Motor Trade insurance is an essential part of owning a motor trade business in the UK. It provides the protection that motor trade businesses need; from the elements, disasters, human errors and countless other things.
Any business owner part-time or full-time can take advantage of these insurance policies. You can assess the requirements of your business, your budgetary constraints and find the policy that can meet all your needs.
What is covered?
- You can have different aspects of business covered by motor trade insurance; entities like the cars you are dealing in, whether they are luxury, high end sports or import cars, they will be covered under the policy.
- The type of business you operate, meaning the services you offer at your establishment, can also be covered under the umbrella of the insurance policy. If you run a car repair shop, the particular service you are providing can be included in the policy.
- It may surprise you but if you run a salvage yard, you can cover the scrap you deal in as commodities.
- Road risk policies provide your business the protection it needs in case of accidents.
Criteria for Policy
- There are some conditions that must be fulfilled in order to receive the insurance coverage. In case of drivers, they should be in possession of a UK driver’s license and they should have had it for at least a year.
- The restrictions for drivers under the age of 25 are completely different and the business is only allowed to hire 2 such drivers.
- Each driver is allowed two fault claims, if your business has more than 3 fault claims previously, you will not be eligible for a new policy.
- Drivers should have no criminal record; furthermore drivers that have any physical defect or serious illness will not be insured.
- If any particular person currently employed by the business who has been denied insurance coverage previously for any reason, will not insured with the motor trade insurance policy.
These are just some of basic points of motor trade insurance. The rules and conditions may seem very strict in some cases, but their presence helps provide the businesses with the protection they need. You can use a motor trade insurance comparison service, like RISCX Insurance, to help you compare your motor trade insurance.