The Do's and Dont's of Becoming a Motor Trader

Deciding to become a motor trader and open your own business takes a lot of time and consideration, there are certain things you need to ensure are done before you open the doors and there are plenty mistakes you can make a long the way.

What You Must Do

One of the first things you will want to do once you have found and signed for a suitable property is to get your insurance in place. Opening the doors to any business without adequate insurance is a disaster waiting to happen.

Firstly ensure that it covers your building and tools along with your ability to drive customer vehicles. In the event of an accident in a customers vehicle you want the repairs or replacement to be carried out as quickly as possible.

The next thing after insurance is to ensure you have a good website. These days the website is an essential asset, people don't search the telephone directory any more, they go online, learn as much as they can about the business before even considering to book their vehicle in.

Lastly you must offer exceptional customer service, you want repeat and referral business, this is the business that keeps your company's doors open, you cannot rely on marketing alone.

What You Must Never Do

While there are so many things you can do right, there are mistakes you can make along the way, mistakes that can cost you dearly in the long run.

The first mistake is when hiring staff you forget or don't bother getting employer's liability insurance. Now what you may not realise is this is a legal requirement in the UK which protects you when a staff member injures themselves at work. It can amount to thousands in claims and can leave you in serious financial trouble.

Another thing you must never do is allow potential buyers to drive a vehicle you have for sale without having the right cover in place. Demonstration cover enables you to allow customers to try before they buy. This also increases your chances of making a sale.

Lastly what you must never do under any circumstances is to lie to your customers. Your customers are what keeps the business going and you want to enjoy the benefit of repeat and referral business. While marketing online can increase brand awareness, as a motor trader you need your customers to make profits and rise to success.

Review Your Business Insurance Policy Regularly to Ensure the Correct Level of Cover

In order to always have adequate cover for your company you need to review your business insurance policy on a regular basis. As you know the needs of your business are constantly changing, you may be adding new vehicles, you may have sold some vehicles or moved to a bigger property.

This type of policy offers a complete solution for your business covering every aspect of your day to day activities from the building you work from, you are kept covered against fire, theft and damage. Then there are your assets which you keep inside the building, maybe expensive computer equipment or your vehicles overnight.

Other aspects you need to consider which can change is your liability cover, maybe you are welcoming more customers through your doors and realise that the public liability cover you have at the moment just isn't enough any more. You need this level of cover to protect you should a customer injure themselves while visiting your property. A public liability claim against you can leave you in serious financial trouble if you don't have the right level of cover. In the event you don't have enough public liability cover, you will have to pay in the balance, sometimes this can amount to thousands.

If you have business vehicles chances are these are constantly changing, you buy new vehicles and sell the older ones, you need to constantly update your policy to ensure that you are not paying for vehicles you no longer own and that the vehicles you have on the road are all covered.

Saving Money

You should take the time to review your policy a few times a year, when reviewing you can ensure that you have the right level of cover and make changes where necessary. Remember that having adequate cover can save you a fortune in the long run. Without adequate cover you will need to pay out of your own bank balance, this can sometimes leave a company in serious financial difficulty.

Keep a risk assessment close at hand and compare your policy to the assessment, go through all the cover you have and ensure it is enough, that the vehicles you have under your business name are all covered and that you are not paying for cover you don't need.

Often you will find that you are paying for cover that doesn't assist your business in any way. Maybe you're paying for drivers, but don't have drivers or you may be paying for equipment cover, but you don't have any equipment. This is why reviewing your business insurance policy at regular intervals can save you money moving forward.

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3 Main Reasons Why You Need Construction Insurance

Construction insurance is essential when doing any form of building work. As you know a building site is a very dangerous place, a disaster waiting to happen even with all the health and safety procedures in place and notices up everywhere. Accidents happen, theft happen and storms are uncontrollable, which means you need to be prepared.

Equipment

Your equipment is one of the most expensive parts of any build, it's your equipment that you have purchased that is sitting on a site and anything can happen. A flood can fill the area in minutes, as we have seen lately, your equipment being flooded may mean you cannot complete the job. Not completing the job in many cases means you lose money, which in any industry you cannot afford so you need your equipment and heavy machinery repaired or replaced in a short period of time enabling you to complete the building project quickly and effectively.

Liability

Liability is a very real and serious problem especially on a building site. From public liability cover to professional indemnity, you can save money by having adequate cover in place. Imagine a wall collapsing that you are working on and smashing into the neighbours house, maybe taking out a wall or crushing their vehicle. This is claim against you, a claim you are responsible for which can amount to thousands. It is much safer to have the right level of cover that will pay the claim and give you the ability to continue working without the stress.

The same applies to professional indemnity. Defects often only show up once you have completed the job and been paid, a problem that arises from work carried out is unpaid repairs and in some cases can be a large job which can set you back thousands. With this cover in place you can protect yourself against these defects, getting them repaired and keeping your customer happy.

