Motoring With Motor Trade Insurance
Whether you have a small business operating out of your house, a huge company employing hundreds from a business premises, or something in between, chances are you’ll want it to be protected. If you have a luxury sports or vintage car firm, prestige or import vehicle dealership, or you are in the business of selling, servicing, repairing, manufacturing, transporting, inspecting or financing vehicles, you need to carry motor trade insurance.
It is designed to protect your business against unexpected losses including but not limited to: fire, theft, liability and accidents. It is prudent to choose the right coverage. Ideally, you’ll want to minimise your premiums and maximise your coverage.
Budget-conscious policies can be hard to find without adequate guidance. It is best to invest in an insurance broker. Although it will cost you more upfront, it will save you more in the long run. Insurance brokers are able to secure better rates due to the sheer volume of insurers that they represent. This buying power allows them to use their expertise to procure the best coverage at the lowest prices. Think of it as buying in bulk, similar to shopping clubs.
It is important to note that not all motor trade policies offer the same flexibility as a standard feature, so you need to make sure that your policy has adequate coverage for your business. It is here that you will want to turn to an insurance broker to sort out what kind of coverage you require. Insurance brokers can offer you their advice when sorting out exactly the type of coverage that is a perfect fit for your business needs.
There are many classes of motor trade insurance; the first being road risk insurance. This type generally covers vehicles that belong to the business or are under the control or in the custody of the business. This doesn’t cover the private vehicles of the directors of a company. The policy can cover pleasure and social domestic use and non-employee drivers, but this is not standard and you must inform your broker if you desire this coverage. Some policies come with a maximum amount payable in regards to damages. Trade plates, used in accordance with common regulations within the business, must be declared in order for the vehicles driven under them to be covered.
Liabilities are another facet of insurance for motor traders. Employer’s liability is required by law to protect employees. Public liability offers protection to businesses when a third party claims property loss and injury that occurs during the normal operation of the business. This is not required, but is considered necessary. Liabilities are not standard and must be requested.
Other policies that are available include: property damage, business interruption, loss of money and goods in transit. These can be added to your original motor trade insurance policy, but you must make the request to your broker.
A broker can help you determine if you meet certain criteria to obtain motor trade insurance. The policy can be suspended if you receive a conviction.
