Did you know that if you run a motor trade business from your home your home insurance cover may not offer you adequate protection? Running your business from home makes a lot of sense – especially for sole traders and those just starting out. It is not without risks, however, and to cover the following motor trade business threats you’ll need a specialist motor trade policy;
- Public liability or employers’ liability
- Money cover for any cash that you have won’t be insured against loss or theft
- Damage to your property or loss of contents
This makes it vital to get the right high-quality protection for your home-based business with road risk motor trade insurance policy cover.
What is Road Risk Motor Trade Insurance…?
Road risk motor trade policy is a cover that has been designed to meet the specific needs of people running motor trade businesses from their homes – be it a garage, a dealership or even a valeters. What these businesses all have in common is the need to drive vehicles on the road. Whether it’s driving them back to your lot from an auction or allowing the customer to take them on a test drive to get a feel for their shiny new car or simply checking the repair you have done has worked, there will be times when you need to drive on public roads. Unfortunately, private motor insurance does not provide the appropriate cover for this, which makes road risks motor trade cover an indispensable protection for all home-based traders.
And who is it for?
The policy we offer has been specially tailored to give you the highest quality cover for all of your vehicles – both the ones you own and those in your care or under your control. By being a road risk policy, it is ideal for traders, garage owners and valeters who are working from home and gives you an affordable way to give your business the legal protection it needs to trade successfully.
What does it cover?
A road risk motor trade policy can provide your business with the following protections;
- Business Contents – this includes your stock of vehicles
- Home Contents – with the option of accidental damage added
- Loss of Money – be that through accident or theft
- Public Liability Insurance – in case someone is injured or has their property damaged while on your premises
- Employers’ Liability Insurance – a legal requirement if you employ staff
- Product Liability Insurance – in case any products you use or recommend end up doing damage to another’s property
How to get the cover that’s right for you?
When it comes to getting a motor trade policy that’s right for your business, there’s no substitute for personalised advice. At Coversure we understand that all businesses are different and that one policy may not suit all businesses. That’s why we like to take the time to talk to you over the phone or by email, whichever is preferable to you, so we can understand your individual needs before creating a policy that protects you and your business.
As basic guide you should look to get a policy that offers you;
- Free legal assistance and advice – 24/7 365 days a year by an advice hotline
- Total incident management – so you won’t be on your own in the event of a problem
- Legal advice
All of this comes as standard with a Coversure policy.
What optional motor trade covers are there?
There a range of optional extras that can be added to a road risks motor trade policy, popular ones include;
- Buildings Protection – with the option of accidental damage cover
- Personal Belongings
- Personal Injury Protection
- Home and Garden – so you can protect your world with a single policy
- Specified Business Equipment – cover for tools of the trade such as testing equipment, ramps, pressure washers etc.
- Business Interruption and Loss of Income – which gives great peace of mind to self-employed business owners’ that should they be unable to trade they can still have an income
- Goods In Transit Insurance
What Kinds Of Cover Are Available?
As with most motor vehicle policies there are three basic road risk motor trade policy options;
- Third-Party – this gives you the minimum legal amount of protection and will cover your liability if you are involved in an accident that’s your fault and which results in a claim for third-party damages. It won’t cover repairs on your own vehicle however
- Third-Party, Fire and Theft – as well as covering you in the event of an accident that’s deemed to be your fault, this level of policy will also cover you against fire damage and the theft of a vehicle. It won’t, however, pay for any repairs to your vehicle
- Fully-comprehensive – again, as with car insurance, this will cover both the car you’re driving and any other vehicle that’s involved in accident that’s your fault
Frequently asked questions about motor trade insurance
The motor trade can be complex – especially when it comes to insurance. To try to help you get the right cover we have included a few of our most frequently asked questions below. However, if you can’t find the answer you are looking for you can send us a quick message here and one of our experienced team members will help.
Who is eligible for a motor trade insurance policy?
This policy is catered towards home-based motor traders and other small independent traders. Anyone that operates within the motor trade industry such as mechanics and dealers can get cover should they need it.
Is it a legal requirement to have motor trade insurance?
p.Yes. When you manage a motor trade business – whether it’s from home or from designated premises – then you are legally required to have cover. If you are running the business on a full or part-time basis, you have to have at least third-party insurance in place.
Do you have to be a full-time trader to qualify for motor trade insurance?
No, you only need to work part-time, casually or even on an intermittent basis. So long as you can demonstrate you are a trader – by showing sales receipts or other proof of trading – then you can qualify for a policy.
Can you get a policy to cover multiple privately owned cars?
No, this is only for those who are actively buying, selling or maintaining vehicles as a business practice.
What would be excluded?
Some vehicles are excluded from trade policies – certain high-performance cars and motorcycles can be an issue. If you wish to learn to particulars please contact us and we’ll be happy to help.