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Which Motor Trade Insurance Policy is Right for You?

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If your business involves repairing, selling, buying or anything else that is in relation to vehicles then the chances are that you need some form of motor trade insurance. It is an essential part to your business to make sure if something that was out of your control happens, you have a back-up plan to ensure your business can continue to run. There are many different types of motor trade insurance available though so in order to make sure you aren’t under or over insuring yourself, we have put together a quick guide to understanding the policy types.

Third Party

A third party insurance policy is the most basic kind of insurance you can have for your motor trade business. This will only cover the business for injuries, any damage of the vehicles or in the worst case, death, for any third party member attached to the business. It is a legal requirement to have this type of policy if your business is any of the following: buying and selling cars, repairs, driving customer’s vehicles, repairing classic cars and run an MOT garage. For a little more cover you can opt for the third party fire and the insurance policy. This will cover your business for any theft or fires of any of the vehicles that belong to your business on top of the things already listed.

Comprehensive Policy

A comprehensive motor trade insurance policy is the highest level of insurance you can have for your business. This is because not only does it include the same cover as the third party fire and theft policy as listed above but it will also cover your business for any accidental damages that occur to vehicles associated with your business.

Liability Policy

A liability policy is essential if your business is encouraging customers to enter your premises. This is for businesses such as dealerships or garages. This will give you cover for any accidents that involve your staff or customers whilst on your premises. However there are many types of liability insurance including public, employers, product and sales. All of which will have to be researched in order to make sure you have the correct cover.

Combined Policy

A combined motor trade insurance policy will mean that it isn’t just the vehicles and the people that are covered for your business. This type of policy will also ensure you have cover for your money, tools and contents of the business, premises, vehicles and liabilities.

Overall, if you are just setting up your business, the different types of insurance products on offer can be overwhelming. However, if you research and tailor a policy to your business you will ensure you are paying the correct amount for the right level of cover. On top of this there are also varied payment plans on offer to so it really can be suited to every inch of your business.

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