Niche automotive insurance
If you’re involved in any aspect of the motor trade industry, you will definitely need an insurance policy that covers you over and above domestic use. This type of cover is known as a motor trade policy or motor trade insurance in short. Even if you work in a MOT test centre, car dealership or any other vehicle related business that requires you to drive or work on vehicles for business purposes, you will need this extra layer of protection. If this is indeed the type of insurance you require, good news is that you’ve arrived at the right place for a quick and instant quote.
Fact is that the motoring business is a risky one, where you may need to keep customers cars overnight, drive their vehicles and even work on them with state of the art tools. The first aspect to look for in traders insurance policy is the level of coverage it offers for your place of work, which includes theft, fire and weather damage. Combined traders insurance policy is an ideal policy for a wide range of businesses from body shops to mechanical workshops and so much more. The most important elements of combined motor trade insurance are coverage for your building, tools and equipment and most importantly liability cover.
Public liability cover is especially important and safeguards you in the event of a claim made by a customer injured while on your property. Many motor trade business owners are unaware or simply ignore the fact that they are legally responsible for any claims made against them or the business, which is a costly affair. Legal costs could run into the thousands, leaving the business or individual in a considerable amount of financial trouble. Motor traders also need to ensure that their building whether rented or owned is adequately safeguarded with the right level of cover. In the event the unexpected occurs, you can quickly seek help from your insurer to have the damages repaired so that you get can get back to work.
If you have more than one employee, you will have to ensure that each one is covered under your trader’s insurance policy, which is another legal requirement in the UK. Employee trader’s insurance coverage protects your staff in the event they injure themselves while at work, which can be highly expected in the motoring industry. Road risk is another aspect to consider when determining the right traders policy. You need a driver’s license and insurance to drive on UK roads, but what if you have to drive a ton of different vehicles daily?
This is what traders road risk insurance is designed to do and motor trade business owners can choose the number of employees to add to their policy, but most include all their staff, while others in an effort to reduce premiums add just a select few. There are several ways to reduce costs of traders insurance starting with ensuring the users you select are above the age of 25 and have spotless driving track records. You can also submit their personal no claims bonus if they have any to further prove that they do not pose a risk to insurers.
The motoring industry will require you to have some special and expensive tools and equipment, which you will definitely want to protect against theft and damage. For this reason, you need to check if the trader’s insurance policy will cover you in the event your tools and equipment are affected in any way.
The last element to consider in a traders insurance policy is business interruption cover. What you don’t need is your business premises being damaged by a fire or flood, leaving you in state of helplessness where you are unable to perform work. We offer bespoke traders insurance policy to suit your individual requirements so get a quick quote to see if we can help.
Here at Friends of therest we don’t only deal with motor trade insurance, but all kinds of niche automotive insurances which include motor home insurance.