For those in the motor trade, insurance isn’t a convenience so much as a necessity. Like any aspect of your business, it’s well worth going to the effort to compare traders insurance quotes.
However, it’s more than just a case of seeing which one is the cheapest. Different policies suit different people for different reasons; the cheapest option may leave you vulnerable in an area vital for your business. When you consider insurance comparison quotes, you should keep these factors in mind:
What kind of business do you run?
Many different businesses operate in the motor trade industry. Traders insurance covers them all in different ways, with different levels of coverage. For example, a car mechanic will need different coverage to a car dealership – and a new car salesman will need different coverage to a used car salesman. Given that many businesses offer some mix of the various types of motor trade services, this can be more complex than it seems.
What kind of cover do you actually need?
Whilst comprehensive cover is the safest bet, it’s also the most expensive. Depending on the type of business you run you might be better off taking third party insurance or third party fire and theft, or you may even want to specialise this to individual vehicles or specific circumstances.
Do you need cover for your vehicles, for your premises, or for both?
There are usually deals to be had by incorporating insurance for your premises with that of your vehicles – but then again you may have an existing arrangement on the building, or one for your vehicles. Plus depending on the nature of your business, you may not actually have much need for insuring your premises. Likewise you may not need insurance for vehicles – some policies for premises insurance can include the vehicles as long as they’re securely stored on your premises. Another aspect of cover to consider is do you need demonstration cover for your cars? Obviously of limited use if you’re a mechanic but vital if you’re in car sales.
How much indemnity do you need?
This is a little obvious but it would be remiss not to mention it as it’s one of the most important factors in your insurance. Just how much are you likely to claim for – and just how much can you afford? It’s essential you consider this carefully as a mistake here will lose you money if you under or overestimate this amount.
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