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What are the Motor Trade Insurance Types Available

If you are in the business of buying, selling, repairing, or maintaining automobiles, you need motor trade insurance. Motor trade insurance is also pertinent if your business activities involve the use of motorcycles or commercial vans. Unexpected events may take place and it the insurance is to minimize interruptions to your business activities. Motor trade insurance cover offers flexibility, and that means you can tailor it to fit into your business requirements easily. Consequently, it offers the following array of options that you can select, depending on the insurance needs of your business activities.

Persons or firms that handle vehicle sales, fitting, or mobile tuning are required to purchase third-party only insurance cover before offering such services. Here, the insured receives basic cover for third party injuries, property damage or death that may be caused by vehicles connected with the business.

Third-party fire and theft offers the same coverage as third-party only insurance, in addition to cover for damages that result from theft or fires of the vehicles connected to the trade.

Besides the cover afforded by the two categories above, a comprehensive cover includes accidental damage to any car that a motor trader has responsibility for or owns. In whole, the third-party only, third-party fire and theft, and comprehensive cover are segments of the road risk insurance type.

In case you or any member of your staff is negligent while carrying out your activities, resulting in the injury of a client or damage to his property, liability cover will mitigate the financial losses that may ensue. Such a person may initiate legal proceedings that seek to recover lost income, medical treatment costs, legal fees and other costs as a result of the incident. For instance, if a customer brings in a vehicle to your body shop for paintwork but is injured on his way out due to spilled oil on your floors, he could sue for things like loss of income, medical treatment, legal fees and others. Your company could face bankruptcy if the compensation you are required to pay out is massive, and that is what the liability cover aims at eliminating.

If you desire to offer your business the most extensive form of financial coverage, it is essential that you opt for the combined motor trade insurance type. This cover suits a business that has a showroom, garage, MOT center, or forecourt. It provides cover for tools, money, equipment, vehicles, and all other content. In short, it is meant to protect the entire business operations of a motor trader. If you purchase this cover type, you will get peace of mind in the knowledge that nothing could interrupt your business activities.

Cite: http://www.feedster.com/blog/twitter-epicninjadaboss/5-tips-for-keeping-businesses-afloat-after-a-very-tricky-first-year/