Every motor trader needs, as an absolute must, motor trade insurance. The problem though is which policy? Which company? And what level of cover do you require for your individual needs. This article aims to help you make and to make a recommendation or two 😉
So, if you are a sole trader, it’s unlikely you will need public liability insurance unless you have a business premises where the public come to do business with you. Obviously, if the public do not come to your premises, or you work from home, you won’t be needing public liability motor trade insurance. Only if you have a business premises that is open to the public. Although, having said that, if you have a business premises that is not open to the public, but you have employees, then you will be needing public liability insurance to cover your employees and the possibility of them being injured and making what could amount to a business threatening large claim against your business for serious injury. This kind of thing can wipe out any business that isn’t covered properly with the right insurance policy so be warned!
Likewise if you are a sole trader without a business premises and not needing public liability, you certainly wont be needing a ‘motor trade combined insurance policy. As the name suggests a combined policy can cover every aspect of your business and its involvement in the motor trade. Both your ‘road risks’ and your ‘public liability’ needs would be covered by the same single policy. Bonus!
Road risks simply means that the policy will cover you and the cars you by and sell (yes, all of them) under the one policy without you having to take out a new policy whenever you buy a new car. What a pain that would be! No, with a trade policy covering your road risk, you are good to go knowing that any accidents or thefts of any of your vehicles will be covered. Just make sure you don’t have any employees or invite the public onto your business premises or you could be in trouble! If you are doing that then look at public liability, or perhaps a combines policy to cover all the possible downside and problems that may come up in the future.
The people at Unicom Insurance are one of the best known and biggest motor trade insurance brokers in the UK. They of course can supply any of the three main types of insurance we have covered here (road risks, public liability and combined insurance) plus a good range of specific policies covering specific risks that business in the UK motor trade may experience. Some of those other policies include:
Breakdown recovery insurance for motor traders.
Garage insurance (for mechanics garages, body shops, repair garages for example)
Part time traders insurance. Special discounts available if you only trade part time.
Tools in Transit insurance. Perfect for mobile mechanics and similar trades. Insure both your vehicle AND your professional tools on the one single insurance policy!
Traders temporary car insurance. As a trader, sometimes you wont need a full multi-car road risks policy and will only need cover for a single car for a couple of days, if that’s the case then a temporary policy could save you ££££’s
Trade plate insurance. For motor traders nothing much is a valuable to your business than your trade plates. These plates mean that you do not have to individually tax each new car that you buy but can simply put your trade plates over the cars number plate which will allow you to drive an un-taxed car on the road without upsetting anybody! These plates are important to any trader. Specialist trade plate insurance is recommended to protect these assets for your business.
Various specialist trade policies are also available. These policies are specifically written for that particular trade. Trades include: Valeters, mechanics, traders, mobile mechanics, tyre fitters, upholstery fitters, exhaust fitters, breakdown operators, auto electricians, paint repair techs, mobile windscreen repairs, mobile diagnostic technicians, you name it, Unicom cover it!
In short, don’t leave yourself and your business open to disaster which can strike any time and without warning. One serious accident can wipe out everything including you! And all your assets!
Insurance gives peace of mind as well as protection from disaster. With that in mind, how can any business involved in the motor trade ever do without proper insurance/ The answer is of course that they can’t. So don’t delay, insure today and sit back, relax and smile knowingly when you think about all those things that could go wrong. You got it all covered. Well done you!