Get Yourself Covered with Taxi Insurance

English: A black Taxi in London, UK Deutsch: Ein schwarzes Taxi in London, Vereinigtes Königreich (Photo credit: Wikipedia)

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If you run a cab business whether you work in the city or in a quiet village, you must get yourself covered with taxi insurance. This is a legal requirement in the UK and the mistake many cab owners make is believing that a private auto policy will protect them and their customer in the event of an accident.

If you offer the service to transport customers from one destination to another and you are doing so under a private auto policy, should you be involved in an accident, not only will your vehicle not be covered, but neither will your customers. This is a shocking truth that many cab companies overlook, but a private auto insurance only enables you to use a vehicle for private use, the minute you use it for business, your policy is null and void and you are left in serious financial trouble.

These policies are specifically designed for your industry. Besides being a legal requirement they are a necessity to ensure your business doesn't end up with a large financial bill which you cannot pay.

Your policy should cover your vehicle or vehicles comprehensively. This means that any damage caused to third party vehicles or property is covered along with repairs or replacement of your own vehicle.

The policy should also protect you in the event of an accident, this can include additional loss of income, which pays you out for the time you are unable to work. This may be while you wait for repairs to be carried out or if you need time to recover before returning to work. Loss of income is a wonderful cover to have, it ensures that you can continue to pay bills even while you are unable to work. This means your business can continue moving forward even without you behind the wheel.

Then there are your customers and you need to ensure you are covered to take them where they want to go. In the event of an accident whether it was your fault or not, you are responsible for protecting your clients. So public liability cover is essential to the daily running of your business and your policy can protect you against any claims laid against you for loss of income, medical expenses or mental distress.

What you will notice is that if you run your company in the city you will have a higher premium than the cab companies that run in the quiet countryside. This is due to the fact that your risk of having an accident in the city is increased as there are more vehicles on the roads. Always double check any taxi insurance policy to ensure that your entire business is covered and that it offers you the best protection when you get in your vehicle each morning.

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Considering a Motor Trade Job and Need Fleet Insurance?

Any business where you are responsible for a few vehicles should consider fleet insurance. This cover is available to any business where you have more than three or five vehicles, depending on the company you choose to sign with.

If you are thinking of joining the motor trade and are going to need a few vehicles to ensure the smooth running of your business, this type of policy is a practical and affordable option.

With this type of protection you are able to place all your vehicles under one policy. What this means for you is that when it comes time to claim you are not digging through paperwork trying to remember which vehicles is covered by which company. It can save you a lot of time and energy and also enables you to enjoy a fast and convenient claims process as you have one number to call and one process to complete.

Another big advantage with this type of cover is there is only one premium to pay. This means that you don't forget premiums and let your policy lapse and you don't have a choice of premiums being due throughout the year. You have one premium which makes it easier to budget for, especially when you are first entering the motor trade.

These policies are very flexible enabling you add and remove vehicles as you buy or sell them, you will never end up paying for a vehicle you don't own any more. The premiums are affordable as you are placing all your eggs in one basket, so to speak. If you were paying premiums with a host of companies, you would pay considerably more per vehicle than placing them all under one easy to manage policy.

The biggest advantage of them all is that you can place your own personal vehicle onto the policy if you use it to get to and from work, this will help you reduce your overall costs in the long run and ensure that all the vehicles owned by you are safe and secure when driving on our UK roads.

Fleet insurance is not only a convenience, it's a way to save money. Putting all your vehicles whether they are cars, vans or motorcycles or a mix of all three into one policy can save you money and time, giving you the time to concentrate on your growing motor trade business.

Where to Find the Best Motor Trade Discounts

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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.