Why Having Motor Trade Insurance Is So Important
Why is having Motor Trade insurance so important? Well for one, it helps protect your business, and it does it in so many ways. One of them is protecting your business against theft. Whether that is theft of your own motor vehicle, any stock that you have or other things related to your motor trade business that you might need insuring – such as a recovery vehicle for example. In the event of a break in, whether that is at a home premises or a specific business premises you will have high value items that need to be insured.
Demonstration cover is another aspect of Vehicle Sales insurance that you may want to put a great deal of thought into. And that is because it one of the best ways of getting the best from your Vehicle Sales insurance policy, as it allows your prospective customers to test drive the vehicle you are selling them. Whether that is a sports car, hatchback or saloon – most, if not all, prospective customers will want to have a drive in the car they are looking at. This is what demonstration cover is meant for, to insure your stock of vehicles when a customer is driving them.
Public Liability Insurance
Public Liability insurance is a product of motor trade insurance that not only protects you, but actually also protects the public too. If you in the vehicle sales world there’s a very good chance that you will be interacting with customers at a premises. Whether that premises is your home address or if you have a specific business address to work from. Any type of motor trade business can be a hazardous environment especially one with huge pieces of moving metal objects such as car, so it’s paramount that your business is insured in case of an accident.
What Other Liability Insurance Cover Is Available?
Other Liability insurance is also available, and some may be mandatory due to being a legal requirement. An example of a Liability insurance product that would be a legal requirement of your business regardless of whether you are getting Vehicle Sales insurance or not is Employer’s Liability insurance. It is required if you have any employees working for year, in any capacity. There are some exceptions such as family members but it is always best to check and make sure you don’t need it. As you can be find a substantial amount for every day you aren’t properly insured.
Product Liability Insurance
Product Liability insurance can also be added to your Motor Trade insurance policy. It’s a liability protection that means if you put a part on a customer’s car and the product is faulty, therefore causing damage to the car your insurer would cover damage to the customer’s vehicle for example. However if you are looking to get the best out of your Vehicle Sales insurance then Product Liability insurance may not be the best way of going about that, as a motor trader in vehicle sales adding products to the customer’s car is probably not very common, therefore less risk.
Open Claims on a Motor Trade Insurance Policy
Open claims are something you might experience even with the best Motor Trade insurance policy, and sometimes your insurance premium goes up after an accident that wasn’t your fault. Which will leave you asking the question: Why has my Motor Trade insurance policy gone up in price when the open claim wasn’t my fault? This can be for many complex reasons, and therefore isn’t a straightforward answers that can be easily summed up in a paragraph. Your motor trade insurer would be the best person to ask, as they will have the knowledge of your case to answer your queries.
Motor Insurer’s Database
MID is short for the Motor Insurer’s Database, and like insurance it is not only an important part of being a motor trader but an integral part of being a motor trader. What is the Motor Insurers Database? The Motor Insurers Database is where you, as a motor trader add or remove vehicles that are currently in your possession to your insurance policy. For private cars it is usually done by the insurance companies, but traders are allowed because of the amount of cars they will be adding and removing. Therefore with the trader having access it’s quicker for everyone involved.