Combined Motor Trade Insurance
As you operate your motor trade business, is it critical that you have the correct insurance policy in place in order to cover all eventualities that may arise. If you employ anyone, or own the premises on which you do business, then the best cover to have is a Combined Motor Trade insurance. This type of policy will enable to put all the needed facets of your company under one roof. The main constituents in a policy of this type are road risk, public liability, employers liability, and buildings cover. The importance of this type of cover is very often under- estimated. It can provide revenue for you in the event of a flood or fire, and many other circumstances that could occur and affect your business activities.
Combined Motor Trade insurance is exactly what is needed by businesses that operate from their premises as service garages, MOT centres, or car dealer showrooms. Often times, in these types of businesses, there are pieces of expensive machinery, stock, tools and vehicles.
This is a very unique type of insurance, and it is therefore ultra- important that any motor trader who is considering such cover be fully aware of what exactly the Combined Motor Trade policy covers in different situations.
Remember however, that it is not just about getting the lowest quote. it is also about obtaining the exact and suitable level of cover that meets the requirements of your business.
This type of policy can provide cover for the following things
Combined Motor Trade insurance can give a business owner peace of mind in knowing that in the event of almost any unwelcome eventuality, there is cover in place.
Damages to premises when they are either owned by the business, or it is stated in the lease that the business is responsible for repairs to the building.
Any tools that are required in order to conduct business.
Contents that are contained on the business premises such as fittings, fixtures, and machinery.
Theft of money. (yes, you can pay money to insure money.)
Personal possessions of both employees and customers.
Damage to vehicles being held at the business premises, regardless of whether the vehicles are owned by the business owner are awaiting sale or repair.
Public Liability, Employers Liability, and Service and Sales Indemnity Liability
Who needs Motor Trade Insurance?
Motor Trade Road Risks policy is needed by anyone who in the line of their business, has a customer’s vehicles in their care, control or custody.
Any individual who is involved in vehicle sales. This type of cover is required when collecting, delivering, or demonstrating vehicles.
How does someone qualify for a Motor Trade Insurance policy?
If you are able to prove that you are indeed operating a real, genuine, honest to goodness income generating business, you can qualify for motor trade insurance. There of course a few restrictions
The business must be actually domiciled and doing business only in the UK.
The business must generate an actual, verifiable income with an absolute minimum of six (6) sales or contracts per year.
Motor trade insurance is not by any means a way to get cover on multiple vehicles. As we have said, in order to qualify for a motor trade policy you must be able to prove that you are indeed operating a genuine, income producing business.