Motor Trade Insurance
Motor Trade Insurance
It is important to make sure you take steps to look after and protect your business at all times, and there are plenty of things you can do to achieve this. You have to look at the different ways of insuring your business, as well as what it takes to protect the company as much as possible. If you work in an area that involves buying, selling, repairing, or maintaining cars and vehicles, then this is often to coverage for you.
Motor trade insurance is crucial for looking after and protecting the company and the way that you do business. Whether you are a large or small, part-time or full-time business, you need to make sure you get some of the right insurance so that you are covered and protected. This means that the business and your employees are covered for things like, working on customers’ cars, and will cover things like accidental damage, etc. Here are some of the key things you need to know about motor trade insurance, and why it is so crucial to your business.
What Exactly Is Motor Trade Insurance?
Motor trade insurance is the insurance taken out by companies working closely with vehicles. Now, this could be by way of sales, leases, repairs, maintenance, valet, servicing, anything really. It is a bespoke insurance policy that helps to cover your business should anything untoward happen with regards to the cars or vehicles under your care. It will also cover damage to your business premises or interruption, as well as your liabilities. You need to have peace of mind of knowing that your business is protected and looked after. Consider motor trade insurance one of the most important parts of your business.
What Types Are Available?
There are a lot of things you need to consider when you are looking at getting the best possible motor trade insurance, and one of the key things to keep in mind here is that there are many different types available, but there’s two main policies. Looking at these types is so important for understanding the different ways in which your company can benefit.
Road risk insurance
Road risk insurance essentially covers you for driving and moving vehicles, just like when you insure your own personal vehicle to drive it on the road. Any motor trader who buys and sells cars for profit, drives customers’ cars on public roads, operates an MOT garage, restores or repairs cars, etc., who falls into these categories is required by law to have at least third-party only road risk insurance when driving on public highways.
Combined motor trade insurance
This is the most comprehensive form of motor trade insurance and provides cover against all of the issues that motor traders could expect to face. Covering your premises, road risks and liabilities, or a combination. Often your most cost-effective way of covering your business.
How It Differs From Regular Car Insurance
Now, there are a few differences that you need to understand between how motor trade insurance differs from regular car insurance. The key difference is that, while regular insurance covers you for driving your own (or someone else’s car), motor trade insurance covers those who are required to drive multiple cars, without having to change insurance terms every time they drive a new vehicle.
Why Your Business Needs It
Apart from your legal requirements to protect your employees and the third part coverage when driving on the roads. Motor trade insurance is going to protect you from any unforeseen costs from damage to your property and any interruption that may come as a result. Furthermore, it can protect you from any legal situations due to disputes over the work done if it causes damage or injury.
What It Covers
Now, in order to ensure that you are choosing the right insurance for you as a business, it is important for you to understand what motor trade insurance covers. Now, we touched on this a little earlier, but we’d like to go into more detail with what this actually covers. In addition to the aforementioned Road Risk, Employer’s Liability Insurance, and Public Liability Insurance, these are some of the other areas that motor trade insurance can cover:
- Product Liability Insurance
- Material Damage Cover
- Extra Drivers
- Vehicle Types
Finding The Best Deal
You need to make sure you do what you can to try to find the best possible deal that is going to help your business. Protection and preservation of the company is key, but you also need to do right by your customers as well. This is why it is important to choose the ultimate motor trade insurance that is going to help take things to the next level for you. Do as much as possible to try to make the most of this right now, and focus on finding the exact type of motor trade insurance that is going to give you the cover you need as a business owner, and this is something you have to make sure you get right as much as possible.
As you can see, there are a lot of avenues you need to look at when trying to protect the business, and you need to make sure you focus on doing what you can to make the most of motor trade insurance. This is a key component of your business and something that you need to make sure you get right as much as possible.
Forum Insurance are experts in motor-related business insurance, also specialising in
petrol station insurance. Get in touch with us now for expert advice on your insurance needs.
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