Any motor trade business that involves driving its own or customers’ vehicles will need road risks cover. Road risks policies cover insured vehicles—any motor vehicle that is the property of the insured or in the insured’s custody or control in connection with the business—while on the road or temporarily stored during travel.
Road risks cover is available in the following three standard policies:
Third party only policies are legally required and only protect against injury, loss or damage to third parties.
Third party fire and theft policies extend fire and theft cover to a third party only policy.
Comprehensive policies come with a higher excess but substantially protect your cars and the cars in your custody from accidental damage.
Excess amounts are not consistent for every business. They can vary greatly depending on the work you do and on your level of risk. Insurer’s rate business’ risk exposure based on the named drivers or the amount of trade plates; they may also rate according to a points system based on standard motor insurance factors such as:
Like standard motor insurance, there may be a possibility of earning a no-claim discount that rewards safe drivers or it may be computed on what is called the confirmed claims experience – your claiming history.
The sheer diversity of motor trade business means that most motor traders need more cover than just a road risk policy. Insurers provide policies that combine a number of different covers to mitigate business’ individual risks. In addition to road risks, typical covers include:
Comprehensive road and garage cover provides the most thorough protection. It incorporates a broad road risk policy and an internal policy that protects against a wide range of liabilities associated with the daily operations of running a
motor trade business. But before opting for the most comprehensive, consider adding policy extensions to an existing or more basic policy. Motor trade insurance allows for many extensions, and bespoke policies can be more cost-effective.
Whatever type of motor trade business you run, you need to survey the available cover options in order to ensure your company is fully protected. That’s where Higos comes in. We know the cover you need and give helpful advice and guidance. It is not left to guess work.
Manage Your Risks
Your business is exposed to numerous special risks. A complete appraisal of what you face and a bespoke policy will help protect your business and ensure future profitability.
Contact Higos Insurance Services Ltd today on 01458 270 370 for more information on crafting a robust motor trade insurance policy.