Legally, there are only two types of insurance that are compulsory: motor insurance for driving on the roads, and employer’s liability insurance. Any other types of insurance cover are purely optional, but there are some that make better sense than others, and motor trade insurance very definitely falls into that category.
By its very nature, the motor trade means that you are working with highly valuable assets, whether they are vehicles, specialised tools and equipment, or premises and they need to be protected to make sure that, if the worst does happen, your business does not suffer from a financial set back from which it cannot hope to recover.
The motor trade is a diverse industry covering a multitude of aspects that have an interest in vehicles, and as such motor trade insurance has to reflect this diversity. Policies can be arranged to suit individual circumstances and will include vehicles and goods in transit; motor trade liabilities; any driver; vehicle stock; commercial buildings, and tools and equipment, for example.
There is a huge amount of money tied up within the motor trade and it is imperative that this capital is protected from accident or deliberate damage, and from theft. It is also vital that vehicles belonging to your customers are also protected while they are in your care, and from (however unlikely) any faults that may occur as a direct result from being worked on by someone employed by you.
There is a variety of different policies for motor traders, so you can be sure that there will be one that suits your business and your budget. There are those that operate in a similar way to car insurance in as much as they are available as third party, third party fire and theft and fully comprehensive policies.
There are also policies that concern themselves with motor trade liabilities and there it is also possible to get combined policies that will cover all aspects of the business. Obviously, this will be more expensive, but the real question is, can you afford to be without it?