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The UK economy yet to recover from the financial crisis completely. Therefore, it is difficult for a motor trader to withstand in this economy without adequatet insurance coverage. If a company does not have proper coverage, it will land quickly in serious financial difficulties.
Even a single accident or claim against you can leave you in greater trouble. Therefore, car trade insurance is essential if you are in the business of selling, buying, maintaining or repairing motor vehicles. Even if you are running a part-time motor trade business, your insurance is compulsory in the United Kingdom.
Reasons behind the need for Traders Insurance
Public Liability Claims
Public liability claims include loss of income, medical expenses, and even mental agony caused by the accident. You have the legal accountability of any claims against you or your business. You need a traders insurance policy mainly because of the public liability claims.
When you are engaging in motor trade, you need to drive vehicles of your customers on a regular basis. It is essential to test drive them and to check the work you have been carried out. You will also get an idea about the works need to be completed if you drive it. You cannot drive a vehicle on the UK roads if you do not have adequate insurance.
You may have your own private policy. But it will not provide you protection when you drive your clients’ vehicles. You will get adequate protection from road risk cover irrespective of the vehicle you are driving. If you are paying money for repairing or replacing the damaged vehicle, you will further land in serious financial trouble.
Protection from Theft
The number of theft in the UK was very high during the time of economic crisis. This problem is still prevailing in this country. You can save money if you have the right coverage to protect your tools. Many of the tools in your vehicles are highly expensive. If you do not have adequate insurance coverage, you need to incur the cost of replacing them.
Protection from Floods
Weather in the United Kingdom is unpredictable. The country witnessed some serious floods recently. A good policy can protect your building from theft, fire, and storm damages. So, insurance protection is essential if your company is in the heart of flood areas.
Loss of Driving License
You need a valid driving license to run a motor trade business in the UK. It is also inevitable to carry out your daily activities. You need to face devastating consequences on the productivity of your business if you lose your driving license. Therefore, you need the right additional coverage on motor trade for protecting your license. So, even if you lose your license, your business will not suffer.
Traders insurance can protect your entire assets including equipment and machinery that are required for repairing vehicles. Besides, you will also get several other benefits. The motor trader insurance covers the expenditure even if your vehicle meets an accident when you transport it from one location to another. If you do not have proper insurance coverage, these types of damages are considered as the negligence of employers.
Motor Trade Insurance in your Business
You may have in-depth knowledge in the motor industry. But you cannot succeed in this business if you have only this quality. In fact, it is an essential requirement in succeeding in this business. However, you must also aware of the ways to get the best deals in selling, buying, maintaining and repairing motor vehicles. Just like any other business, profit is a precondition for success in motor trade business. Besides these, one more factor plays a major role in your success in this industry.
As a motor trader, you are responsible for keeping all your vehicles in good shape while they are in your custody. However, you must also foresee lots of unwanted incidents as well. They include driving accidents, car wrecks, theft, breakdowns, and many more. Your business will land in deep trouble if any of these events occur without the right trade cover to protect you.
You can find a number of car trade insurance companies in the UK market. So, you must find the right policy that protects your business completely. You can also compare the customized policies of these companies. Select one that provides you the best coverage at an affordable price. Competition in the motor trade industry is highly helpful for you to select the best policy that fits all your business needs.