For any business, having insurance in place is essential in order to protect the long-term future and day-to-day functioning of your organisation.
This is no different for those involved in the motor trade industry. However, people with businesses in this particular sector need a very specific kind of insurance policy to ensure comprehensive and necessary protection.
Motor trade insurance is exclusively created for small and large organisations that deal with the purchase, sale, repair or valeting of cars and other road-worthy vehicles.
There are a number of different types of motor trade insurance available, depending largely on the type of service you provide and the size of your business.
For example, road risk insurance is usually ideal for people who trade or repair cars from home as a part-time job. This particular cover ensures full protection when driving vehicles that are under your care from the driveway to the garage, or other similar short distances, in addition to other necessary cover for accidents and theft.
If you are based on a specific business premises, it is more likely that you will require motor trade combined insurance. This cover is also appropriate if you employ a number of staff.
Trade combined insurance offers all the benefits of road risk cover, as well as optional business interruption protection, public liability and goods in transit cover, among other things. It’s a good idea to talk to a broker when purchasing trade combined insurance to decide which optional extras would benefit your policy.
The line between road risk and trade combined cover is not always clear cut, so the best thing to do in order to determine the type of insurance you need is to call an expert.
A quick call to a motor trade insurance broker will help to define the exact cover you need and they will then be able to give you a quote to match your specific requirements and circumstances. A broker will also talk through the protection you are set to receive to ensure you are getting the right deal without any confusion over what is and isn’t covered.
Furthermore, a broker is often able to negotiate a better price for cover, thanks to their years of experience in the industry and knowledge of which insurance firms offer the most favourable deal for your specific circumstances.
It might be tempting to purchase a policy on the internet, but this is not usually the best course of action. While it could be helpful to get a quote online to give you an idea of what you might pay, calling a broker is the most safe and secure way to get the exact cover you need.
By doing so, you’ll have peace of mind that you aren’t paying over the odds for unnecessary protection or paying too little and being under-insured. Remember, spending a little bit more for legitimate cover is better for your business in the long-term than paying less for a policy that does not cover your business appropriately, or worse still, obtaining insurance through an inappropriate channel that could be fraudulent.
Calling a broker also takes the stress out of comparing multiple quotes from numerous providers. The experts will compile a shortlist of the best possible cover that suits your business and the most affordable prices it is available at.