subject: Motor Trade Insurance Covers Many Business Activities [print this page] As certain as death and taxes, we must purchase insurance in many forms today. Proper coverage by motor trade insurance insurance may not be mandatory in all instances, however we should have as much coverage as we can afford, particularly when running a business.
Liability insurance when driving on the job not only is a necessity, it is the law. Whether your business employs large trucks for over the road hauling, smaller vans or lorrys to be used locally, or you run a taxi service, you are in the driving business and must have fully covered vehicles and well trained drivers.
Business use only
When your business vehicles are intended to be used strictly for business purposes, such as in the case of larger trucks and vans with your business logo or name prominently displayed on the sides, and they are taken over the public roadways of the UK, it is the business owner's responsibility to make sure each is fully covered with the best possible insurance. Having liability alone is not enough. Medical, theft, fire, and uninsured motorists should also be included because not having coverage like medical on the policy can bankrupt your business if and when an accident with serious injuries occurs. Whether an injury accident happens to your employee or as a result of your employees driving someone else is harmed, medical expenses incurred can be financially devastating.
Good credit means lower premiums
Today most insurance providers have various criteria they must go by when determining policy rates and one of them is the credit score of the insured. It's not fair but it is a fact of life that our credit rating can determine many things in our lives. Getting a job, buying insurance, and finding housing are among the acts that are commonly determined through a credit check now days and poor credit often results in not getting that job or apartment, or paying higher rates for automobile insurance. The insurance companies evidently consider us a higher risk when our credit has been "dinged" by some poor credit payments or even events out of our control.
Some ways to lower our insurance costs
By having the latest in safety devices and equipment on those work trucks and vans, business owners may be able to obtain lower rates overall. If your trucks have front and side air bags, anti theft alarms, and fire extinguisher onboard, the odds are your rates will be somewhat lower. Motor trade insurance companies like it when you are safety conscious and having that sort of equipment proves you care about your employees and their well being.
Professional indemnity covers the business and you, the owner
Having professional indemnity coverage is part of motor trade insurance insurance coverage and owners owe it to themselves as well as the business to be fully covered. The amount of and policy details of your insurance coverage must be determined on an individual basis. What is enough cover for another company may not quite fit yours and each policy should be determined on a case by case basis.
by: Neil Anderson
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