As an auto trader or dealer, you must have insurance covering all business aspects. One of the essential policies you should have is motor trade insurance. This insurance product covers your vehicles, business premises, employees, and customers. Unlike the standard car insurance policy, motor trade insurance comes with wider coverage.
In this blog post, we will explore some of the benefits of having motor trade insurance policies.
1. Protecting your Cars and Garage
As an auto trader, you have a fleet of vehicles which are your investment, and you need to protect them from any unforeseen damage or loss. A motor trade policy ensures that all the cars in your garage are covered in transit, storage, or when tested on the road. The insurer covers the repair or replacement costs in case of loss or damage. As a result, you get to protect your business capital, maintain your investment growth, and continue trading with the assurance that you have reliable coverage.
2. Covering your Employees and Customers
You need employees in the auto trade industry to help you run the business efficiently.Part-time motor trade insurance assures you of coverage against workplace accidents that may injure your staff. Similarly, your customers and their vehicles are also protected while they are on your premises, reducing the risk of liability claims in the event of an accident. This coverage extends to all work-related activities that take place within your premises, including test drives or repairs.
3. Providing a Comprehensive Protection
Cheap motor trade insurance packages vary according to your business needs. You can choose from comprehensive, third-party and third party, fire and theft policies. A comprehensive package protects you against a wide range of risks, including accidental damage, fire, theft, road accidents, and other theft-related crimes. Third-party policies protect you against claims made by others affected by your business while driving one of your cars. A third-party, fire, and theft package is a mid-range option that includes fire and theft protection.
4. Complying with Industry Standards
Most countries require motor traders to have some liability insurance coverage. In other regions, it is mandatory to have a comprehensive motor trade policy. Having the right coverage assures compliance with industry standards and avoids any legal penalties arising from operating without adequate insurance. Additionally, some trade associations also require members to have motor trade insurance when they use their facilities.
5. Security Against Theft and Vandalism
Traders’ insurance quotes likewise cover theft and vandalism of business vehicles. This is essential for dealerships and mechanical workshops with several cars on their premises. A theft or vandalism occurrence can be detrimental to the business, leading to the loss of cars, tools, or equipment. Having the right motor trade insurance protects your business from such losses, enabling you to focus on your day-to-day operations.
Motor trade insurance is an essential policy that protects your car business and peace of mind. The coverage offers comprehensive protection, including your cars, employees, customers, and liability risks. As an auto industry trader, you must ensure that you have the proper insurance to help you run and grow your business. So if you haven’t yet obtained motor trade insurance, now is the right time to consider and choose a package that meets your needs.