A strong start to 2017 and the impending arrival of driverless cars mean the motor trade is an attractive proposition at the moment for business owners to branch into. Last year saw record figures in truck, car and van sales, with 2017 expected to be even bigger, causing new motor trade opportunities to spring up across the country.
With a wealth of motor trade insurance options available, and even more set to be released, the world of motor trade insurance can be a minefield. The last thing you want is for your business to be underinsured, or wrongly insured, and you to get stung with a hefty bill in the unfortunate situation of a claim.
Mechanics are part of a high risk industry, working alongside potentially dangerous machinery and with cars that can be worth a lot of money, providing prime opportunities for thieves. Due to this, you’re going to want comprehensive cover, covering both full time and part time mechanics, as well as the contents of your building during closed hours.
Thankfully, there’s a wide range of policies available for mechanics, with possibilities to cover tools, vehicles and even split indemnity cover, allowing you to tailor your policy to your needs. There’s even cover for mobile mechanics, providing total peace of mind whilst working on the road side.
Body and Crash Repairers Insurance
When you’re dealing with cars that have been involved in hefty collisions, you’ll be presented with crumbled heaps of metal that barely resemble cars at all. To return these into functional vehicles you’re going to require tools, which themselves will want insurance cover to protect you from theft.
Policies can cover mobile repairers and the contents and assets of your business front, meaning whether you have a set business location or prefer roaming the country, you can rest easy. Cover is also in place to allow employees to drive customers’ vehicles, adding an extra service to your business offering.
Car Dealer Insurance
The largest area of the motor trade, car dealerships, house potentially millions of pounds worth of cars. Outside the obvious risk of theft, dealerships require comprehensive and tailored policies to protect the many assets of their business.
You’ll need insurance up to your eyeballs to protect against the risks of car dealerships, such as; any damage caused by test drives, the drop out of regular finance payments and protecting the cars that are left overnight in the forecourt.
The job of a valeter is to get a car back to their owner looking better than it did the day it first rolled off the forecourt. Therefore it would be pretty catastrophic to deliver it back to a customer with a large scratch and nothing more than a sorry note due to your lack of insurance.
Valeter insurance not only protects the cars you work on, but also the liability of your business and your employees. Covers can be tailored for the calibre of car you work on, meaning if you’re a specialist car valeter dealing with the likes of Bugattis and Ferraris you can have higher coverage than someone working on Fiats and Vauxhalls.
Petrol Station Insurance
A far from standard policy, petrol station insurance has to accommodate for large storage of flammable fuel in a usually busy area full with cars also containing flammable liquids. Therefore insurance is a must to protect your users, your staff and your buildings.
Petrol station insurance is a specialist policy and should be considered thoroughly and tailored to you. You may require coverage for things such as water and air machines, car wash facilities and a small shop as well.
Traders Combined Insurance
With a lot of motor trades, insurance policies will include a variety of crossover cover and therefore it may work out better for you to combine some risks and reap the benefits. You become a more attractive proposition to insurers and can be certain to save some money, leaving both you and your chosen insurer happy. Always consider combining policies when possible.
Motor trade insurance is more complicated than normal policies and due to this; you’ll want to talk to advisors who understand the field who can find you the perfect policy for the right price. Thankfully, Coversure have a wealth of experience within the motor trade and our friendly, professional teams are always happy to speak to you. To find your local Coversure office, simply head to our office finder.