A business which is associated with selling, repairing or servicing vehicles will need to be financially covered in the event that a lawsuit or a similar claim is brought against the firm. This is why possessing a targeted motor trade insurance policy is critical. What do you need to consider when choosing a package?
Proactively Communicate with a Broker
Speaking with a broker is one of the best ways to clarify what type of policy you require and how much you are willing pay. It is also wise to consider paying the cost as one lump sum as opposed to choosing monthly premiums; the broker will likely provide you with a discount.
Only Choose Coverage that is Necessary
Similar to any policy, it is wise to select a specific traders insurance policy based upon your needs. For instance, a business might require liability insurance if the general public regularly visits its premises. Conversely, a larger firm could instead opt for combined trade insurance. This package covers additional concerns such as the contents of vehicles, tools and theft. Making an informed decision is the best way to save money while simultaneously enjoying the appropriate level of coverage.
Understanding a No-Claims Policy
A no-claims clause within an existing policy can represent a very powerful addendum and it is wise to choose an insurer that is able to offer such a bonus. From a general perspective, a no-claims clause will provide you with lower premiums in the event that a claim has not been filed for a specific amount of time. In other words, the insurer will feel that the company is less of a financial risk; ultimately resulting in reduced rates.
Setting up a Business
Let’s never forget that this is a highly competitive industry. It is therefore necessary to take a number of steps when establishing a new business. Notwithstanding possessing the proper level of motor trade insurance, there are some other worthwhile suggestions to note. These include tasks such as obtaining the proper amount of financing, registering the firm with the appropriate tax authorities, establishing your brand identity and creating a viable online presence.
The good news is that a targeted and well-rounded insurance policy will provide owners with a peace of mind so that they are able to focus upon these additional core concerns without sacrificing their coverage requirements.
Excesses to Consider
There can be instances when a business owner will need to make a claim against an existing policy. Insurers often require that a contribution is made. This is referred to as an “excess”. Please note that this amount should be clarified from the very beginning so that no unexpected charges will be incurred further down the line.
These are some of the best ways to obtain a reasonable motor trade insurance policy in no time at all. Please stay up to date with The Financial Fairy Tales if you would like to learn about even more everyday money-saving advice from experts.
