The motor trade covers everything from showrooms displaying the latest models behind plate glass windows, or vast yards filled with new and used cars, to small traders who work part time from their own homes, for sales, repairs and servicing. Insurance is equally important at both ends of the scale, but some traders might not be sure whether they are covered for their own or their customers’ vehicles if they do not own separate business premises as a place of work.
Motor trade insurance covers vehicles for sale as well as customer cars and vans while these are in the care of the business owner, protecting traders from costs incurred by accidental damage. Business owners who use a car or van for transport relating to their job will also need a commercial policy to cover their work miles. Just like private policies, there are third party only, third party, fire, and theft, and fully comprehensive levels of cover, so traders can choose an appropriate policy for their requirements.
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The good news is that it is possible for full or part time traders working from home to take out commercial cover. It is very important for all traders to let the insurer have as much detailed and accurate information as possible about the business, otherwise the insurer may not be obliged to pay in the event of a claim. In particular, insurers need to know whether a trader is working full or part time, whether their home doubles as their business premises, and whether any employees are under 25 years old.
With a little research, motor traders big and small should be able to find a policy to suit their needs and pocket. Having the right cover provides reassurance not only for business owners, but for their customers too.