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Vehicle industry includes a wide range of businesses, including mechanical workshops, car dealers, tyre, brake and MOT centers, to name just a few. All these businesses have one thing in common: they need motor trade insurances that protect them on a day-to-day basis.
It’s a dangerous industry, and if you’re responsible for letting someone drive off in a car you just repaired, you should have the right insurance to protect you in case something goes wrong.
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Most companies are unaware of what’s included in their motor trade insurance and what extra covers they can get to provide them with that added level of security every time they open their door.
Your business property is your most important asset. Your building must be protected from fire, theft and damage caused by storms. Most motor trade policies include building coverage to provide businesses with the protection they require.
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Included in this is any cover. It could be desks, computer equipment or office furniture. You should make a list of all the items in the property so that you can ensure you are covered at all times. Included in this is any money you may have taken. You may not have the time to go to the bank, so you will have to keep it in a safe overnight. This is a risk you should be covered for.
Motor trade insurance should include any vehicles that are associated with your business. You can also reduce the cost of your private auto insurance by incorporating private vehicles into your policy.
Vehicle companies should carry three levels of liability cover. Public liability insurance is a must. It protects you every time someone enters your building. You only need one customer to slip on some oil and be taken to the hospital to have a large claim filed against you.
Many business owners are unaware that they have a legal responsibility to pay for the claim. Insufficient public liability insurance or not enough coverage can lead to serious financial difficulties for a business.
All businesses in the UK are required to carry employer liability insurance. It is important to have this insurance from the moment you hire your first employee. It is similar to the public liability insurance, but it covers both you and your employee in the event of an injury and reduces your risk of having to pay a claim.
This covers you for work that you have completed. You are protected for work that you have already completed. This cover will protect you if a client drives away with a vehicle that you just repaired, and has a serious accident due to the work you did.
The motor trade insurance policy should cover any tools or equipment you use every day. These tools and equipment can be expensive to fix and you should be covered so that you can replace them or repair them in a short time.
The road risks coverage should also be included in the motor trade policy if you drive multiple vehicles during the day. In the UK, it is mandatory for every driver to have sufficient insurance. You can drive any vehicle legally and safely by understanding road risks.
Evans and Lewis, a leading insurer, specializes in motor-trade insurance. The company was founded by two directors who saw a need for high-quality insurance at affordable prices. The company offers a variety of packages including road risks, motortrade, fleet insurance, and more. Evans and Lewis know that business owners need to be covered at all times. They offer flexible payment options and a claims management service.