Real Insurance are specialist Motor Trade Insurance brokers based in Mansfield, Nottinghamshire, specialising in “established” Service & Repair Garages, MOT Test Centre’s, Body Shops and Car Sales. We look after hundreds of established businesses not only in and around the Nottingham area, but further a field to South Yorkshire, Derbyshire and throughout Leicestershire.
Why do I need Motor Trade Insurance for my business?
If your business is the repair or sales of vehicles, a motor trade insurance policy is an essential part of what you do on a daily basis. Whether you spend most of your day in your garage premises under a bonnet, repairing engines or you are keeping your customers Legal providing MOT tests. Keeping your customers pride and joy in perfect shape as a body shop, replacing and repairing body panels, or finishing the vehicle to that showroom condition.
The motor trade sector is huge and diverse, from mobile SMART repairers or PDR specialists at one end through to franchised motor dealers at the other with millions of pounds worth of vehicle sales stock and large service facilities.
The vehicle repair sector isn’t really like other businesses when it comes to insurance, whilst some of the core insurance requirements might be similar, driving vehicles on the road is a daily necessity.
The key difference is that you are involved with all types of vehicles such as cars, commercial vehicles, vans, motorcycles or more specialist areas such as motor homes or vehicle conversions. Having a motor traders insurance policy that includes Road Risks insurance is essential.
What is Motor Trade Insurance?
A traders insurance policy is insurance cover that protects anyone whose business deals with vehicles of any kind.
Whilst the Road Risks Insurance element is the part that allows someone in the trade to legally drive their customers vehicles as well as their own vehicles too that are used in the business all on one policy.
Having Road Risks insurance though is just one part, making sure that vehicles are covered whilst in your possession at all times is why a motor trade combined insurance policy will provide wide ranging protections even when your customers vehicles are left with you overnight.
Because a combined insurance policy has many sections, it can protect vehicles and essential business machinery should the worst happen, unfortunately a fire at your premises can be a huge problem, as can a theft for instance of portable hand tools.
Garage Machinery and Equipment, such as vehicle lifts or ramps, Hand Tools including vehicle diagnostic equipment and other important garage or workshop contents are there to repair vehicles, so it’s essential that these have insurance protection in place.
Even car sales pitches with just a portacabin need protection against storm, flooding as well as anything nature can throw at it as well as theft.
To keep you in business, Business Interruption Insurance which will continue to pay the business overheads whilst the business is rebuilt, and you can get your business back on track.
Liability Insurance for a Motor Trade business
Whilst most garage owners and businesses will know, Public Liability insurance for any business in the motor trade is essential, garage owners, body shops and vehicle sales pitches have their own special needs as work is being carried out on vehicles.
Working on vehicles can have its risks, sometimes by carrying out repairs can make the situation worse and do more damage, this is where special covers on a motor trade policy come in to play such as Defective Workmanship Insurance. This will protect you should you do any damage to your customer’s vehicle.
Sometimes with the best will in the world, Cars Sales businesses can sell a vehicle that might cause loss or damage to someone after its been sold, cover for Sales Indemnity can be included in the liability section of a traders policy.
MOT Testers, Mechanics and Technicians, Vehicle Bodywork specialists, Vehicles Sales all work for you in your business, it’s law that if anyone is employed in a business, even if voluntary then Employers Liability Insurance is required.
Types of Road Risks Insurance cover
Third Party Only (TPO) Most businesses in or relating closely to the motor trade are required by law to carry TPO cover for the vehicles they use and work with, especially if their work places them or their employees ‘behind the wheel’ for even a short period of time. Any driver named by a TPO motor trade insurance policy may drive vehicles for a purpose related to the motor trade, and any damage caused to someone else’s vehicle as a result is covered (but read the fine print!).
Third Party Fire and Theft (TPFT) One step up for TPO, TPFT motor traders insurance covers damage to or loss of the vehicle itself through fire or theft in addition to any harm done to third parties or their vehicles. Without at least TPFT cover, the business could be liable for any such damage or loss suffered by the vehicle’s owner.
Comprehensive Motor Trade Insurance, Comprehensive cover is much like comprehensive cover for your personal car. It will (depending on its precise terms) reimburse the policyholder for accidental damage to any vehicles they own or have access to in the course of their work, in addition to the protections discussed above.