Materials

On a building site you will purchase your bricks and cement in bulk as you start the job so you don't stand the risk of running out and being left with contractors unable to work. At the same time these materials, which are paid for, sit on the site waiting to be used. An attraction for robbers and in the line of fire from storm damage. You need to have the security that your materials are covered, if you've already paid out good money for the materials replacement will cost you more of your money, eating into your profits. Rather be safe than sorry and with the right construction insurance you can know your materials are always protected against theft or damage.

Save Yourself and Business by Having Fleet Insurance

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Fleet Insurance can save both you and your business money on an annual basis.  The ability to place all your company vehicles under one policy not only offers convenience, but affordability too.

Would you can expect from this level of cover is the convenience of being able to add and remove vehicles as and when needed with only one phone number to call.  As you can imagine place in all vehicles whether they are cars, motorcycles, vans or trucks is a huge benefit to any business that keeps a large number of vehicles at any given time.

When you think of a private auto policy and you purchase a second vehicle, you know it is cheaper to add the new vehicle to your current policy rather than taking out a separate policy for it. The same applies for business vehicles, placing them all under one policy is a cost effective way to ensure all your vehicles are safe on the roads at all time.

Another big benefit to this type of cover is the convenience of only having one premium to pay. Having a number of premiums due can get confusing and sometimes can result in you forgetting to pay one, leaving it to lapse and leaving your vehicle illegally on the road. While you probably didn’t mean to do so, you will then be in a situation where in the event of an accident you don’t have any cover and if stopped by the traffic policy, you will have a hefty sign to pay, the vehicle may even be impounded.

There are other benefits to this policy. Imagine in the event of an accident you now have to phone the broker, but if you have all your vehicles covered by different companies you will be digging through paperwork and wasting valuable time. Having one policy means one phone number to call and one claims process to go through.

Flexibility

It is very important when looking for this type of cover to ensure that the broker you choose offers you flexibility, the ability to add and remove vehicles throughout the year as and when needed.

As a business you may change your vehicles on a regular basis, selling off those that have worked hard for you for a couple of years and replacing them with new ones. You don’t want to end up in a situation where your broker is unwilling to make changes to the policy leaving you paying for vehicles you no longer own.

I cannot stress enough how important it is to review your fleet insurance policy on a regular basis, this way you are saving both you and your business from paying for vehicles unnecessarily and it gives you the ability to ensure the policy is updated with any new vehicles you have acquired.

Have You Considered A Combined Motor Trade Insurance Policy?

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It doesn't matter whether you own a mechanical workshop or a car dealership, whether you run a panel shop or car restoration business, a combined motor trade insurance policy can offer you all the protection your business needs on a daily basis.

This type of cover is a more in-depth cover that will protect every aspect of your business from your building to your employees and from your cash to your road risks. You may wonder what makes this cover so popular and why you should consider it, by putting all your requirements into one policy, you can save money in the long run, it's easier to manage and only one phone number to call when you do need to claim.

What is Covered?

Most brokers will be flexible and will tailor your cover to suit your business requirements whatever part of the industry you are in. The first big thing to be covered is your building which will be protected against fire, theft and storm damage. Then there is all the contents from your tools to your expensive machinery andequipment, your computers and even your cash. A flood or fire can quickly damage thousands worth of property, equipment and assets, you want the building repaired quickly while having all the things replaced or repaired.

Then there is liability cover, your public, employers and professional indemnity cover can be included in the cover. Public liability is essential for any business protecting you every time a customer arrives at your door, a public liability claim can amount to thousands and it's a claim you are legally responsible for. When it comes to employer's liability cover it's important you realise that this is a legal requirement in the UK the minute you hire one or more staff members. Your professional indemnity can be a blessing, mistakes do happen from time to time and rather protect yourself and your business with this essential cover.

Of course your job doesn't end there, you need to drive customers vehicles to ensure repairs have been carried out, for this you need road risks. If you sell cars demonstration cover is essential enabling you to give potential purchasers the opportunity to try before they buy.

But what about the other little things you can add to the cover that makes your life easier and ensures full protection of the business. Add loss of income to your combined motor trade insurance policy, don't end up out of pocket when your building is being repaired and you are unable to work.

How Many Vehicles Will Fleet Insurance Cover?

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When you are in a business where you have a number of vehicles, fleet insurance may be the answer you are looking for to save money, cover all your vehicles in one policy making it easier to manage.

This type of cover is designed for all vehicles, so you don't have to have a number of cars or a number of vans, you can put all your vehicles into one policy from motor cycles to trucks. This is one of the many reasons this type of policy is so advantageous to so many businesses.

Is This Cover Right For Me

This type of policy is designed for all businesses that have a number of vehicles, some brokers cover from three or more vehicles while others do five or more vehicles, there is no maximum amount, you can have thirty or forty vehicles owned by your business all safe guarded by one handy policy.

