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What to Consider When Selecting a Corporate Motor Insurance Package in Sri Lanka?

Corporate motor insurance is designed to cater for businesses that rely on managing and operating with a large fleet of vehicles. Corporate motor insurance policies focus on providing coverage to multiple vehicles, while offering terms which include risks based on their services, and employee and external party liabilities.

Choosing the right corporate motor insurance

Managing a fleet of vehicles is a great responsibility. It requires addressing the most important factor which is accidents. With the right motor insurance policy, you can put your mind at ease, because it gives you the confidence that all the complexities revolving around unforeseen perils are taken care of by the policy itself.

With corporate vehicle insurance, you can protect your company vehicles under a single policy. Compared to buying individual policies for each vehicle, corporate vehicle insurances are cost effective. In addition, you can get the unique benefits dedicated to businesses only by a corporate vehicle insurance.

Choosing the right coverage is a complicated process. You’ll need to really understand what risks need to be included in your cover to protect your assets. Talk to us at Continental Insurance to determine what the best policy options are for you.

The cost of corporate motor insurance

Your premium and other costs depend on the size, type of your fleet and other business requirements. Given that corporate motor insurance policies are highly specialised to different types of businesses and their requirements, the cost can vary in a broad range.

Generally, the policies for service fleets are lower in cost. The policies for delivery fleets, on the other hand, also include coverages for the items being transported, therefore they are subjected to additional costs/premiums.

The best way to design your policy is to bundle corporate motor insurance with other types of insurance policies; for instance, marine insurance, collision coverage and so on. This way you can lower your premium and maximise the benefits.

Different types of business motor fleet insurance

A business motor fleet insurance policy may cover the risks associated with the accidents, loss or damages to the fleet including liabilities. Liability coverage may include;

Besides liability coverage, corporate motor insurance also protects your fleet against damages caused by external forces. Natural causes such as flood, malicious acts and theft of vehicles are covered.

With additional premiums you can include damages caused by strikes, riot and civil commotion, terrorism, extended towing chargers, extended windscreen cover, and workmen compensation cover for drivers and cleaners/attendants.

Determining and managing your corporate motor insurance

It’s an important business decision to make when selecting the right corporate motor insurance provider. Once you evaluate your assets and associated risks, you can discuss it with us to determine the most beneficial policy for your business. With Continental Insurance your business will benefit from one of the most convenient and comprehensive policy options offered in Sri Lanka.