If you run the sort of business where you and your employees interact with or drive customers’ vehicles, you’ll need special insurance to protect yourself in the event of damage, accidents and other matters.
Note that this sort of insurance is legally required under the Road Traffic Act 1988. It is better to be safe than sorry, and with cover in place your business can continue with peace of mind.
Below are three considerations which will point you towards the right policy for your needs.
If you are questioning who needs motor trade insurance, we have the answers here.
What sort of policy is best for me?
As with private vehicle insurance, different policy levels exist.
The basic Third Party Only is the minimum requirement by law, offering only rudimentary protection. If you smash into a third party, their costs are covered by the insurer, but the vehicle you drive won’t be covered.
Third Party, Fire and Theft gives coverage for your own vehicles, while Comprehensive insurance deals with everything above as well as any malicious or accidental damage plus flooding.
Some insurance policies, such as Combined Motor Trade Insurance, can stretch to cover your premises and more. If you engage with the public, consider expanded packages such as Product Liability, Public Liability and Employers’ Liability insurance.
Policies can cover niches such as Vehicle Sales insurance, Bodyshop and Mechanics insurance, MOT Garage insurance and Vehicle Recovery insurance.
This site explains different forms of insurance.