Different types of insurance policies are available for those in the motor trade. If you are selling vehicles or you provide servicing for them, then you are in this industry. The law mandates that all businesses in this trade must get the basic coverage, which is Third Party Only (TPO) protection.
Other types are fire and theft and comprehensive insurance. There is also other coverage that is focused on specific areas such as tool coverage for tools used in the trade and stock vehicle coverage that will protect the vehicles that you sell in case of fire or theft. Here are the people that need motor trade insurance.
Motor traders are those that sell vehicles, whether it’s their part-time work or full-time business. Some protection plans are ideal for start-ups, while others are geared towards bigger and more stable companies. The road risk is less expensive, although it only offers coverage on road incidents, making it a practical option for those that are new to the trade or are operating from home. Combined motor trade insurance, on the other hand, covers not just the vehicles on the road, but the stocked vehicles, the premise where the business operates, machinery, tools, and more. This is recommended for medium to big companies that operate on-site.
If you are moving vehicles for a fee, motor trade insurance is also for you. Vehicle collection and delivery insurance will keep the cars that you transport covered in case of mishaps on the road. For instance, if you are delivering a car that was purchased from an auction to the place of the customer, this is coverage that you will need.
Exhaust and tyre fitters
There are various coverage types to consider if you are in this field of work. There should be enough protection for the vehicles you service, your vehicles, the tools you use, and your premises. Another type of insurance to consider if you are in this field is liability insurance as it will give coverage in case something happens as a cause of the work that you’ve done.
Those that provide recovery services will find motor trade insurance helpful. Like vehicle movers, their vehicle and the vehicles they transport or move will also be covered in case of an accident.
Even those that look after parked cars can get the insurance that will protect the vehicles that they are looking after. Some of these people are those who work in paid parking and car storage facilities.
Fixing a customer’s car also has its risks. The right coverage will protect you from loss if unwanted things happen like damage or theft. Some of the policies to consider are those that will cover your customer’s vehicle, your tools, the premises, the people around your building, and machinery, etc.
If you are planning to get this type of insurance, the right motor trade insurer can make the process easier and hassle-free. These experts can determine the most appropriate coverage for the kind of business or work that you do.
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