Starting your own mechanical workshop? Opening your own car dealership? You need to ensure you have the right motor trade insurance policy that will protect your new business when you need it most.
Taking the most basic packages available may not offer you or your business the protection you need. The basic packages that are required include third party and third party, fire and theft. As a business owner you can see that these packages are not going to protect you should you have an accident in a client’s vehicle. Another cover missing could be for liability should a client slip and fall on your premises.
Looking for cheaply priced cover is practical, yet you need to consider all the options available on offer and determine what you need and what you don’t need before signing anything.
Have you considered if you are going to test drive cars or are you going to enable some staff members to help you out? With your road risks cover, you are able to drive customer vehicles without the stress or worry of whether you are legal. The advantage of being able to add multiple drivers to the policy gives you time to concentrate on your business while staff members can also be on the road.
Be aware when you decide to add multiple drivers that there are ways of reducing this cost. Firstly choose drivers that are over 25 years old – this is because the majority of accidents on UK roads are caused by people younger than 25 years old. Ensure the staff member has a cleanish driving licence and that they have no pending convictions against them. Lastly if they already have a no claims bonus on their personal auto cover, it may help reduce your cost of including them on the policy.
If you are opening a car dealership, you may require demonstration cover – this is so you can let customers try before they buy. Another essential cover is public liability. Public liability insurance can save you a fortune of money in the long run. If a customer visits your workshop or dealership and trips or falls injuring themselves you could have some hefty claims against you for injuries, loss of income and even mental distress caused by the accident. This type of cover protects your business against these claims and is important to have in any business.
As you start up your new business it is so important to take the time to research the policies available to you and ensure that you are getting the right motor trade insurance policy that will keep your business protected at all times.
If you would like any further information on the best policy for you, get in touch with one of our team and they will give you all the assistance needed.