Motor Trade Combined Insurance

What is motor trade combined insurance?

What can motor trade combined insurance cover?

While every motor trader’s combined insurance needs will be different, there are some common risks – such as road risks insurance, business interruption, public liability insurance, and premises insurance – that you’ll want to include.  Jensten Motor Trade’s policies allow you to pick and choose from a range of policy elements, including:

• Your vehicles – including cover for those stored overnight on your premises
• Stock cover – protects your car and parts stock, equipment, and machinery against risks of damage, theft, and loss
• Road risks insurance – so you can drive customers’ vehicles and any you own in connection with your business and social domestic and pleasure on public roads. As with car insurance, you can choose from third-party, third-party fire and theft, or comprehensive cover
• Public liability insurance – if a member of the public is injured or their property damaged while on your premises, you can be held liable. Public liability insurance will protect you financially should you be sued for damages
• Employers’ liability insurance (EL insurance) – is a legal requirement if you have any staff, full-time, part-time or contracted. EL insurance protects motor traders from compensation claims from their employees should a claim be made against them for loss or injury at work. Your policy must have a minimum of £5m cover, with £10m being the industry standard
• Business premises cover – if you’re trading from premises – be it a forecourt, yard or compound – you’ll want to have them protected. If your premises were damaged or destroyed, business premises insurance would cover the cost of repairs or a rebuild
• Demonstration cover – is an extension you can add to your motor trade insurance policy that allows prospective customers to test drive vehicles before they buy them.  Cover through Jensten Motor Trade can be arranged for both accompanied and unaccompanied test drives
• Tools and machinery cover – without your tools and machinery, you can’t operate. With tool thefts on the rise in the UK*, you’d be wise to insure them.  This covers tools and expensive pieces of machinery, such as diagnostic equipment.  It can also provide Mac and Snap-On tools insurance, plus employees’ tools and toolbox options
• Trade plate insurance – having trade plate cover means you don’t have to register and tax your stock of vehicles while as they will only be in your possession temporarily. Trade plate insurance is a legal requirement if you want to drive vehicles on the road on trade plates
• Money and keys – if money or keys are stolen from your premises, this is designed to cover the cost of their replacement. Most policies will stipulate that money needs to be left in a safe, locked cashbox, or a cabinet
• Business interruption insurance – should disaster strike – a fire, a flood, or an explosion – and you can’t trade, business interruption insurance will provide an income until you can get to your previous trading level
• Engineering inspection service – if, as part of your trading, you use testing equipment or machinery, an engineering inspection service element to your policy will cover the cost of a safety assessment of it. Having your equipment assessed is a legal requirement as it’s part of 1998’s Lifting Operations and Lifting Equipment Regulations (LOLER), Provision and Use of Work Equipment Regulations 1998 (PUWER).  It can help satisfy your health and safety at work requirements, and it also means you’re less likely to have downtime owing to essential equipment such as vehicle lifting tables, jacks, and pressure systems failing
• Business contents – including your stock in trade, computers, phones, and other business equipment
• Products liability insurance – should a product you use or recommend cause damage or harm, you can be liable for compensation
• Sales and service indemnity – protects you against claims of damage or injury after selling or repairing a vehicle.  It can include cover for faulty parts or repair work that’s contributed to the problem