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In the last 5 years alone there have been over 7000 accidents in the Motor Trade and Repair industry.

Having insurance to protect you or your employees is essential, even if you only work Part Time.

 

Who needs Part Time Traders Insurance?

A Part Time Motor Trade Policy is essential for anyone who works with cars and vehicles on a part time basis.

This may be to supplement another form of income or just as a side project from your home.

 

What do I need to consider?

It’s important to understand what vehicles are insured when taking out a policy – and also who is insured to drive them.

It’s important to consider whether you will need to:

  • Insure Customer’s Vehicles so you have the ability to road test customer vehicles, if you have done repairs on them for example.
  • The level of cover you take out Third Party, Fire and theft or Fully Comprehensive.
  • Demonstration Use to take prospective clients out accompanied in a car to test it before they purchase it.
  • Multiple motor trade activities, for example you may be a mechanic and occasionally you will need cover whilst recovering vehicles on the back of a truck.
  • Additional business use to cover your own vehicles for use in connection with your primary occupation, such as if you are a builder.

 

What level of cover will I need?

There are 3 different levels of cover available:

  • Third Party will cover any damage to a vehicle belonging to a third party.
  • Third Party Fire and Theft this includes cover for your own vehicle if it were to be damaged by fire or stolen.
  • Fully Comprehensive the highest level of cover available and will provide cover for a car belonging to a third party but also one belonging to you as well.

 

What is covered under a Part Time Motor Traders Policy?

Cover can be arranged to protect all aspects of your business including:

  • Road Risk
    To cover you driving vehicles belonging to your customers or those you currently have as stock. Cover can also include anyone in your employment.
  • Public Liability Insurance
    If you have customers or members of the public visit you at your place of work then it is essential that you have cover to protect yourself should anyone have an accident and you are found to be at fault.
  • Employers Liability Insurance
    This is a legal requirement by UK law if you employ any staff whether full time or voluntary.

 

This will cover you should an employee have an accident or fall ill as a direct result of working for you or your negligence as an employer. In the past 5 years alone 33 fatalities have been recorded by the HSE as having occurred whilst repairs to motor vehicle were taking place. It has never been more important to make sure that your business is fully protected against accidents in the work place.

 

Tools Cover

Tools Cover can cover the cost of replacing equipment if any tools were to break down or be stolen preventing you from carrying out your work. Tools can be expensive and essential to your business and therefore should not be undervalued.

Buildings Cover

In case any damage should occur to your property, whether this be accidental damage, fire or flood.

Not only can Buildings Cover help pay for the costs of repairs but also provide temporary accommodation should you need it to continue with business.

If you work from home, you should check as to whether your Home Insurance policy covers any damage caused by business activity.

Likewise, if your Buildings Insurance for your business covers finding alternative accommodation for work, you should also ensure that it covers accommodation to live in as well.

 

Vehicle Indemnity

When setting up your policy you will need to carefully decide on an appropriate indemnity limit that you think will cover the maximum value of any vehicle you will require cover for whilst it is in your custody or control.

A vehicle indemnity is the maximum amount the insurers will pay out on a claim for a vehicle on your policy.

This figure does not relate to the amount the insurers will pay out on third party damage which as a rule is unlimited.

It is worth taking the time to fully calculate an accurate level as you will not want to over pay for a valuable vehicles that it will be highly unlikely you will take custody of, on the flip side you won’t want to under insure and risk leaving your business exposed.

 

Trade Value Cost

If the loss is of your own vehicle then the trade value cost will be covered.

Your insurer will only pay out so as long as you have taken out the appropriate level of cover. If it is a customer’s vehicle then retail price can be paid out.

 

If you have any questions about the type of cover you need then contact our team on 0333 003 0042 who will assist in answering your questions.

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