It is easy to get overwhelmed with all the details of motor trade insurance especially if it is your first time to encounter it. While there are indeed quite a number of terms and provisions that you will come across, they are not all that difficult to understand once you get the basic concepts down pat. Know what the rationale is for getting this kind of coverage and what kinds of risks you can get covered for. This is the only way for you to ensure that you are paying for something thats actually beneficial to you and your business.
Essentially, motor trade insurance is a financial product that protects business owners from financial loss due to: Road accidents involving vehicles in your care the basic cover that the law requires for motor trader businesses in the UK indemnifies third parties for damage caused by your driver and vehicle. motor trade insurance covers a named driver, usually the one tasked to take your vehicles or your customers vehicles on the road.
In case an accident happens in the performance of his responsibilities, the insurance will cover the cost of repair or replacement of the third party property damaged in the accident up to the limits set in the insurance contract. In a comprehensive coverage, expenses for the repair and replacement of your vehicle are also covered.
Vehicle malfunction due to repairs done by your employees if you assemble or repair cars, your motor trade insurance coverage can include a product liability cover as well. This provides benefits in case a vehicle that was service in your shop malfunctions and gets into an accident. This also gives you financial protection in case of litigation and law suits arising from product liability issues.
Personal accidents of employees or customers while in your premises you will have employees and customers walking in and out of your business premises. In case they get into an accident and injure themselves while in your premises, this insurance product will provide the cash benefits to cover necessary medical expenses. This includes minor accidents like slipping or hitting your head on a low beam as well as major accidents like falling on the stairs or getting hurt while operating machinery.
Loss or damage of vehicles left under your care and in your premises theft and fire damage may be included in a motor trade insurance policy. This kind of cover protects you in case a car is stolen from your premises or is damaged by a fire. Other related coves would include business premises insurance for the building or the structure itself and any other important properties in the premises.
Being in the motor trade business involves a big amount of money already. You do not want to be burdened even more when contingencies arise. Get the right type and amount of coverage for your business and trust that your chosen insurance carrier will deliver at your time of need. Investing in a motor trade insurance policy from a reliable insurer will allow you to preserve your income and minimize your potential losses from unexpected events.