Bollington offers a full range of policies to suit all aspects of the motor trade. As a specialist motor trade insurance broker, we have created bespoke policies and exclusive schemes to suit the types of customers we work with on a daily basis. This means that many of our products cannot be found elsewhere from other brokers or by going direct to insurers – they are unique to Bollington. We are passionate about the motor trade.
We don’t work with a single insurer – we work with a whole range of insurance companies with an appetite for motor trade business. A list of our insurers include Ageas (formerly Groupama), Aviva, AXA, Travellers, LV, Tradewise, Tradex… the list goes on. Don’t worry if you haven’t heard of some of the names – we are FCA authorised, and as such, we only use approved insurers.
Working with such a wide variety of insurance companies gives us the ability to cater for not only the main areas of the motor trade, but also those areas that are more unusual. So whether you recover vehicles, collect/deliver vehicles, run an MOT workshop, sell vehicles at the side of the road, carry out mechanical repair or simply fix cars at the weekend – we have a policy to suit you and your business.
So here is a summary of the types of insurance available to the motor trade:
Road Risk Only
Covers you for your minimum legal requirement to drive vehicles in your possession, custody and control as part of your motor trade business operations.
Third Party Only is the basic requirement by law. It covers your responsibility to any other person or property involved in an accident with your vehicle.
Third Party Fire and Theft is one step up from Third Party Only. This covers your responsibility to any other person or property involved in an accident with your vehicle. It also pays if a vehicle is stolen or damaged in a fire.
Comprehensive covers injury or damage to you and your vehicle as well as injury or damage to other people and vehicles involved in an accident with you. It will also cover you if no other vehicle is involved.
This can include:
Customer vehicles on your premises
This relatively inexpensive cover is designed to cover your tools! You need your tools to carry out your work and it can be easy to underestimate how much those tools would cost to replace if they were stolen. It can cover hand-tools, power-tools and equipment for loss, damage and theft.
You can insure your tools up to the value of £50,000 for larger operations (there will be security stipulations etc. in this case).
Public & Employers Liability
Public liability insurance pays out in the event that a mistake is made by you or your employees which causes an injury to a customer, member of the public or their property.
The most common type of public liability claim is a trip or slip by a customer. If for example a customer enters your garage, slips on a spillage and is injured as a result, they may claim for compensation. Public liability can cover the cost of this claim.
Business Interruption insurance can protect your business from unforeseen circumstances that may result in loss of income. It’s important to think about your business if you were affected by a fire, flood or major theft which left your business premises unusable. This is sold as an add-on to the main buildings insurance and not as a standalone policy.
As insurance for the premises will only cover the physical damage to the business, this additional cover protects the profits that would have been earned during that time. It is designed to put your business back in the same financial position it would have been if no loss or damage had occurred.
This cover is extremely valuable if your business is hit by a peril, and can often be overlooked. It can be purchased with different timescale increments – 12 months, 18 months and 24 months.
Money – held on or off premises including whilst in transit
Personal assault cover
Loss of MOT License
Fleet of vehicles
Engineering Inspection Policy
Working in the motor trade industry, you are potentially exposed on a daily basis to machinery and plant that could cause injury or accidents if not properly maintained.
Bollington can arrange an annual inspection policy which gives you easy access to engineers qualified to inspect your equipment and machinery and certify its safety. This will give you peace of mind that you are satisfying your statutory requirements under health and safety at work legislation and ensure that you are in a position to defend a claim if an allegation is made against you. Meeting those obligations is important to ensure that your insurance remains in force if the worst were to happen.
Working with a number of reputable partners, Bollington is able to provide direct access to professional and low-cost inspection services. The range of services includes (but not limited to):
- Lift and handling equipment
- Pressure plant
- Local exhaust ventilation equipment
- General work equipment
- Electrical inspection and testing (Institute of Electrical Engineers (IEE) regulations)
- PAS 43
- Other inspections available on request
It is suitable for all types of motor traders and is offered at affordable premiums that start around £200 + VAT. Whether you have a complex or straight-forward inspection requirement, Bollington can arrange your inspections quickly and without fuss.
With an average hourly rate of an experienced solicitor around £220 per hour plus VAT, it’s no surprise that legal costs can escalate out of control quickly. Buying a simple legal expenses policy can protect your business from the cost of obtaining legal advice and/or the costs of bringing or defending a court case. This cover is not designed to pay actual damages resulting from court action.
This covers legal and professional fees, costs and expenses of legal proceedings in respect of
- Disputes with employees
- Contract disputes
- Debt recovery
- Jury service and court attendance
- Protection of licences
- Tax, VAT, PAYE and NIC investigations
In an era where litigation is becoming more common place with huge costs attached, this cover should be considered an essential part of your insurance package and not one to be ignored.
Legal expenses policies start at a competitive £59.36 including insurance premium tax for a full years cover. Don’t forget you can spread the cost of this cover with your motor trade insurance.
Directors and Officers
As a Company Director, there is a legal and moral obligation to run your company in a responsible way. Every day that your company is open for business is a day when your company or you as an individual are at risk of an accusation of wrong-doing resulting in an action being brought against you. These could stem from a variety of sources including your own employees, suppliers, customers, fellow directors and shareholders.
Your business could also be investigated without notice from any number of industry regulators. If this does happen, you and your Directors could be held personally liable putting personal assets at risk.
This cover is available to most types of businesses including limited companies, sole traders and partnerships.
Management Liability covers legal costs, awards and settlements for any civil or criminal law suit made against you as an individual. This cover could therefore protect your assets should you receive an allegation and require legal support for cases such as unfair dismissal, employment tribunals, director/owner disputes, compensation awards and TUPE protection.
A Management Liability Policy offers extremely valuable cover, with protection for personal assets to Directors. There is also the ability to add Employment Practices Liability and Company Liability to your policy which gives wider cover. Premiums starting at £3.50 per week*
|Employee Death Following Tyres CollapsingA fatal accident led to an investigation by the police and the HSE. Charges of manslaughter and Health and Safety breaches were made against the company and its directors.Costs in the case were more than £125,000||Unfair Dismissal Against a HGV Training CentreAn employee who was dismissed after being spotted in the pub when he should have been working made a claim against his former employer. He claimed that his manager knew this had been going on regularly at lunchtimes.His claim was rejected but the company incurred legal fees of £11,000||Theft through Employee CollusionA vehicle rental group was the victim of a lengthy fraud carried out over 18 months. During this time a number of employees at one of its locations colluded to steal more than £90,000.|
* Annual premium starting at £150 + IPT
Don’t forget you can follow us on Twitter, Linked In, Google Plus and Facebook. We produce regular news alerts that you may find useful.