Bollington Motortrade offers advice to home motor traders thinking about expanding into premises. As a large independent insurance broker, Bollington Motortrade is well placed to offer sound advice on all aspects of motor trader insurance. We talk to thousands of motor traders every year about their motor trade insurance requirements and have strong connections to quality insurers such as Aviva, NIG, Travelers, Allianz, Covea (formerly MMA), Tradex and Axa to name a few.
All businesses, whatever the industry, will at some point look to expand. It is only natural and is a common development in the motor trade. Moving from being a home-based trader to one with more established garage premises will generally mean your business is going to run on a broader scale and need a wider range of insurance covers. After all, your requirements will become more extensive, with staff, stock parts, tools and equipment to cover, and you may offer different levels of work to your customers.
If you are a home-based business that buys, sells and repairs vehicles, and therefore drive vehicles you don’t personally own in order to conduct your business, we would recommend that Road Risk Only cover will often suffice. This will cover you for driving vehicles on the road and at home. However, if you have a garage, this cover will not offer protection for your vehicles while at your garage premises. This is a commonly misunderstood part of a motor trade policy.
Once you start trading from premises, you will need to take out a traders combined insurance package, which can be customised to suit you and your motor trade business. A traders combined policy will offer a number of different policies together in one package, including road risk only, public liability, employers liability (if you have staff) and All Risks cover (also known as material damage) as standard. There are also many extensions available to give you added protection, including money cover, business interruption, engineering inspection policy and additional business use.
Motor traders often comment that they experience a rise in insurance premium when trading from premises, and some many find this additional expense tough when expanding a business at the same time. However, the longer you remain in the trade and remain claim free, your insurance premium is likely to get better as you become more established and experienced. There are facilities in place to help you spread the cost of your initial premium, and these can be offered at competitive rates.
It can help to speak to a specialist motor trade insurance broker rather than an insurance company directly, or using a website to obtain a motor trade quote. A broker can offer a range of options to suit your business rather than looking at a single policy that they sell. This is a great way to reduce the additional premium and ensure that you are adequately covered.
Contact us now for a traders combined quote and advice on what packages would be best for you.