If you are looking to set up as a self-employed tradesman, or simply thinking about a business you might start in your spare time before eventually growing it into a full-time job, you might consider car valeting.
The job is likely to take next to no capital investment to set yourself up, for as long as people own cars you are likely to find a ready market, you are free to set your own scale of charges, and you remain master of your own business. You might even take a training course to improve your skills and impress potential new clients how seriously you are taking the job.
Although your business is unlikely to demand much in the way of overhead expenditure, one essential operating cost is car valet insurance – so here are 5 tips to save money on that cover:
- Choose the cover that suits you
Like practically any other insurance, saving money depends on you choosing the cover that suits you – no one size fits all;
If your business is limited to car valeting and a job you do only from time to time, for example, you may not need – or want the expense – of all the whistles and bells of a full-blown motor trader’s insurance policy when car valet insurance may suffice;
That is where our expertise and experience here at Road Runner Insurance may come into play – we aim to provide the cover you need, without elements you may do without, to keep your premiums at a competitive and affordable rate;
- Focus on your liability insurance cover
One of the principal defences provided by car valet insurance is the indemnity it may provide against accidental damage you may cause to your customers’ vehicles – that stray stone in the sponge you are using might mean a repair job costing a thousand pounds or more, and you are likely to be held responsible;
Your liability may be greater still if a passerby or member of the public is injured or has their property damaged because of the work you are doing;
car valet insurance may offer indemnity of £1 million or even £2 million or £5 million (if the scale of your car valeting business warrants that level of cover), so save money by choosing the cover appropriate to the scale of your business;
- But never forget your employers’ liability insurance
If you employ anyone else to help run your car valeting business, it is essential to remember your legal obligation to have a minimum of £5 million employers’ liability insurance;
Far from saving you money if you forget to arrange it, you might instead face a fine of up to £2,500 a day while you do not have it;
- Valuing your premises, equipment and tools
If you are just starting out with your car valet business, you are unlikely to have any premises to worry about – but as the operation grows, the property from which you are operating may need to be included in your car valet insurance;
Similarly, once the scale of your business demands equipment such as pressure cleaners and other devices, you might need to ensure that your insurance covers the risks of theft, loss or damage;
- Road risks insurance
If you are valeting customers’ cars then sooner or later you may need to get behind the wheel and drive one of the cars – to just move it or to collect and deliver the vehicle;
The moment you do that you have a legal obligation for valid insurance cover – and your car valet insurance may meet just such a requirement.
Once again, though, there are various levels of road risks insurance, so if you want to save money on your car valet insurance, make sure to choose the one most appropriate to your business.