A Motor Trade Insurance policy is basically a contract between a motor trader and a third party; this is as a business or a full-time occupation; it doesn’t matter whether you own a limited company or are a single trader and only take on workers, you still need Traders Insurance. A Motor Trader’s Insurance policy protects you in the event of any claim of yours being denied, lost and stolen, in the event of damage, and also from the loss of your goods or stock if it is damaged or destroyed by some means.
As said before, this type of insurance policies are specifically designed to protect those who deal with vehicles for a living. If you happen to be a new trader who has just opened your own business then you’ll definitely need the protection of a Motor Trade Insurance policy to protect your investment. There are many companies that specialise in insuring Motor Trade Companies and you should certainly get some quotes for your policy from these.
There are insurance providers who specialize in insuring car traders and those who deal in vehicles as part of a hobby. There are some specialist companies which deal in insuring those who are involved in racing as well. This includes those that race for pleasure, racing for prizes or even racing for professional competitions.
Traders Insurance policies come in many different forms, which can vary according to what your needs are. The main areas of coverage will include theft, fire, and liability and also cover damage to your goods if they are stolen or damaged in a warehouse. Another important thing to remember is that there are different levels of protection that can be offered for different levels of risk.
You need to always find out what level of risk, your insurance provider is looking to cover in order to ensure you receive the proper protection. Some providers will only offer a limited amount of cover for damage while others may only offer full coverage; the point to remember here is to ensure that whatever level of cover you get from your provider, the level of risk you pose will be properly covered. This means that whatever level of risk you might have for your goods or your personal possessions will be fully protected. The same applies to the risk your customers’ goods pose.
If you operate your business in a high level risk then you may need to look at the additional protection such as fire, theft and liability insurance as they will help to protect your business if your goods are damaged or stolen. These are especially important if your business is involved in industries which are prone to these risks.
Motor Trade cover can also help protect the motor trader if your goods are stolen, damaged or stolen, and this is why Motor Trade Insurance is very important when dealing with goods as a business. When a customer who is not a member of your business shop is unable to return their goods and you don’t know who did it then they could take them to the company you have with you, then this type of theft could lead to all your work having to be suspended until your insurance can be obtained. In these cases a third party has to be involved to help you with getting the stolen goods returned. This is also very important to ensure that the stolen goods can be replaced.
It is also important to consider the cost of insurance if you decide to deal with goods that you are not working with yourself; the costs are often far higher than if you were to buy these goods from the dealer. This will often be based on the value of the goods and the amount of work that need to be carried out in order to get replacements.