Is your motor trade business fully insured against all the possible risks? Many motor trade businesses assume that no risks will befall them in the near future. It only takes one risk to bring down the business to its knees in a short period.
It is important to seek sufficient cover for every imaginable risk that can befall your motor trade business to cut down on human cost and finances. Here are five areas that should be covered at all times.
Health and safety
Tragedies happen in the course of executing your work. An employee may get injured when using a piece of equipment. The vehicle may hit one of the team members during the test drive, or one of you may be electrocuted. Without the right cover at hand, compensating injured workers can take a toll on your finances.
Like any other business, there might be unforeseen occurrences that cause you to shut your business temporarily. Such occurrences can be floods, fire, and hailstorms. During this time, you will not have anywhere to make some cash. A business interruption cover helps you get back to your feet once a disaster happens and brings operations to a halt.
According to the Crime Survey for England and Wales for 2016, there is a rise in the number of car theft incidences by eight percent in one year. Given the value of a single standard vehicle, a single theft can leave the business reeling in financial problems.
You should have an insurance cover against theft on the premises. Moreover, you should put in place measures to detect and thwart any theft attempts. These practices include having a secure key box, effective barriers, and electronic surveillance system.
Safety on public roads
Every motor trade business has to use a public road at one time. This may be when collecting and delivering a vehicle, or during test-drive. The law requires you to have at least a third party insurance policy to cover yourself as the driver and other road users. Failure to have the policy may lead to fines amount to millions and withdrawal of licenses.
According to https://www.onesureinsurance.co.uk/motor-trade-insurance , new vehicles with complex systems are coming into the market every single day. Their performance is dependent on the accuracy of the configurations done on the vehicle. Poor configurations could lead to an accident and other unpleasant experiences.
Such failures can lead to a lawsuit especially where the customer had entrusted you with repairing the vehicle. You may be forced to pay thousands of dollars for a small mishap. To cover yourself from such risks, consider a motor trade insurance cover that also covers you from defective workmanship.