Whether you’re just entering the industry or you are seeking to review your current policy, it’s important you are aware of what protection each of these policies provides, assisting you to determine which is the right option to provide your business with the security it requires.
Among those options you will be faced with is combined motor trade insurance that’s acceptable for a wide variety of businesses within the market by mechanical workshops to body shops and much more.
Things you are searching for with this level of cover is protection for the construction, accountability cover, tools and equipment and much more.
Among the most significant steps when looking at joint motor trade insurance is making sure you are provided with adequate liability coverage. Public liability cover is a vital cover for any company and safeguards you against claims made against you if a client injure themselves while seeing your property.
What many business owners aren’t aware of is that they are legally responsible for any claims from them and in some instances these may amount to thousands, leaving the business in severe financial trouble if they don’t have sufficient cover in place.
The following liability cover which should be included in this type of policy is the employer’s liability. Company’s liability is a legal requirement in the UK for any company that has one or more employees. It provides protection should a staff member injure themselves while at work, which in this type of sector can happen in a blink of an eye.
Then there is your construction. Without your building you cannot operate, which is the reason why it’s critical that you make sure your property is protected against fire, theft, and storm damage. In case of damage, you can have the building repaired quickly without costing too much.
Road risks are something which should be included in any combined motor trade insurance policy. To drive on the street you need a driving license and insurance to drive a specific car, this doesn’t help you once you have to test drive many different vehicles on a daily basis, that’s the cover which street dangers provide.
You are able to choose how many drivers you would like to grow this coverage. Some businesses decide to incorporate each of their workers within this coverage, enabling them to test drive client vehicles and also be safe and legal while on the road, while other companies reduce their premium by hand picking a couple of staff members to add to this policy.
Don’t forget to keep your costs low, you want your drivers to be over twenty-five with clean driving permits. It is worthwhile finding out if they have a private no claims bonus on their title, which can be used to prove to the insurer that the driver is not a threat to them, helping keep your premium as low as possible.
Being in this type of industry, you likely have some expensive equipment and gear lying around the property that you are going to want to protect. Should someone break in the property and steal your automatic gear, it can leave you having to pay out tens of thousands to substitute it. Make sure you have your resources and gear included on your combined motor trade insurance policy, providing you with adequate cover against fire, theft, and storm damage.
The last step is to make certain you include business interruption cover. There is nothing more frustrating than your building being damaged by flood or fire and you cannot work. This leaves you with no income, this level of cover can safeguard you against, helping you to pay employees and invoices while the construction is being repaired.