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A Brief About Motor Trade Insurance
A motor trade insurance policy is a policy taken to protect the business of motor trade from risk. The policy can be taken out by both part-time and full-time motor trade businesses. Examples of motor trade businesses that fall within the preview of motor trade insurance include van drivers, car dealerships, commercial vehicles and motor traders. There is not a standard motor trade insurance policy that will suit all businesses.
Each policy is unique and caters to the need and requirements of individual businesses. Insurance companies give businessmen an option to choose the right policy for their business by providing them with expert support and guidelines of managing risk.
Most motor trade insurance policies are packaged with unique features and extras to protect businessmen engaged in a motor trade business. Cars are classified as high group or high performance categories, and command high premiums. Vintage or classic cars do not fall under the category of high performance motor vehicles and are not subjected to high premiums. There is no separate policy for motor traders engaged in business of motorcycles. However motorcycle insurance policies can be taken depending on the requirements of business.
A standard motor insurance policy must cover material damages, road risk, sales of goods and servicing of Public liability.
Road risk: The Road Traffic Act makes it compulsory for all vehicles plying on the road to take road risk insurance. This feature covers motor vehicles which ply on roads to fulfill their business obligation.
Material Damages: This risk cover is, at times, referred to as 'all risk cover' and protects the business against damages to stock, vehicles, buildings and goods.
Sale of Goods & Public Liability Servicing: Both these policy features protect the business from third-party liabilities. In other words, the policy protects the business from claims against damages sustained by third parties.
Apart from Standard Coverage, motor insurance companies give you extra insurance options that you may choose, to give extra protection to your business. Here are a few examples of extra options:
Business Interruption: This feature covers loss of profit suffered due to an unfortunate unforeseen event. This event could be fire, theft, natural calamity, etc. To get reimbursement for loss sustained, each event must be insured against.
Employers Liability: The coverage protects the business from liabilities from damages that occur due to loss or injury sustained by the employee when employed by the business.
Commercial Legal Expanses: This covers the expenses incurred by the business for fees paid to the solicitors. Expenses on court fees and cost of witnesses are also included in these expenses.
Computer Insurance: As the name suggests, this option protects the business from loss sustained due to damage to computers.
Group Personal Sickness & Accident: This feature covers you and the company's employees for injury sustained, or inability to perform their work due to injury.
There are many companies that specialize in selling Motor Insurance Policies. Most insurance policies are named differently, but the end result is that they provide the same cover. So take time to decide on the right policy that covers most business risks at competitive prices.
Author Resource:-
Eric Token is a freelance insurance writer that specialises in motor trade insurance. For more information about motor trade insurance visit today.
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