You can’t help but be curious about the coverages offered by each policy. This will allow you to make an informed decision on which option is best for your business.
You have the option of purchasing combined motor trade insurance. This is suitable for many businesses in the industry, from body shops to mechanical workshops.
You will find protection for your home, tools, and equipment with this level.
A combination of motor trade insurance should include adequate liability coverage. This is one of the most important things to do. Public liability coverage is essential for any business. It protects you from claims if a customer causes injury while on your premises.
Many business owners don’t realize that they are legally responsible in any legal action against them. In some cases, these could amount to thousands of dollars. This can leave the business in serious financial trouble if it doesn’t have sufficient insurance.
Employer’s liability is the next type of liability coverage that should be covered in this policy. Any business with one or more employees in the UK must have employer’s liability. This protects staff members from injury while working, which can occur in a flash of an eye in this industry.
Your building is the final thing you need. Your building is your only way to work. It is imperative that your property is insured against theft, fire, and storm damage. You can quickly have your building repaired in the event of damage without spending a fortune.
Any combined motor trade policy should include road risks. You need a driving licence and insurance to drive a particular car to legally drive on the roads. However, this won’t be helpful if you need to test drive many vehicles daily. This is the coverage that road risks offers.
This policy allows you to select how many drivers to include. Many companies include all employees in this policy. This allows them to test drive customer cars and is safe and legal. Other companies lower their premiums by adding a few staff members.
Keep your costs low by requiring your drivers to be at least 25 years old and have clean driving records. It is worth finding out if the driver has a private no-claims bonus. This can prove to the insurance that the driver isn’t a risk and help keep your premium low.
You will need to protect expensive equipment and tools if you work in this industry. If someone breaks into your property and takes your computerized equipment, you could end up having to spend thousands to replace it. You should ensure that your tools and equipment are covered by your combined motor trade insurance policy. This will provide you with sufficient protection against theft, fire, and storm damage.
Last, make sure you have business interruption coverage. Nothing is more frustrating than a building being damaged by fire and flood, leaving you unable to work. You may lose your income if the damage to your building causes flooding or fire. This level of coverage can help you pay bills and staff while you wait for repairs to be completed.
