Why You Really Need Motor Trade Insurance for Your Business: Your Top Questions Answered
If your business is involved in the use of vehicles for trade, you will definitely need motor trade insurance. It’s an obligation under UK law, and you need to have it regardless of if you’re a simple man-with-a-van or you have a business with an entire fleet of vans or cars with the vehicles used by your workers on a regular or daily basis. If you don’t have the appropriate motor trade insurance and the untoward happens, you could well suffer the consequences, especially if you have to dig deep into your own pockets to pay for repairs. Here’s why you really need motor trade insurance for your business: your top questions answered.
When you need it
You will need motor trade insurance for your business if your business-owned vehicles are to be driven on public road networks. This is a requirement under the law, as already mentioned. You will also need particular motor trade insurance if you need a van, car, lorry, or a whole fleet of vehicles to run your business. If you have any tools or other equipment in your vehicles at any given time, you will need motor trade insurance as well. The same goes if you have a business involved in the transport of goods.
Apart from ensuring that your vehicles are covered, you may also have to ensure that anything else used for your business is covered as well. This includes your tools and machinery, business premises, stocks and inventory, and other equipment you use.
The benefits and advantages of motor trade insurance
With motor trade insurance, you can have your vehicles insured against theft, accidental damage, and fire, but aside from this, you can protect your whole enterprise with the right motor trade insurance coverage. Even if something goes wrong or something unexpected occurs, with the right motor trade insurance policy, your business can continue to run and operate. One main benefit of this type of insurance is that you can tailor your policy so that it fits the individual requirements of your business. What this means is that you can basically insure all you have that is valuable to your business in one single insurance policy. When you take out a motor trade insurance policy, you can also get coverage for liability and road risk, so even if you have to drive clients’ vehicles, you are fully insured (this is great for car valet services). You also have the opportunity to include a spouse or partner in the policy for an additional fee – and the fees will often be reasonable. This allows you to save money on a domestic insurance policy as well.
There are different kinds of motor trade insurance policies as well, so it’s best to choose the best kind depending on your requirements, as confirmed by a reliable and reputable motor trade insurer, Tradex. You can benefit from a specific minder policy, for instance, such as mechanical repairer insurance, valet insurance, breakdown and recovery insurance, or windscreen fitter insurance, or you can benefit from a trader policy such as car dealer at premises insurance or commercial vehicle importer and exporter insurance. It’s essential to choose the right policy, but once you choose one that’s wholly suitable for your needs, you have the added peace of mind knowing that you are protected at all times.
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