Most companies within the vehicle industry understand it’s essential to have a good policy in place, but they are not always sure about what is and included in their motor trade insurance policy.
These policies are specifically designed for this industry, providing business owners with the peace of mind they need on a daily basis when working in such a risky industry. It covers everything from mechanical workshops to car dealerships and car restoration companies to break and tyre companies. Anyone who has a business within this industry will benefit from this level of cover.
As with most policies, one of the first things you will find that are included in a motor trade insurance policy is your premises. Your building is essential to the daily running of the business, so you want it protected against theft, fire and storm damage. In the event that a flood makes its way through your property, you know your insurer will pay to have the building repaired in the shortest period.
This type of policy can include additions and one of these is the loss of income cover, which is very beneficial should your building be damaged, such as. In case of building damage and you are unable to work while repairing, you continue to receive an income to pay for staff and pay bills until you can get back to work.
The next thing which can be included in the motor trade insurance policy is your tools and equipment. In most cases it is probably exceptionally expensive to replace some of the equipment you use daily, such as diagnostic equipment. If the equipment damages by fire or a storm, you want to replace them as quickly as possible so you can continue making a profit.
Having this level of cover enables you to do so without breaking the bank and paying for the replacement out of your own pocket.
Liability cover is essential in any industry and protects you against any claims made against you. It doesn’t matter how many health and safety steps you take, accidents can and do happen.
Public liability is essential if you have any customers coming through your doors and protects you should they injure themselves while on site. Employer’s liability is a legal requirement once you hire staff to help you; this level of cover protects you should a staff member injure themselves while at work.
Other things you can include in your motor trade insurance are road risk covers. This level of cover enables you to drive any vehicle on the road. It is a legal requirement that anyone driving on the road must have some level of cover.