Motor trade insurance is available to those that work buying, repairing, maintaining or selling vehicles, no matter how large or small their business is. This includes businesses such as importers and exporters, accessory fitters, windscreen fitters, commercial or HGV vehicle dealers and even those that operate within the breakdown and recovery industry. In order to stay competitive and maximise products in these difficult economic times, it makes sense that these businesses would want to minimise their outgoings on essentials such as insurance, with this in mind, here are a few tips on how to keep the cost of traders’ insurance low.
One of the best ways to keep the cost of insurance low is to have a good working knowledge of your insurance needs so that you don’t over insure yourself. When talking through the details of your policy with specialists such as Staveley Head Traders Insurance, be as specific as you can about your needs to ensure you are covering the basics, but not paying out for extras you don’t need. For example, one of the main benefits of having motor trade insurance in place is that it takes the pressure off you or your staff when working on or driving a range of vehicles. However, it may be that not all of your staff needs to be covered by the policy, or at least not to the same degree. By limiting the number of drivers covered by your policy you could make significant savings.
You may also find that you do not need to take out the top level of trade insurance. Like vehicle insurance, motor trade insurance can be purchased with differing degrees of cover from basic third party insurance, right through to fully comprehensive. You are also able to take out business-specific cover such as liability motor trade insurance, which protects those who have customers entering their work premises. Combined motor trade insurance provides the highest level of protection, covering those who work on business premises and also from home.
The type and size of the business you operate will of course make the biggest impact on the premium you pay, and those who carry out more hazardous activities, such as salvage, are likely to have higher premiums. Having solid health and safety regulations in place is always sensible, but don’t be tempted to play down any hazards involved as it’s important to make sure you have adequate cover in place in case the worst should happen.
