If you’re running a motor trades business, you probably are aware of how expensive vehicles are. So, if a vehicle gets damaged or stolen, it can present a great financial loss for your business, and in some cases even cause a client to take legal actions against you. With that being said, it’s important to protect your business’ most prized asset and yourself in the process with a motor traders policy insurance agencies offer.
Regardless if you’re selling, buying, repairing, or valeting vehicles, you need to have a comprehensive motor traders policy insurance coverage in place should an accident happens. In other words, this insurance can apply to car sellers and buyers, mechanics, garage operators, roadside assistance companies, car valet services and any business that’s related to vehicles of any kind. Because it applies to such a variety of businesses, there are many different motor traders policies to choose from.
In order to protect yourself with the right policy, you need to consider the particular needs of your business. For instance, if you’re running a business where your vehicles are being taken out for test drives or any kind of road use, road risk insurance should be an essential part of your coverage. In this case, the road risk insurance will also apply to any of your employees that drive the cars without needing to take out a separate insurance.
On the other hand, you may not need road risk insurance if you’re only responsible for the vehicles while they’re at your premises, like for instance if you’re running a car repair shop. In that case, you need to protect your customer’s vehicles against theft, malicious damage, storm, flood or other weather factors while they’re at your shop waiting to be repaired. Operations coverage can protect you from claims in case the vehicles you sell or work with are defective. If you’re unsure what policy works best for you, it’s better to leave it up to professional insurance brokers to get you the best deal.
And finally, be careful if the insurance agency is offering you a very low price. This can mean that their policy doesn’t cover a certain key aspect or that they may be difficult to track down when the time comes to make a claim. With that being said, it’s better to invest in a reliable and comprehensive insurance policy that covers all your needs than to experience some sort of calamity and not be able to the deal with the subsequent financial costs.