What are the Motor Trade Insurance Types Available
Motor trade insurance is essential if you are involved in buying, selling, maintaining, or repairing automobiles. It is an essential cover if you use commercial vans or motorcycles for the conduct of your business activities. There is no telling when an unwanted event that can bring your business activities to a standstill will take place, and that is why buying such cover nonnegotiable. One advantage of the cover is that it is highly flexible, meaning you can tailor it to the needs of your business. It comes with an array of options that you can select for your needs, and these are mentioned below.
Persons or firms that handle vehicle sales, fitting, or mobile tuning are required to purchase third-party only insurance cover before offering such services. The cover is basic and caters for third party injuries, property damage, or fatalities that may result from vehicles that are connected with the business or business owner.
In addition to the cover provided by third-party only insurance, a third-party fire and theft offers cover in case of theft or fire damage to vehicles connected to your business.
A comprehensive cover offers the benefits of the two insurance types mentioned above but also extends coverage to include accidental damage to the vehicles in the possession or ownership of the business in question. The three insurance types form what is called the road risk type of cover that is meant to protect a business owner from looses that may result if anything happens to its vehicles or those left in its premises by clients.
Liability cover, on the other hand covers you for any type of injury that could befall your customers or damage to their property due to your negligence or that of any person in your premises. An injured client may sue for property loss, lost income, legal costs and others. For instance, if a customer brings in a vehicle to your body shop for paintwork but is injured on his way out due to spilled oil on your floors, he could sue for things like loss of income, medical treatment, legal fees and others. Your company could face bankruptcy if the compensation you are required to pay out is massive, and that is what the liability cover aims at eliminating.
A combined motor trade insurance cover offers the most form of financial protection to a business entity. It is designed for a business that has large premises that comprises of a garage, car showroom, forecourt, and MOT center. In addition to covering vehicles, all the equipment, tools, cash, and other items are covered by the combined motor trade insurance. Therefore, your motor trade business will get protected from all the angles. A trader who buys this cover is assured of peace of mind because he is covered should any eventuality that threatens his business take place.
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