As a smart and savvy motor trader you know that you cannot afford to tempt fate. They know that there are events outside their influence that can suddenly occur and throw their business off gear. Natural events like fires, storms or accidents at the garage or workshop, theft and even vandalism can burn a deep hole in your pocket and when customers or employees affected by these events demand compensation, that process has the potential to burn a deep hole in your pocket and also cause a severe loss of image in the market place. That is why the motor trade insurance policy is so important and needs to be taken without any delay. This is a policy that offers protection to a business at all times and is most suitable for dealers of vehicles, drivers, vehicle traders, fleet operators and all those engaged in the repair, maintenance of vehicles including MOT testing.
This insurance is offered in a number of packages and is highly customisable according to specific needs of customers. The packages include support and guidance from experts, risk management, resources that can be used as well as specific products pertaining to businesses that trade in luxury or vintage cars. Other options by way of extras for added protection are also offered to suit customers who have vehicles that are subject to higher loading and performance.
Four features are offered under motor trade insurance. They are Road Risk, Public Liability Servicing, Sales of Goods and Material Damage. While Road Risk is a mandatory cover that traders have to buy as per the Road Traffic Act, the cover of Material Damage offers protection to the policy holder against damage to infrastructure, any stock, goods, vehicles and stuff belonging to himself or the customers. Both Public Liability Servicing as well as Sales of Goods provides extended coverage for any third party liability that could arise from either injury or damage to property.
As a customer, you can also get access to other optional extras. Though these are not compulsory under law, having them would be very useful for certain category of traders. For instance, the Business Interruption cover protects any loss of margins or profits because of unforeseen events like fires. The Employers Liability cover offers protection to employees for any injuries at the workshop or garage while the Goods in Transit protects you against damage to goods as they are being carried in your vehicles.
It is very important to source the right broker for your needs. Prior experience and knowledge about the various facets of such insurance should be your main driving tenets as you choose your broker. Remember that you would need their services for prompt settlement of any claims and it is therefore essential you choose somebody reputed in the business. Such brokers have the advantage of dealing with reputed insurance companies and as a policy holder you can rest assured that you would get the right guidance as well as service in times of need.