As a Motor Trader it is important you get the right advice and are able to question your insurance provider to make sure you have the correct cover to fit your needs. As a motor trader you are unique in the world of insurance because you need and have access to specialist covers. Whatever your exact business, you will need Motor Trade Road Risks and Public Liability cover as a minimum. Road Risks is a specialist cover designed for your industry and can be very cost effective. Primarily it will cover you and your employees to drive vehicles owned by the business and customers vehicles. You should also extend the cover for social, domestic and pleasure cover. In addition you can extend your policy to include your spouse and, where required, family members and even friends. But beware a vehicle owned by another party (e.g. your children, a friend) would not be covered. They own the vehicle and therefore they have to insure the vehicle appropriately. Remember the policy covers the vehicles owned by the business and customers. Further extensions to Road Risks cover include courtesy vehicle cover for customers and additional windscreen cover. Whether you operate from premises or not you should include Public Liability cover which for motor traders is more suitably described as Public Liability, Servicing & Sales Indemnity or Defective Workmanship. This area will cover if a claim is made against you by a third party for personal injury or property damage. For example, if you repair a vehicle and it is then involved in an accident and it is deemed after investigation the accident occurred as a result of your work. You should include cover for vehicles at home or at your premises. This is where the expertise of a broker on checking the parameters of a policy is important, as they will be able to recommend the right cover for you. If you operate from garage or forecourt premises then a combined motor trade package is required, and will include the option of tailoring all other covers into the policy. Property Damage is available to cover you against claims to your buildings, equipment, vehicles or stock. You can also include Business Interruption, to cover your loss of gross profit following a claim under the Property covers. The purpose of this cover is to keep you in business following a catastrophe, such as a fire. Business Interruption will cover the salaries of your staff, such as mechanics, who are very skilled and in short supply - you do not want them leaving to join a competitor whilst your premises are rebuilt. If you employ people, even on a casual basis, you will need Employers Liability. Health & Safety is an important business for all businesses these days and it is important you keep on top of issues including Health & Safety policies and risk assessments. If you are responsible for these matters then you may find government websites an invaluable sources of information. One essential area of cover, which leads on from Health & Safety issues, is inspection requirements for pressure equipment (Air Receiver/Compressor) and Lifting Equipment (Lifting Table). Your broker will be able to add this on to your package of cover, ensuring you complying with the latest regulations. In conclusion, speak to your insurance provider and make sure the cover you have in place is correct. Higos Insurance Services has the expertise and ishere to help, providing you with the cover, service and advice you require.
Specialist Insurance Cover For Motor Traders