What it is
Motor trade insurance is taken out by those who run business that involve motorbikes, vans and cars. It could be a business that is about repairing and servicing, selling and buying cars, garage running or even valeting among others. The insurance covers all business sizes, whether they are part time or full time.
What it covers
A motor trade policy covers a number of things. The kind of cover you get will usually depend on the service provider that you choose and the type of policy you choose. In general, however, this kind of insurance can include
· Cover for mechanics
· Car valeters cover
· Road risk motor trade covers
· Delivery and collection cover
· Part time and full time traders cover
· Combined policies with premises cover
Who needs it?
Trade insurance is most suitable for those who sell or deal with vehicles on a basis that is on-going. It traditionally covers drivers and not the vehicle so that the drivers or car dealers enjoy more freedom and flexibility when conducting car demonstrations, test drives and even when delivering and collecting the vehicles. Traders who deal with motorbikes will also find this insurance cover very beneficial.
How to get right trade insurance
Motor trade insurance can turn chaotic when you end up with the wrong policy; it can cost your business lots of money. A little research can help you make the right policy choice but then there are things you should think about even when conducting your research so you are able to select the most suitable.
1. Evaluate what exactly you want covered. The nature of your business should guide you to the right policy. When you know your needs, it is very possible to have everything, including employees covered by the trade insurance policy. You can do this using a combined insurance policy; it actually makes tracking very easy too, so you are able to evaluate monthly outgoings of your company.
2. Choose a reliable insurance company. Customer support and a good reputation are some of the key elements a good trade insurance company should have. You can also use the right sources to find insurance providers with best prices and insurance packages to make business running easier for you. A good company should offer assistance when you need it most and should be flexible enough to make changes to your policy to suit your business needs.
3. Review the trade policy regularly. A good business is bound to grow and this makes it very necessary to have your trade policy reviewed on a regular basis so necessary changes can be made accordingly. The last thing you want is to find out later when claiming that your business has long outgrown the insurance policy you have in place. To avoid nasty surprises when you need to claim on insurance premiums, make a point of reviewing the trade insurance policy at least monthly. Fortunately upgrading is not as tedious and you can move at your business’s pace.