Motor trade insurance with premises is the perfect cover for anyone who owns a business and property in this risky industry.
For many business owners they will rent a property, therefore not being responsible for fixtures and fittings or the overall structure of the property, but when you own the property you use for your business, you have to ensure you have the right cover at all times to save yourself money in the long run.
Before you start your search, you should always complete a risk assessment, which will help you determine your problem areas and ensure you choose the right level of cover to protect your business and property at all times.
With this in place you want to obtain at least three quotes. Three is always a good number because it enables you to review each quote independently, make changes where necessary to match your risk assessment and then compare the companies against each other.
Bear in mind if you are looking online, watch out that you get the level of cover you want. In many cases you may find you are quoted for the basic level of road risk, which is third party rather than comprehensive and you may be given the lowest level of public liability cover, which probably won’t be enough in the event of a claim.
Things to look for include your property. You need to know that the motor trade insurance with premises cover will protect the entire building against fire, theft and storm damage. You may be able to include business interruption cover depending on the company you are dealing with.
Business interruption cover can be a valuable addition to your policy, providing you with an income while your building is being repaired and you are unable to work.
Next you will want to do a complete inventory of your tools, equipment, fixtures and fittings. As you own the property, you will be responsible for the replacement of any fixtures and fittings, which is why you need to ensure you have an accurate inventory in place providing you with the protection you need on a daily basis.
You will want to ensure the cover being offered is a combined policy, this will protect you on a daily basis and include everything from your public liability cover to your road risks and more.
Public liability cover is essential for every single business in operation around the world. This level of cover can protect you in the event that a customer has an accident at your property. A claim against you can amount to thousands and you will be held legally responsible to pay the claim. In the event you don’t have adequate cover, a portion of the claim will be paid, with you having to pay the balance out of your own pocket. So ensure you choose enough cover to protect your business on a daily basis.
Employer’s liability is a legal requirement and should be taken the minute you hire your first employee. This protection keeps you covered in the event that one of your staff members injure themselves at work and can be a huge benefit to have in place.