How to proceed in setting up a commercial or fleet insurance policy for leasing
To set up a commercial auto insurance policy for employee vehicles or a fleet in Ontario, a business must provide several key documents and details to the insurance provider. The requirements ensure the company is eligible, the vehicles are properly covered, and the risks are assessed accurately.
1. Business Information & Legal Documents
- Business Registration or Articles of Incorporation (Proof of legal status)
- Ontario Business Number (BN) and HST/GST Number
- Business Address & Contact Details
- Nature of Business Operations (Industry, daily vehicle use)
- List of Directors & Officers (For corporate policies)
2. Fleet & Vehicle Information
- Number of Vehicles to be Insured (Fleet insurance typically applies to 5+ vehicles)
- Vehicle List (VINs, Make, Model, Year, and Use Case for Each Vehicle)
- Ownership Details (Company-owned vs. employee-leased vehicles)
- Intended Use of Vehicles (Delivery, executive transport, service visits, etc.)
- Estimated Annual Mileage for Each Vehicle
3. Driver & Employee Information
- List of Drivers & Employee Roles (Who will be using the vehicles and their job responsibilities)
- Driver’s Licenses (Ontario-issued, valid for commercial use if necessary)
- Driver Abstracts (Driving History Reports for Each Employee Driver)
- Company Vehicle Usage Policy (Rules for employees using company cars)
4. Insurance Coverage & Policy Requirements
- Desired Coverage Limits & Policy Type (Liability, collision, comprehensive, uninsured motorist, etc.)
- Commercial Auto vs. Fleet Insurance Decision (For larger businesses)
- Deductible Preferences (Higher deductibles = lower premiums)
- Proof of Existing Insurance (If Transferring from Another Provider)
5. Additional Requirements & Risk Management
- Safety & Maintenance Plan for Vehicles (Ensuring proper upkeep and tracking)
- Accident & Claims Management Policy (How incidents will be handled)
- Security & Anti-Theft Measures (Tracking devices, secure parking, etc.)
Next Steps in Policy Setup
Once the business provides these details, the insurer will assess risk levels, premium rates, and eligibility for discounts (e.g., multiple vehicles, driver safety programs). After approval, the company receives a Certificate of Insurance (COI), which may be required by leasing companies or regulatory bodies.