If you work in the motor trade then it’s essential that you get a traders insurance policy.
Traders insurance will provide protection for the various risks that come with operating a motor trade business.
Because there are so many types of businesses in the motor trade, trade insurance policies are typically highly tailored towards the needs of each business. For example a Mobile Mechanics insurance cover policy will typically have different cover than a policy for a car showroom.
Below are some of the main types of cover you can get.
Road risks is the most fundamental type of cover in most traders insurance policies. It will provide cover for the vehicles your business works on/owns so that you and your employees are able to work on/transport the vehicles. You can choose the level of cover you want from third party up to fully comprehensive.
Public liability insurance
Public liability insurance is a very important type of cover for business owners. It will ensure that if a liability claim went against your business, you’d be able to pay out.
Employers’ liability insurance
If you have any employees then you’re legally required to get employers’ liability insurance of at least £5 million. This is to cover you in the case that one of your employees becomes sick, get injured or even killed as a result of the work they do for you.
The only exception is if you only employ a family member or somebody who isn’t a permanent resident of the UK.
It’s extremely important to get employers’ liability insurance as the fines for not having it are very steep.
You can also have legal expenses added to your policy, for both public liability and employers’ liability insurance. This is a very useful type of cover since fighting liability claims can be very costly without cover in place.
Part-time traders insurance
For those who only work in the motor trade on a part-time basis, there are part-time policies available that will cover you only for the period you require. You can get part-time motor trade policy quotes here – https://www.traders-insurance.com/part-time-traders-insurance/
Combined insurance is a great choice for motor trade operators who have a premises and want to cover every aspect of their business under one policy. A combined insurance policy will provide cover for your vehicles as well as your premises and any stock, tools and cash you hold.