The advantage is that there is only one policy. This means one premium and one phone number to call in the event of an accident, what's more there is only one renewal to worry about.

The biggest mistake companies make it shopping around every time they purchase a new vehicle, leaving a number of vehicles all on different policies. This is when the problems start. It becomes a nightmare for bookkeepers that need to try and take note of when premiums are due and when renewals are due, which can often leave you in a situation where you have one or more vehicles uninsured, not legal or safe when driving on the UK roads.

The best thing about this type of cover is that because you can place all your vehicles on one policy in the event of an accident there is only one phone number to call and one claims process to go through. This can save a lot of time and energy and doesn't leave you digging through paperwork trying to determine what car is covered by what company.

Add your own private vehicles to the policy, remember you can add anything from motor cycles to cars and vans to trucks, there is no limit to the number of vehicles you can add and it works out cheaper in the long run. If you were to have a separate policy for each vehicle you will end up paying a much higher amount in premiums than having all your vehicles under one easy to manage policy.

So to answer the question on how many vehicles you can cover by fleet insurance, the answer is that there is no limit, put all your vehicles into one easy to manage policy and enjoy the peace of mind that they are protected every time they pull out onto the road.

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Will Couriers Insurance Cover My Car or Van?

UPS 128314 (Photo credit: kenjonbro)

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When running a transportation business you want to know that all aspects of your business is covered. Being in the transport industry you want to know your building, staff and vans are covered by your couriers insurance, but what about your personal vehicle?

Chances are on a very busy day you get a call to collect a package in a nearby area, all your vans are already on the road so you hop into your own personal car or van to pick up the parcel. Now you may not know this but if you have private cover in the event of an accident while driving for work you are not covered, the safest thing you can do is include your own personal vehicles to your business cover, this way you can collect packages in your local area with ease whenever you want to.

The ability to cover your own vehicle under the business policy can save you money in the long run. You don't have a private cover that you need to pay for any more, you can even add your spouse to your list of drivers, enabling you to completely cancel your private policy and only have one premium to pay.

Of course this type of cover protects so much more than your own personal vehicle, there is your building which you can protect against fire, storm damage and theft. There are the parcels which while in your possession are your responsibility and there are your vans.

Over and above all of this you need to have good liability cover. Public liability is essential, a delivery person walking through your doors and injuring themselves can see you slapped with a hefty fine. Remember that when someone lays a public liability claim against you, you are legally responsible. This can be for loss of income, mental distress and medical expenses.

You also need to ensure that all your staff members are covered by employer's liability cover which is a legal requirement here in the UK. A staff member that is injured on the job can claim for loss of income, so besides abiding by the law it is in your financial interest to ensure you have adequate employer's liability cover in place.

When selecting your drivers always choose drivers with clean driving licenses, combine that with the ability to add your private vehicle to your couriers insurance and you can save yourself some money in the long run.

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How To Save Money With Fleet Insurance

Many business owners are not aware of fleet insurance and the many benefits this cover offers, including reducing your premiums. Every business wants to reduce their expenditure in order to make more profit, but finding ways to do this can be taxing. With a simple policy you can reduce your expenses and enjoy the convenience of one policy for all your company vehicles.

The advantage to this policy is that you can cover all your company vehicles whether they are cars, motorcycles, trucks or vans. Any vehicle can be included under the policy, making it advantageous and easy.

How You Save Money

You may wonder how these policies can assist you in saving money and reducing your expenditure. It is easy, with all the vehicles being placed on one easy policy, the premium is automatically reduces. If you were to have each individual vehicles covered by a different company, the premiums are increased. Putting them together helps keep your costs as low as possible, a big advantage to any company that is trying to save on their expenditure.

You can save further money by adding your own personal vehicles to the policy. This not only helps you cancel your private auto cover, but you will pay less because it is included in the bulk policy. A huge advantage for any business owner.

When you buy a new vehicle or sell a vehicle, you can make instant changes to the policy to ensure you are not paying for something you don't have any more. These policies are flexible and enable you to keep control of your vehicles and their cover at any time. The policy will be amended accordingly along with your premium, it's really that easy.

Why Choose This Cover?

Some of the brokers accept vehicles for this cover if you have three or more vehicles, while others only accept five or more vehicles. But having this policy in place comes with a choice of benefits from payments to claims.

Having all the vehicles under one policy ensures an easy claims process. You don't need to dig around in piles of paperwork to determine what vehicle is covered by which company, you have one company to call and one claims process to go through in the event of an accident.

You can also be assured that a policy will not lapse. Having a number of vehicles all covered by different companies means you have a choice of premiums and they are probably all due on different dates. But with the fleet insurance policy you only have one premium to worry about, which means that you know when it's due and that is for all your vehicles.

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