As a motor trade operation you will appreciate that insurance is a critical component of your business.
Asset Protection:
Insurance will provide asset protection against perils such as fire, accidental damage and theft to ensure that your business can recover financially and continue to operate smoothly even in the face of unexpected events.
Liability Coverage:
The day to day running of your business will involve various types of liabilities. Public liability insurance provides coverage in case of injury or property damage caused to third parties (customers, visitors, or members of the public). Product liability insurance is also essential for motor traders who sell or supply vehicles or parts, protecting them against potential claims arising from faulty products. Whilst Employers Liability insurance will safeguard you against claims from employees who suffer work-related injuries or illnesses. It can cater for legal costs and compensation payments, ensuring that the business can meet its obligations towards its employees in case of such incidents.
Road Risks Insurance:
If your business requires you or one of your employees to drive a vehicle, then road risks insurance is crucial. This type of insurance covers the business whilst driving your own vehicles as well as customer vehicles, including during test drives, transportation, and repairs. It safeguards against accidents, damage, or theft that may occur while the vehicles are in your custody and control.
Business Interruption Coverage:
In the event of an unforeseen circumstance, such as a fire, that forces you to temporarily suspend trading or reduce the activities undertaken, business interruption insurance can provide coverage for loss of income and ongoing expenses. It helps to mitigate the financial impact of the interruption, allowing you to resume operations in a timely manner.
Trade-Specific Coverage:
As a specialist broker, M & C Risk Solutions will tailor a policy to the specific needs of your business. Additional coverage examples may include options such as demonstration cover (for allowing potential customers to test drive vehicles), sales/service indemnity (protection against claims arising from incorrect advice or negligent servicing) and stock of vehicles coverage (for vehicles held for sale).
Please get in touch to discuss how M & C Risk Solutions can assist you and your business with a comprehensive and confidential risk review.
