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Insurance is a topic with a lot of delicate aspects and should not be treated with levity.
People tend to naturally get confused when it comes to understanding policies' coverages and so on. One of such aspects that tends to create a dilemma is understanding the difference between motor trade insurance and every day private car insurance.
A misconstrued perception of this can leave the businesses of such people highly susceptible to dangers.
As a result, in this article, expect to become well acclimatized to the concept of motor trade insurance, what it covers and more.
Motor Trade Insurance
Motor trade insurance is the parent term for a cluster of insurance policies which provide protection for workers in the motor trade. These workers include the following:
All these businesses may be aligned under the Motor Trade name, but they are susceptible to different risks. Thus, the need to fashion insurance policies to fit each of them arises.
Basically, motor trade insurance provides protection for businesses to work on customer vehicles and also drive them if need be.
However, that cover might be valid only for the business owner. Although, by specification, it could also cover for particular members of the business team, or virtually anyone who is part of the business.
Regardless of if you drive or do not drive your customer's vehicle, you need ample insurance cover in case any problem arises during your contact with the vehicle.
Types Of Covers Available
An insurance policy is a mandated possession for every business owner in the motor trade.
Nevertheless, the law is lenient with the kind of policy that must be obtained. Thus, motor trade business owners only need to subscribe to a policy which grants them freedom of running their business at the barest minimum level of risk.
Typical Motor trade insurance policies afford 3 types of covers.
This is a fundamental form of insurance which protects the trader in case of damage, injury or death caused by vehicles attached to the business.
This insurance type is outlined categorically for motor traders with employees. It covers also for customers within the company's facilities and for vehicles being serviced or repaired.
Liability motor trade insurance has three plans for subscription. They include the following:
This cover is a comprehensive one that provides expansive protection against any form of risk a motor trader may encounter.
From possible road risks, to probable premises or equipment risk or damage and so on. This protection type covers a motor trader who chooses to work even from home and not their regular workshop.
Motor Trade Insurance And Regular Car Insurance
For a regular car insurance policy, you are covered to drive a car belonging to you or someone else, for private or commercial purposes. The latter purpose is however dependent on the coverage you subscribe to.
On the other hand, motor trade insurance provides protection for vehicle sellers who own and drive more than one car, and also car repairers who tend to have contact with customers' cars.
Risks Of Not Having A Motor Trade Insurance
The first thing you should know is that having a Motor Trade Insurance is mandated by the law. Thus, it is illegal to ply the motor trade without one.
Also, should any unprecedented issue spring up, the various costs that you could incur can be devastating. Meanwhile, you even risk serving jail time if the court convicts you.
You surely do not want all these and more possible plights for your business.
Are you working in the motor trade industry and you do not really know of the risks you are liable to? You need our insurance specialists to help you out. We provide the best form of insurance for the automotive industry. Thus as a motor trader, you can trust us with your insurance. Receive a free quote today: https://smallbusinessinsurancegroup.com/