If you have just set up in business then there is obviously a multitude of things that you need to start thinking about sorting out to enable you to trade properly. One of the first things that you should get done is the correct insurance to protect you from potential liabilities. No matter what type of business you run, the chances are that public liability insurance will be relevant to you in some way.
This form of cover gives you protection for a variety of situations, all of which are things that can happen on a daily basis. If you are involved with any work at other people’s properties then there is a chance that you may cause damage or an accident. Say for example you were fitting a new bathroom and while carrying the bath you damaged a wall. You could be left with a large repair bill to rectify what has happened. On the other hand, if you have got the correct policy then this could be covered under your insurance. Similarly, if you caused somebody to have an accident while you were working or if they injured themselves while they were in your place of work then this cover will protect you against that.
You are not legally obliged to have this form of cover when you are in business but it is strongly advised. Can you imagine the potential costs that could occur if you ended up damaging an expensive car or if someone fell and badly injured themselves. Without the correct public liability insurance you could be faced with huge bills and this could potentially put your entire company at risk. The amount that you will have to pay for your premium will pale in significance when you compare it to the amount that it could end up protecting you against.
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Most people know that it is possible to get reductions in your premium for a private car policy the more no claims bonus you have. However, some people within the industry may not be aware that you can also get reduced costs for you motor trade insurance via the same means. Your discounts will work similarly whether you have a trade policy or a private policy – we have outlined some of the main points below.
If you are only just moving on to a traders policy then it is possible that you can add your no claims discount from your private policy. This can be applied without affecting your personal policy so it is always worthwhile looking into this as an option. In terms of the amount of discount, you can generally get up to 5 years no claims bonus but this may differ between insurance companies. The actual discount will obviously depend on the number of years bonus you have. It is possible to get large discounts if you have the full 5 year no claims, even as much as 65% could be taken off!
Similarly to a private policy, you can sometimes protect your no claims on a trade policy. However, if you make a claim and then switch insurance providers then the new company may not take the protection into account. If you don’t protect your bonus then in the event of a claim your no claims will either be stepped back a couple of years or reduced back to zero.
No matter whether your bonus has been accrued on a private or a traders policy, you should still usually be able to apply the discount to a motor trade insurance policy. With the potential to take a large chunk off the price of your premium, it is even more of an incentive to do all you can to make sure that you don’t end up making a claim.
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Nobody likes paying for their insurance premium, whether it is for their home, car or travel, but it is one of those things that just needs to be done. This is certainly no different when it comes to paying for your motor trade insurance. However, if you go about things the right way and spend a little bit of time finding the right policy then you can reap the rewards. Below we have highlighted some top tips for you to ensure that you are getting the best deal possible.
One of the most important things is to make sure that all details that you give to your insurance provider are correct and up to date. You may think that it is a good idea not to disclose information just so you get a slight reduction in your premium but doing this can be costly. If you end up needing to make a claim and the insurance company find out that you have provided them with false information then your insurance could be invalidated and you could be left to foot the bill.
If you have got any no claims bonuses, whether on a private or traders policy, then you should be able to get a reduction in your premium. You may have thought that your private policy would not have affected a traders one but there is a good chance that your insurance provider will still take that into account. It is therefore always advisable to check with the company because you may be eligible.
It is not always a feasible option, but if you can afford to pay for your insurance in one lump sum then it will usually work out cheaper. Obviously this means forking out a large amount initially but doing this means that it is done, dusted, interest free and out of the way.
When you are looking for a traders policy, it is always a good idea to try and find a specialist company. If you can get an insurance broker who specifically deals with motor traders then they are more likely to get you a better deal. This is due to them having the knowledge of the market and being able to tailor your policy to suit your needs. Their specialisim also means that they have negotiated better details with the insurance companies – which in turn means cheaper rates for you.
Obviously there are other factors to consider when looking for the right motor trade insurance policy but if you follow the guidelines above then you should find that you will end up with a much better deal all round.
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