When you run a business that involves driving or repairing other people’s cars, you need to have some form of trade insurance in effect.
This applies even if you operate a part-time vehicle repair service from home; in fact, if you ever have cause to work on or drive other people’s cars, you should always check that your insurance cover will provide you with the necessary support if something should go wrong.
Undertake an annual review
Running your own business takes up a lot of your time, so you are probably happy enough to sign up automatically for another year when your motor trade policy comes up for renewal. Lots of traders are guilty of doing exactly this; however, you could end up paying more than you need to. Worse still, you might discover that your cover is not sufficient when you need to make a claim.
Perhaps you have taken on some extra members of staff recently, or perhaps you have increased the size of your business premises? Even something as simple as investing in new equipment could affect your premiums, so keep your insurer informed about any alterations to your circumstances.
If you have been with the same insurer for a year or more, it is worth shopping around for a more competitive quote. You will find plenty of motor trade insurance companies vying for your business, but make sure you choose a reputable company such as https://www.quotemetoday.co.uk/motor-trade-insurance/ that can tailor a policy to your exact requirements.
It also pays to keep an eye on your family members. A recent report from the City of London Police revealed that a convicted fraudster has been jailed for his part in a motor insurance scam. Having signed several unwitting members of the public up to non-existent ‘ghost’ policies, he added one of his ‘customers’ to a family member’s trade policy, resulting in a successful claim that the policy owner felt he was not liable for. No doubt this claim will force his premiums up in subsequent years.
It only takes a little while to sort out a competitive policy that covers you for all eventualities, so why not set aside some time to go over your current policy? You will be very glad you did when you need to make a claim.