What does a combined motor trade insurance policy involve?

A Motor Trade insurance policy is vital for anyone who is running a business involving vehicles, including buying and selling cars (independent and main dealers), offering valet services or running a garage. There are varying levels of cover according to how large your business is, but there are legal requirements in place.

Combined Motor Trade is a combination of Road Risk Insurance and other elements of an insurance policy. It’s particularly important for businesses as it takes into account the premises, tools, stock and liability as well as the road risk potential.

A business that owns property and multiple vehicles could potential have more liability claims than a single car driving on the road, which means the liability cover should be increased to allow for multiple scenarios. You need to be covered in case of a variety of insurance claims against you, as well as on and off site incidents, as financial damage may result in the loss of ability to trade.

Combined motor trade insurance can include cover for;

  • Theft of cash.
  • Equipment required for business (tools, machinery, office equipment).
  • Business interruption (loss of trade as a result of an insured incident, including theft of tools).
  • Damage to premises – any buildings which are a part of the business, to be covered against events such as fire, flood, malicious damage and accidental damage. Even if you don’t own the building, you may still be liable for certain repairs in some circumstances.
  • Contents kept on the premises (including customer and personal belongings).Road risks.
  • Employers liability, public liability, service and sales indemnity liability.
  • Damage to vehicles/stock including customer vehicles left for repair.

Your trade cover could be based on the amount of security that you have on site for each element of your cover. For example, cash may not be able to be left on site overnight, or if it is, it may need to be securely stored. Similarly, vehicles on site/vehicle keys may also need to be suitably secured. The higher the level of cover, the more security may be required.

Combined Motor Trade Insurance can provide cover for motor trade businesses against external claims and internal loss of business through an insured accident or incident. It means you are protecting your assets and, no matter the size of your business, it is important that you ensure you can continue trading or recover any financial losses as a result of an insured event.

Road Runner offer a variety of different Motor Trade Insurance Policies. To find out how we can work with you to provide the best cover possible, get in touch with us today.