Whether you are just entering the industry or you are looking to review your current policy, it’s important you are aware of what protection each of the policies provide, helping you decide which is the right option to provide your business with the protection it needs.
One of the options you will be faced with is combined motor trade insurance which is suitable for a wide variety of businesses within the industry from mechanical workshops to body shops and so much more.
Things you are looking for with this level of cover is protection for your building, liability cover, tools and equipment and more.
One of the most important steps when looking at combined motor trade insurance is ensuring you are provided with adequate liability cover. Public liability cover is an essential cover for any business and protect you against claims made against you should a customer injure themselves while visiting your property.
What many business owners are not aware of is that they are legally responsible for any claims against them and in some cases these can amount to thousands, leaving the business in serious financial trouble if they don’t have adequate cover in place.
The next liability cover which should be included in this type of policy is employer’s liability. Employer’s liability is a legal requirement in the UK for any business that has one or more employees. It provides protection should a staff member injure themselves while at work, which in this type of industry can happen in a blink of an eye.
Then there is your building. Without your building you are unable to work, which is why it’s imperative that you ensure your property is covered against fire, theft and storm damage. In the event of damage, you can have the building repaired quickly without breaking the bank.
Road risks is something that should be included in any combined motor trade insurance policy. To legally drive on the road you need a driving license and insurance to drive a specific car, this doesn’t help you when you need to test drive a variety of vehicles on a daily basis, which is the cover that road risks provides.
You are able to choose how many drivers you want to add to this policy. Some companies choose to include all their workers in this policy, enabling all of them to test drive customer vehicles and be safe and legal while on the road, while other companies reduce their premium by hand selecting a few staff members to add to this policy.
Remember to keep your costs low, you want your drivers to be over twenty five with clean driving licenses. It’s worthwhile finding out if they have a private no claims bonus on their name, which can be used to prove to the insurer that the driver is not a risk to them, helping keep your premium as low as possible.