subject: Accepting The Importance Of Having Motor Trade Insurance [print this page] It really does not matter what kind of service you provide, but if it is classified as being a part of the motor industry, you have to be properly insured. If you own a business in the motor industry, or you are employed in the motor industry, you must make sure there is sufficient insurance. A business owner is fully responsible for arranging insurance suitable for the motor trade, and an employee has the right to ask his or her employer if the business has the specific insurance called motor trade insurance.
If you are a business owner then you will have to pay for this kind of insurance. It is hard to ensure that all bills are paid if your business is starting up. However, if you have employees, you are responsible for their wellbeing during workings hours. You must have insurance that covers your employees in the case of any mishap. Your insurance must also make provisions in the event any of your clients or their property is damaged whilst on your premises in the care of your employees.
Running a business is a very hard job. There are months when there is not enough money to pay for the business, as well as your personal life. It is so much easier to believe you are saving by not paying for insurance. It is a far better business decision to tighten your belt at home, rather than let your business go without insurance. It is important to remember, if you do not make your monthly premiums on time and you have a mishap, your insurer will not pay out a cent. There are very few small to medium businesses within the motor trade industry that can survive such a dilemma.
There are many unexpected mishaps that can happen. Your insurance can provide you with adequate protection in the case of natural disasters like flooding and earthquakes. You will also be covered in the event of disasters like fire, vehicle accidents and theft to name a few. It is even possible for your insurance to provide protection against certain financial setbacks. It is necessary for you to discuss your business in depth with an insurer who specialises in Motor Trade Insurance. This is because every business is unique. Even though you may have the same business as many others there will be certain differences that must be covered by insurance.
Another important consideration for businesses in the motor industry is that customers may claim against the business. Most services in the industry do include having contact with cars. If anything goes wrong while you have the car, your insurance must provide the cash to fix it or reimburse the customer.
It is illegal to run a business without motor trade insurance. The purpose of this law is to provide financial protection to business premises, stock, equipment, employees, customers, and in certain circumstances bystanders. Many things can go wrong and so it is important your insurance policy clearly states the type of coverage you are paying for.
by: Neil Anderson
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