In the healthcare sector, ensuring the safety and security of patients during transportation is paramount. This is where Third-Party Liability insurance for healthcare fleet autos becomes crucial.
What is Third-Party Liability Fleet Insurance?
Third-Party Liability insurance is a mandatory form of auto insurance in Canada. It covers the costs of injuries and damages that the policyholder inadvertently causes to other people or their property (1). For healthcare fleets, this means protection against potential claims arising from accidents involving patient transport vehicles.
Why Is Fleet Insurance Needed?
Fleet insurance is essential for businesses that operate multiple vehicles. It provides comprehensive coverage under a single policy, simplifying management and often resulting in cost savings. For healthcare providers, fleet insurance ensures that all vehicles used for patient transport are adequately covered, reducing the risk of financial loss due to accidents or damages.
Difference Between Commercial Auto Policy and Fleet Vehicle Insurance Policy
While both commercial auto and fleet vehicle insurance policies provide coverage for business vehicles, there are key differences:
- Commercial Auto Insurance: Typically covers individual vehicles used for business purposes. It’s suitable for businesses with a small number of vehicles (usually 1-5).
- Fleet Vehicle Insurance: Covers multiple vehicles under a single policy, offering operational efficiency and potential cost savings. It’s ideal for businesses with a larger number of vehicles (1).
SWG’s Coverage Highlights
SWG offers tailored insurance solutions for healthcare fleets, with the following coverage highlights:
- Fleet (5+ vehicles) and bulk fleet (25+ vehicles) rating available
- Acceptable classes: Private patient transport, non-urgent patient transportation/transfers (public and private), meals on wheels, mobile clinics
- Up to $5MM third-party liability
According to recent data, nearly half of all insurance claims filed in Canada each year are third-party liability claims (1). This underscores the importance of having robust liability coverage, especially for healthcare fleets that transport vulnerable patients.
Third-Party Liability insurance is not just a legal requirement but a critical component of risk management for healthcare fleets. By ensuring comprehensive coverage, healthcare providers can protect their operations and focus on delivering quality care to patients.
Sources:
1. MarkWide Research
2. HFMA
