Investing capital to help your business grow is to be expected. There are so many things you can invest in; some owners get stuck on choosing which is the best option. One of the first investments every business needs to make is a fleet. Fleets are individual groups of vehicles that are owned by companies. Think about Coca-Cola, food delivery services, and even your local dog walking company. They all use vehicles to provide their clients quality service and deliver their items. With any investment, you need to make sure it’s well protected. In this post, we’ll be covering a few tips to help you protect your fleet.
Keep Your Tires in Good Condition
Many business owners and fleet managers tend to focus on installing the appropriate software and implementing fleet technology. But the condition of the tires is a major component. In fact, many owners underestimate the importance of tires. They’re one of the leading expenses you have to account for. The costs can be very expensive at times, which is why you need to take the necessary precautions. A great way to do this is to install a tire pressure monitoring system (TPMS). This lets you gauge how much pressure is within one of your vehicle’s tires. If it reaches a dangerous level of pressure, the TPMS will alert you. If a tire has too much pressure, it can cause to wear down faster and having a proper TPMS is critical to safety of both your drivers and your business.
Purchase a Fleet Insurance Policy
The most common, yet important, way you can protect your fleet and when starting a small business is to get fleet insurance. Fleet insurance functions almost identically to regular car insurance. What sets it apart is the ability to put as many vehicles as you see fit onto a single policy. Acquiring multiple policies for every vehicle is unaffordable for most businesses, especially when they’re just starting out. You can save thousands on car maintenance and monthly insurance payments thanks to fleet insurance.
Install the Appropriate Technology and Software
There are a few pieces of technology and software every fleet must have. In fact, it’s actually mandated by law to have them before your fleet can be rendered operational. Below is a brief list of what you need to implement into your fleet:
- Electronic logging devices (ELDs)
- GPS tracking systems
- Anti-lock brakes
- Electronic stability control
- Dash cams
Technology such as dash cams are optional, but don’t let that stop you from getting them. They can provide visual evidence of what happens during a driver’s trip, which is a great way to prevent liability claims. As for the other technology and software, it’s required by the Department of Transportation (DOT) to have them installed. Furthermore, you’re going to be spending quite a bit on them. Owning and managing a fleet isn’t always easy, but having these at your disposal can really help take the stress off of you as well as the drivers.