Are you looking forward to being a part
of the motor industry soon? Irrespective of whether you are running the
business on full time or part time basis, you should ensure that you are
purchasing an adequate insurance cover. A motor trade insurance
policy should ideally cover a lot of aspects including the building you are
working from (fire, storm, theft and other damages), third party policies
covering accidents while driving, employers’ liability cover among others. The
motor industry remains a risky business since one is driving customer vehicles
and anyone who wants to be a part of this industry should acquaint himself with
the nuances of motor trade insurance.
of the motor industry soon? Irrespective of whether you are running the
business on full time or part time basis, you should ensure that you are
purchasing an adequate insurance cover. A motor trade insurance
policy should ideally cover a lot of aspects including the building you are
working from (fire, storm, theft and other damages), third party policies
covering accidents while driving, employers’ liability cover among others. The
motor industry remains a risky business since one is driving customer vehicles
and anyone who wants to be a part of this industry should acquaint himself with
the nuances of motor trade insurance.
Motor Trade Insurance: What you
should find out about it
You cannot expect to drive on the
British roads legally without purchasing a motor trade insurance cover.
Alternately known as Road Risks Insurance,
the third party cover includes regular vehicles such as cars and vans. However,
if you are working with larger vehicles (those more than 3.5 tonnes) you can
speak to your broker especially about this particular cover as well.
British roads legally without purchasing a motor trade insurance cover.
Alternately known as Road Risks Insurance,
the third party cover includes regular vehicles such as cars and vans. However,
if you are working with larger vehicles (those more than 3.5 tonnes) you can
speak to your broker especially about this particular cover as well.
There is hardly any motor business in
the United Kingdom which can actually function without sufficient public
liability cover. This cover is designed to protect you in the event of any customer
or visitor suffering an accident within your premises. Let us tell you that you
will be held legally responsible even if the accident is engendered by an oil
spill on the floor. It is very difficult to figure out the exact costs of publicliability beforehand since they vary with
varying consequences- medical expenses, loss of income and mental distress
among others.
the United Kingdom which can actually function without sufficient public
liability cover. This cover is designed to protect you in the event of any customer
or visitor suffering an accident within your premises. Let us tell you that you
will be held legally responsible even if the accident is engendered by an oil
spill on the floor. It is very difficult to figure out the exact costs of publicliability beforehand since they vary with
varying consequences- medical expenses, loss of income and mental distress
among others.
Demo cover, very interestingly is
designed for prospects who have demonstrated interest in purchasing vehicles
and are keen on test drives.
designed for prospects who have demonstrated interest in purchasing vehicles
and are keen on test drives.
Motor
insurance for part time traders
If you are not working on a full time
basis but only during weekends or evenings and are also charging less than that
of the bigger garages then you can talk to your broker regarding a policy which
entails other occupations like associatedtrades as well.
basis but only during weekends or evenings and are also charging less than that
of the bigger garages then you can talk to your broker regarding a policy which
entails other occupations like associatedtrades as well.
Costs
When you are just initiating a business
you might be tempted to save on your insurance cover. However, make sure you’re
not ending up with a worthless policy in your bid to cut down on the cost. A
few important aspects to be covered by a comprehensive motor trade insurance
policy:
you might be tempted to save on your insurance cover. However, make sure you’re
not ending up with a worthless policy in your bid to cut down on the cost. A
few important aspects to be covered by a comprehensive motor trade insurance
policy:
Ø Road
risks
risks
Ø Material
or property damage
or property damage
Ø Employers’
Liability (it protects you when one of your staff members is injured)
Liability (it protects you when one of your staff members is injured)
Ø Business
interruptions whereby you are compelled to halt business operations for a
period of time even when you are not at fault
interruptions whereby you are compelled to halt business operations for a
period of time even when you are not at fault
What
to keep in mind
Please be sagacious
enough to choose a trustworthy insurance company. There is no dearth of insurance
companies in UKoffering motor trade insurance. However, you should be prudent
enough not to choose an agent or company on random basis – i.e. without surveying
the credentials thoroughly. Read online reviews of insurance companies and then
settle for their services.
enough to choose a trustworthy insurance company. There is no dearth of insurance
companies in UKoffering motor trade insurance. However, you should be prudent
enough not to choose an agent or company on random basis – i.e. without surveying
the credentials thoroughly. Read online reviews of insurance companies and then
settle for their services.
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