If you are involved in the motor trade or a business that is part of the motor trade, you must have an effective motor trade insurance policy which provides you with adequate cover should problems occur. Each business is different, will have a different set of circumstance and you will find that a variation of policies have been created to best match your activity. Any business or sole trader will need to think carefully about their activity and which specific aspects of motor trade insurance will need be considered. You should be able to count on the support and guidance from an insurance broker who has experience in this field and therefore will be able to offer you effective advice – which could in turn save you a great deal of hassle should the worse happen. It makes good sense for you to consider this guidance but it also make good sense for the insurance broker to find you a good deal. It can enable you to strike up a partnership which can respond to your needs should your business activity change or grow throughout the insured period. You are legally bound to inform them of any changes to your business that may affect your cover and it’s your responsibility to do this promptly.
Each individual policy will be different depending on the nature of cover required – from Road risks only, to liability to a full Commercial Combined. Each one of these will have varying levels of cost and their own advantages or disadvantages.
Businesses involved in the motor trade cover a broad spectrum of different motor trade businesses. Activities could involve the trading or repairing of vehicles, valeting of vehicles or even simply moving vehicles from one location to another etc. Bearing this in mind, it’s important you don’t end up paying extra for cover that is not specific to your motor trade business and to be guided by a specialised motor trade insurance broker is always best policy!
Many customers have Third Party policies that can be include Third Party Only or Third Part Fire and Theft. This type of insurance is the minimum cover and is required by law. Comprehensive Policies add to the Third Party insurance to cover accidental damage. Individual / sole traders will be looking at which of the above would best suit their needs but if business activity is more advanced further cover may be required.
A Liability Insurance policy covers the general public visiting the premises and can also cover a proposer for any liabilities regarding work they have carried out. You can then also add employer’s liability – a legal requirement for employers.
There are three sub sections of the Liability insurance policy and it’s important to discuss with your broker which is best for you; Employers and Product, Public and Sales and Service Indemnity.
For those companies involved in larger scale motor trade activity, there is a Combined policy that can bring together all the types of insurance discussed in one convenient package. So, in order to feel confident that you have secured the most effective motor trade insurance – it’s always best policy to seek advice and guidance from an insurance broker who specialises in this area.