| The Motor Trade sector is literally bursting at the | | | | possession of the business for operational purposes |
| seams; it is one of the fastest industries in the United | | | | or repairs. |
| Kingdom so it is not unusual to see business owners | | | | For an added charge the business owner can also |
| trying to hop on the motor trade bandwagon by the | | | | insure the operator and the passengers of the |
| dozens. If you are also interested in the sector, you | | | | vehicle under the trade policy. |
| need to understand that insurance is a vital to any | | | | Considerations and Restrictions of Trade Policies: |
| business venture operating in the industry. | | | | Like all other types of insurance cover, the policy |
| Trade insurance will cover you regardless of whether | | | | holder has the liberty to make monthly or annual |
| you are operating from home or from a business | | | | premium payments; alternatively, the entire amount |
| premises. You will need cover for your business | | | | can be paid at one go. |
| whether you intend to work as a full-time or a | | | | For the trade policy to stay in effect; the buyer of |
| part-time trader. So, to put it simply, regardless of | | | | the vehicle must be the holder of a British driver's |
| field that you work in; whether you deal in vintage | | | | license for a period exceeding one year and not |
| cars or sports cars; you will need trade cover to | | | | more than three drivers can be designated per |
| protect your interests. | | | | vehicle. |
| There are different types of trade polices available in | | | | If the business owner has any convictions on his |
| the market to suit the requirements of a variety of | | | | driving license; he automatically becomes ineligible for |
| businesses; these include: | | | | trade insurance. This also holds true for pending and |
| * Third party Insurance: Like all other types of car | | | | ongoing litigations. However, convictions that are older |
| cover in this category; this trade policy only protects | | | | than 5 years are usually disregarded. |
| the business owner from claims arising out of | | | | As the owner of the policy, you will not be able to |
| damages to the vehicles and /or property of third | | | | employ people for vehicle operations who have been |
| parties. | | | | disqualified from driving within the last five years. |
| * Third Party Theft and Fire policy: This type of | | | | The business owner can get his insurance suspended |
| cover protects the business owner's interests in case | | | | if a conviction occurs or if he/she is disqualified from |
| of vehicle damage due to fire and theft. | | | | driving for a certain period; the policy will be |
| * Comprehensive or Combined Cover: This policy | | | | suspended for such a time frame. |
| covers several eventualities including theft, vandalism, | | | | How to choose the correct motor trade insurance |
| damage due to natural factors and much more. | | | | policy for your needs? |
| * Road Risk Cover: This type of cover will protect | | | | You need to carefully assess the risk associated with |
| the business owner from vehicular damages | | | | your business, the type of vehicles that you own |
| sustained while on the road. Thus type of policy can | | | | stock, the scope of operations etc. when choosing a |
| be used for both owned vehicles and the cars in | | | | motor trade insurance policy for your business. |