Motor Trade Insurance

What Motor Trade Insurance is Covers?

There are numerous companies which package together policies to cover mandatory requirements, those usually required by clients/customers and sensible risks for a businesses.

Road risk

Road risk insurance - covers vehicles belonging to or connected with your business and lets you take vehicles on the road and to trade legally. Usually available as fully comprehensive, 3rd party fire & theft or third party only. It doesn't cover loss or damage to vehicles at your business premises.

Combined policies

What does employers liability insurance cover?

• Employers' Liability Insurance is required for the benefit of employees - so that in the event of their injury or harm then their legitimate losses/injuries will be covered, as will business legal fees.
• Public Liability Insurance covers your business against the risk of causing bodily injury or harm to the person or property of a third party, and which has resulted from your ownership, use and/or maintenance of the insured business premises and services.
• Other important and insurable risks you may wish to cover include:
  • Public liability - depending on your line of business, also think about:
    Sales indemnity - cover against claims over the sale or supply of substandard vehicles
    Defective workmanship - also called Repair, Servicing and Maintenance - to protect against losses arising from failure of repairs
  • Product liability
  • Material damage
  • Demonstration cover
  • Business interruption
  • Engineering inspection*
  • Goods in Transit - Own Goods
  • Theft by employees
  • Legal expenses
  • Computer insurance
  • Deterioration of stock
  • Uninsured loss recovery
  • Group personal accident and sickness

You will need to consider the benefits to your business and obtain quotes from several insurers before comparing the cost v. benefits of one insurer over another.

* Engineering Inspection - it's not really insurance cover as such. It provides you with an inspection schedule for equipment (lifting plant, gearboxes, etc) required under law. The insurance company or a specialist service company working on the insurer's behalf carry out the inspections.