Looking to start your first motor trade business? Make sure you have the correct insurance

Starting a brand new motor trade venture can be an exciting time, as you become your own boss and have more control over your day-to-day activities.

However, there are a lot of things to consider before getting down to work. Not only do you need to sort out your facilities and business plan, as well as gathering all the equipment you require to trade, it is also essential that you have the correct insurance in place.

Understanding what is the most appropriate form of motor trade insurance for your specific business isn’t the easiest of tasks, which is why calling an experienced broker is advised.

After providing an in-depth description of your new business, including where it is located, the services you intend to provide, the equipment you possess and any staff you wish to employ, the broker will help to categorise your business so you can obtain road risks or traders combined cover as appropriate, as well as any necessary optional extras that might be beneficial.

If you are under the age of 25 and going into the motor trade business, however, you must take note of this warning: Obtaining a motor trade insurance policy at a young age can be a more complicated, and perhaps expensive, process.

Unfortunately, motor trade insurance companies are not as willing to offer a policy to younger people, as they are considered more of a risk. This means that you will either discover the cost of cover is much higher than you anticipated, or you will not receive an insurance offer.

It might be worth waiting a few more years before starting your own business, and working under the guidance of an experienced professional in the industry will certainly do you no harm for when the time comes to break out on your own.

Above everything else, when starting a new motor trade business it is vital to have the correct insurance in place. It could be extremely damaging to your finances if you suffer an accident or incident in the workplace and don’t have the necessary cover, meaning you will have to pay for repairs, replacements or damages out of your own pocket.

For a business just starting out, this could be crippling. It might even see your motor trade dream brought to a premature end.

If you want to find out what the indicative cost of a motor trade insurance policy would be, then why not get a quote today?