Do you work with vehicles? Are you a mechanic, a vehicle trader, or a roadside assistance company? If you work with vehicles in any way, motor trader insurance should be a priority.
This is an essential insurance cover that protects you if anything happens to a vehicle in your care. It covers workers and businesses who operate in the automotive industry. These operations may include service and repair, sales, restoration, cleaning or transportation. Any company or individual making a profit within the sector should consider this insurance.
Standard motor trader insurance will incorporate road risk insurance that will cover your employees for driving customer vehicles on public roads. It can also cover material damage, MOT loss of licence, business interruption, and public and product liability cover. It will also incorporate the employer's liability cover required by law if you employ any individuals for your business.
Some policies will only cover your business premises or have built-in commercial property insurance coverage to protect vehicles while on the premises. You can also find policies that cover you for both road risks and business premises should your company require it.
Much like a vehicle insurance policy, you can choose from different levels of cover like third party, third party fire and theft and comprehensive cover for the vehicles you need to drive and take care of while carrying out your work.
If something happens to your business or your customers' vehicles while in your care, you will want to be able to recoup the costs associated with the incident. Also, if you make any changes to a vehicle, providing new parts or products that you have fitted and they cause injury to the driver following the replacement, you could be liable for their aftercare costs or a legal claim. This insurance will help you pay for these expenses and protect your business from loss of income following issues.
Some of the benefits of motor trader insurance include:
You can save time and paperwork by taking on a consolidated trader policy like those offered through our partners. This policy will put everything you need in one place, with one payment – yearly or monthly, depending on your choice. This makes it easy to keep track of expenses for your accountant and means you only have one reminder notification to deal with when your policy is due for renewal.
This type of policy means you are covered for everything you need to be covered for to allow your business to be protected. You can cover every vehicle involved in your daily operations, any valuable tools and equipment you need to carry out your work and any issues relating to members of the public linked to your work or your premises.
With a policy like this, you can tailor the exact requirements to your business so that you don't have to pay for any cover you will never use.
An accident or incident involving vehicles you do not own is one of the most significant risks for any business owner dealing with the motor trade industry. For example, a new customer brings a car to your garage for repair and leaves it overnight. Suppose a theft occurs that evening and the vehicle is taken from your site, you will be able to claim against the cost of replacing the vehicle like-for-like. You could also cover for accidents within areas like car parks should you provide valet parking or cleaning services within public car parks. Without cover for this, you may have to pay for the car through your or your business's pocket.
A private vehicle insurance policy for you or your company links a driver to one specific vehicle. Even with a fleet insurance policy, you will have a series of vehicles connected to the policy, usually named with their registration number. A motor trader policy insures you for any vehicle, even if you only deal with them once, so if you have to drive the vehicle from the customer's home to your garage, you would be fully covered.
As insurance brokers in Bolton and covering businesses across the UK, we take the time to ensure that you have the cover you need for your business. If you believe you would benefit from what motor trader insurance can offer, get in touch with our team today.