Insurance costs are the primary vehicle-related worry for SMEs

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Rising insurance costs are among the biggest vehicle-related challenges faced by SMEs, according to a new study by CameraMatics.

The fleet risk management software provider found that more than half (55.3%) of respondents in the UK/Ireland and a third of those in the USA said insurance costs were a primary concern.

More than 600 businesses took part in the survey and those dealing with business vehicles reported that Commercial vehicle insurance premiums have risen steadily for several years.  

Mervyn O’Callaghan, CameraMatics CEO, said: “Small businesses everywhere rely on vehicles to run their operations. From one or two cars and vans to larger vehicles and bigger fleets: vehicles keep businesses moving and serving their customers. This has never been more important than at present when many services need to be brought to customers’ doorsteps.  

“Insurance is a major driver for businesses deploying our system on their vehicles. Vehicle technology such as cameras and tracking are no longer just for trucks. Proper risk management using technology enables all types of vehicles to become safer and smarter.” 

After insurance, fuel and operating costs are the next major concern, with 21.7% of UK/Ireland and 26.1% of USA businesses seeing this as an issue.  

Unsafe employee driving was only a concern for 16.3% of SMEs in the UK/Ireland and 22.3% in the USA.  

Coming last in both territories was vehicle safety and security, with just 8.7% of UK/Ireland and 17.9% of USA votes. 

Insurance providers are clear that robust risk management has a positive effect on premiums and there are many simple and affordable vehicle solutions available to small business owners.   

British insurance firm Aviva announced in 2019 that the values of both whiplash fraud and organised fraud dropped by 10% and 12.5%, respectively. Suggesting that video technology may be reducing fake claims, which are time-consuming for small companies to defend. 

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