When looking to obtain great motor trade insurance, there are a few things you must consider. In order to get the perfect policy for your business, and at the right price, you need to provide as many details as possible when speaking to a specialist broker, so they can then search the market to find insurance tailored to your needs.
While a motor trade insurance broker will take you through the process step-by-step, it’s always a good idea to be prepared for their questions—if only to save you time when making the call. Furthermore, if you make notes about the things you intend to get covered, it’s less likely you’ll leave anything off the policy.
Here is the motor trade insurance checklist to make sure you get the cover you need.
Before calling a motor trade insurance broker, it’s a good idea to have all of the business’ vehicle details on hand. This means you won’t have to rifle through drawers and filing cabinets while on the phone.
Make sure you provide as much detail as possible, not only about the vehicle itself, but how it is used too. This could be in terms of the hours of use, or the purpose.
Don’t forget to add any unused vehicles to a policy too. If you have a car or van stored in a garage, it either needs to be declared off the road with a Statutory Off Road Notification (SORN) or listed as an in-use vehicle on your insurance. If not, you could be the victim of a fine up to £1,000 or have the vehicle seized.
Be sure to have details of your staff ready to give to a broker. This includes their full name, age, driving license details, experience and role in your business.
If you are renewing a policy, don’t just assume the broker has all this information already. Double-check to make sure you aren’t obtaining cover for someone who doesn’t work there anymore, or accidentally leaving off a new member of staff.
It’s likely that you have a vast amount of expensive equipment that you use for business purposes. This is especially true for mechanics, for example.
When speaking to a broker, make sure you provide the details of all your valuable business property, as damage or theft of an item could cause a financial headache in the future and even prevent you from carrying out work.
It might not cost too much to add many different types of working equipment to a policy, but the long-term benefits are enormous.
Before calling a broker, it’s worth speaking to the landlord of your business premises to ensure there is currently insurance in place for the property.
If there isn’t, or if you own the building yourself, you should get it added to your motor trade insurance policy.
The cost of cover may rise with the addition of this, and premises located in high crime areas or near floodplains might significantly raise the cost of a policy. However, it’s better to be protected in the event of theft or damage to the property, so you can get your business back on track as soon as possible.
Furthermore, if you allow customers onto the working premises, you should ask a broker about public liability cover. This provides protection should a member of the public have an accident while on-site.
Be sure to tell a broker about your no claims history. If you have not made a claim for five or more years, you could receive a significant discount on the cost of a policy. Even a year’s no claims will help to minimise the price.
If any of your staff has a no claims record on a previous motor trade insurance policy, insurers might look even more favourably upon your business and offer further discounts as a result.