If you are involved in the motor trade, the type of insurance cover you need may be confusing. It is important that you have sufficient cover when you start out in the industry and that any potential losses or costs are adequately covered.
Motor Trade Insurance is a different sector from car insurance and is needed regardless which sector of the trade you are involved in. The policy should cover you as an individual, your tools, stock and premises and anything else which is crucial to your being able to trade.
Cover in the sector is divided into three different kinds of business. It is for those who sell vehicles, those who drive customers and finally the servicing sector. You also need to consider employees and members of the public and the prospect of not trading for a prolonged period due to accident or damage to property and stock.
Motor Trade Insurance is, then, a complex area, and you may wish to use the services of a specialist broker such as https://www.quotemetoday.co.uk/motor-trade-insurance.
Advice on brokers can be found through the British Insurance Brokers’ Association. Always look for a broker who specialises in motor trade cover.
The most common businesses which need this kind of insurance include MOT garages, servicing outlets, car dealerships (even if this is a part-time occupation) exhaust and tyre fitters, accident and recovery services, valeting companies, businesses fitting or selling vehicle accessories and car transporters and deliverers. Scrap yards will also need to look at their specialist insurance cover.
Although the insurance policy which a broker will recommend will be broad, there are some specialist areas of the sector which will require bespoke cover. These include specialist vehicles and companies which will be operating heavy machinery.
If you do not have expert industry advice, you run the risk of understating the value of the business and thus having insufficient cover should a major incident occur, and this could impact on your ability to continue trading.
The more comprehensive your policy, tailored to suit the size of your company and how it operates, the more likely you will be able to trade with peace of mind.
The issue is complex, and you will save time by seeking advice to ensure all eventualities are covered.