our due diligence in selecting products to satisfy our clients’ needs with proven benefit designs and tax strategies. Our Team utilizes a diversified multi-level approach in preserving, protecting and growing wealth for our business and individual clients.
Fleet Insurance Considerations for Rental Companies
FleetOwning a rental company exposes you to a number of significant financial risks. Not only can customers have accidents that damage your vehicles and put you in danger of liability, but any damage they cause to your vehicles can also cost you money and prevent your company from continuing to operate at its full potential. Because of these significant risks, it is essential to purchase adequate fleet insurance for protection. About Fleet Insurance for Rental Companies Fleet insurance protects your company from liability and financial loss related to the vehicles you provide to customers. The proper amount of coverage ensures that incidents regarding your fleet won't cause significant financial or operational distress for your business. Fleet insurance policies vary based on the coverage limits, deductibles and premiums. Fleet Insurance Considerations When selecting a fleet insurance policy, you should consider the following types of coverage. - Liability Insurance - Physical Damage Insurance - Counter Insurance Products Liability Insurance is perhaps the most important component of a fleet insurance policy. This type of coverage provides payment when an event involving one of your vehicles causes property damage or physical injury. Without sufficient liability insurance, your rental company could be held financially responsible for medical bills, property repairs or replacements and any other costs related to an accident. Physical damage insurance protects the investment you have made in your fleet vehicles. This type of coverage will pay for repairs and replacements of the vehicles your company owns in the event of damage or loss. Without physical damage insurance, you would be forced to pay these costs out-of-pocket. Depending on your needs, you may opt for anything from basic collision coverage to comprehensive physical damage insurance. Counter insurance products are personal insurance policies sold at the counter to customers who rent your vehicles. These products not only increase the appeal of your services, but they can also help to boost your rental revenues. Content provided by Transformer Marketing. Sources: http://www.zurichna.com/zna/autorental/autorental.htm, https://www.phly.com/Files/Auto%20Daily%20Rental_Brochure31-801.pdf
William Jordan
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