Motor Trade Insurance Is Essential, and Here's 5 Reasons Why

When it comes to your motor trade insurance, you need to have the best possible cover to keep your business protected at all times. Here are five reasons why you cannot be without this cover.

Driving Customer Vehicles

One of the biggest risks you face in your industry whether you are repairing vehicles or selling them is driving customer vehicles. You need to drive these vehicles to find faults, check repairs have been carried out effectively and determine whether you want to buy them to sell on your forecourt.

What you may find is that you are offered three types of road risks cover. There is the third party cover, the thirty party fire and theft cover and then the comprehensive cover. The comprehensive cover is the safest option for any business as it protects both the third party vehicle or property and your customer vehicle.

Customers Driving Your Vehicles

If you are in the car sales sector of the industry, your biggest risk is enabling customers to get into vehicles you have for sale and heading out onto the UK roads. This is money you have already spent and it's profits that are driving off to be test driven.

Demonstration cover offers you the cover you need to enable customers to test drive vehicles before they buy without you having to worry about losing money should they be involved in an accident.

Customers Visiting Your Property

Your work is dangerous and there are a lot of things that can go wrong and one of them is a customer injuring themselves while visiting your property. It can be the smallest incident such as a trip when they stand in some oil which hasn't been cleaned up, but that little trip can leave you in serious financial difficulty.

You may not be aware but you are legally responsible for any claims against you when it comes to public liability, this can mean that if you do not have cover or adequate cover, you will need to pay the claim out from your bank account.

Your Staff

It is a legal requirement in the UK to have employer's liability cover when you hire one or more staff members. This cover protects you should a staff member injure themselves at work. They can claim for loss of income while they recover and if you have the right protection in place this will not leave you with an empty bank account.

Protect Your Equipment

Over and above your actual building, you need to know that your tools and equipment are protected. Some of this equipment can be extremely expensive especially when talking about diagnostic equipment. You can enjoy peace of mind with your motor trade insurance by knowing that all your tools and equipment are protected against fire, theft or damage.

Where to Find the Best Motor Trade Discounts

-->

Motor trade discounts can be an important part of your business, getting the best deals can save you a fortune in the long run, reducing bills and increasing your profits.

Online

The internet has become a world of knowledge at your fingertips and it's here where you can find some of the greatest deals whether you are looking for parts for a vehicle you are repairing, trying to find a cheaper insurance quote or even trying to find cheaper electricity or gas prices.

Using the internet to your advantage can be done in the evenings and doesn't have to take you away from your work during the day, enabling you to concentrate on your business during opening hours.

If you are working on a vehicle and your normal suppliers can't help with parts, you can buy online, you can order from anywhere online paying a shipping price and be able to assist your customer. Depending on where you order from will determine how long the parts time to arrive, but at least you can offer the service that the customer expects and get their car repaired.

Getting insurance quotes or comparing gas and electricity can all be done with a few clicks of the mouse where you can find the best possible deals and reduce your overall monthly budget dramatically. Every penny you can save goes into profits, if you can find cheaper parts your profits soar, you don't have to charge so much labour if you can reduce your monthly expenditure making you competitive in your area.

Suppliers

If suppliers are guaranteed a decent amount of orders from one business they will happily offer a discount. Chances are you are already receiving a trade deal on parts and supplies that you purchase, but if you sit down and choose one or two suppliers and discuss your needs with them, guaranteeing them that you will only buy parts from them, you will probably get a bigger discount.

This works in all sectors of the industry. Suppliers understand demand and if they can be guaranteed a set amount of orders, they will guarantee a better price. This may be on a scale, so depending on the amount you order will depend on the price you can get the parts at, any saving is a bonus in your industry.

Promotions

Some companies will offer various products and services to different businesses and when you see a company offering motor trade discounts you need to jump at the opportunity. Wherever you can save money in this economic climate is a blessing and can help your business increase it's profits over a set period of time.

What You Can Include In Your Cheap Traders Insurance Policy

Having a cheap traders insurance policy doesn’t mean that you need to leave certain criteria off in order to save money. A good policy will offer your business all the protection you need at an affordable price.

The quote you choose may not be the cheapest; the aim is to find the best coverage at the lowest price. There are certain things you cannot leave out of the policy and a couple of added extras you can include to give you peace of mind on a daily basis.

Every policy for your industry should protect the building, the building is essential to the day to day running of the business. This should be protected against fire, storm damage and theft. At least if you happen to be up north and your building is effected by the horrific flooding, you can get it repaired as quickly as possible without the expense.

You cannot operate a business without adequate liability cover. Public liability cover is an essential part of your business if you welcome customers and visitors through your doors on a daily basis. A customer falling in your property can set you back thousands, a claim can be for mental distress and loss of income and you will be held legally responsible to pay the claim. In severe cases your assets can be seized in order to pay, having this cover can save a lot of frustration and heart ache.

Employer’s liability is a legal requirement in the UK from the minute you hire your first employee. This cover protects both you and the staff member in the event of an accident and your business already is a risky place to work with complicated machinery.

From here you can add your own personal vehicles to the policy; this can save you money by cancelling your private auto cover at home. You can include your spouse on the policy too, giving you one payment to worry about.

There is road risks and demonstration cover that can be included depending on the type of business you run. Road risks enables you and staff members you choose to drive customer vehicles, while demonstration cover enables customers to try before they buy.

You can add loss of income as an additional cover; this is a handy cover to have. Should your building be damaged and you are unable to work while repairs are being carried out, you can enjoy the fact that you are not losing profits and are still able to stay up to date with bills and staff wages until you can get working again.

The last essential cover you can add to your cheap traders insurance is a policy that covers you should you lose your driving license. You can enjoy receiving a travel allowance that you can use to get you to and from work or hire an additional driver to ensure your business doesn’t suffer.