subject: Find The Right Motor Trade Insurance For Your Business [print this page] If you have a car dealership, an MOT test centre or another type of motor trade industry you need to have a motor trade insurance policy. This type of policy offers much more than a standard vehicle insurance policy.
Vehicle insurance is for a specific vehicle and driver. Motor trade insurance policies specify drivers only, not vehicles. This means that you can drive any vehicle that is on your property and in your 'custody or control for motor trade purposes.' When you have several vehicles in your care this insurance is vital. You may need to move the cars, take them for test drives or demonstrate vehicles for sale.
You can also have cover for vehicles that you may have for sale on your property. It also will cover your own vehicles. Your options are to choose the level of cover you need.
Third Party Only is the minimum insurance required by law for vehicles to be driven on public roads. It covers loss, damage or injury to a third party only. As a motor trader you really need more than this basic cover to protect your vehicles from loss or damage.
Third Party Fire and Theft pays out if a covered vehicle is stolen and torched. It also covers third party damage or injury. These days this cover is not much cheaper than full comprehensive cover.
Comprehensive includes all of the above as well as accidental damage to the vehicles the trader owns or has in his care. If a customer's car is damaged whilst in the trader's possession, the repair costs are covered.
Having Public liability insurance for your premises is also a necessity. It is not too expensive and will protect you from being sued if a customer trips and suffers an injury in your place of business. You would be covered by liability insurance if a customer were to sue for negligence, if for example new brakes were fitted, failed and caused an accident. You wouldn't have to worry about your defence costs or the payment of any compensation that could be awarded if the complaint is upheld.
You also have premises from which you conduct your business. A combined policy will protect you against damage to the buildings, the contents on the premises like machinery and fixtures, tools, liability, damage to vehicles left on the premises (either personally owned or stock), theft of money, interruption to business, personal possessions of employees and customers.
A motor trade insurance policy can be specifically tailored to suit your business requirements. A good way to set this up is to use an insurance broker who specialises in this type of policy. They can take the hard work out of finding the right insurance for you. There are many brokers advertising on-line. If you are looking to save time, and more importantly money, check out these brokers. You can't afford to take the risk of not having adequate insurance for your business.
by: Neil Anderson
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