Types of Motor Trade Policy
There are a couple of different types of motor trade policy that you should keep in mind when searching for motor trade insurance.
Combined Motor Trade Insurance
If you own a motor trade business that operates from a dedicated premises, such as a garage or sales showroom, you can take out combined cover in order to fully protect your business and workplace.
Motor trader premises insurance covers any buildings and their contents that are used by the business and its employees in the course of their work. Depending on your specific policy, your combined cover may also include some other features, such as:
- Sales and service indemnity
- Building and contents cover
- Business interruption insurance
- Business stock cover
This type of cover offers a higher level of cover than standalone motor trade insurance because the needs of these types of businesses are more extensive. There will be expensive equipment, customer vehicles and possibly money on premises, and the theft of any one of these elements can cause significant financial losses if they are not covered.
Road Risk Insurance Policy
Road risk insurance as part of your motor trade insurance policy covers all vehicles in your care during the running of your motor trade business. For example, if you work on vehicle repairs and you are dropping a customer’s vehicle back to them, you will be covered to drive their car for the duration of its time on public roads.
This type of policy is particularly useful for smaller businesses operating from private properties, such as engine diagnostics, MOT testing, vehicle sales or body repairs.