Any business would do well to take out a number of insurance policies, no matter what trade they’re in. But if you’re in the motor trade, it’s especially important that you take a look at your setup and decide which types of insurance will be most valuable to you. In the UK, there are some forms of insurance that you must have under the law while you would foolish to go without others to protect yourself. Whether you run a garage, are a car dealer or work in logistics and haulage, you need to cover your business, your goods, and your employees. Keep reading to find out which features you insurance policy should cover if it doesn’t already.
If you own a fleet of vehicles, you need to insure them and their drivers so they can safely operate on the roads. This is one insurance policy that isn’t an option, as it is legally required. The world of motor insurance for businesses can be confusing and feel inaccessible because you need to go through a broker. But a good broker will help you to find the best policies, and could offer you combined ones that include cover for your premises and other areas. It can be more difficult insuring some drivers, such as those under 25 or with convictions. But some brokers specialize in helping you find the right policy, and it’s easy to get more information about the right provider for you.
Premises and Goods
Whether you work from home, from a garage or perhaps from a distribution center, you probably need to protect your premises and any goods you hold. As well as having insurance that covers the building in case of fire, break-in or other incident, the contents of your business needs to be protected too. Your insurance broker should consider both the tools and stock in your possession, as well as anything you may have to transport from one place to another.
In the UK, anyone who takes on employees must have employer’s liability insurance by law. These policies protect your business in the event of an illness, injury or even death for one of your workers. Compensation could be devastating if you weren’t covered by this type of insurance. If you don’t take out protection for your employees, then you could end up with a fine for £2,500 for every day you aren’t insured. It’s vital that you make sure you have either a separate employer’s liability policy, or it’s covered in your combined one.
As well as protecting your business from an employer’s point of view, you should also get public and product liability insurance. It isn’t compulsory, but anyone in the motor trade who chose not to use it would be taking a big risk. This type of insurance protects you in the event that a member of the public claims that your product, premises or work is responsible for their injury.
There might seem to be a lot of work to ensure that your motor trade business is adequately protected. But if you work with a good broker, they can help you find the right policy that includes all your requirements.