When you work in the motor trade and have your own premises, to ensure all risks are covered for, you are required to have Combined Motor Trade Insurance.
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- Public & Employers Liability
- Engineering Inspection
- Material damage for buildings vehicles Cover
- Business Interruption
- Road Risk Cover
- Machinery and Contents Cover
- Professional Indemnity Cover
- Cover for money kept on site
- Goods in transit Cover
What is Combined Motor Trade Insurance?
When you have your own premises and employ staff you will require Combined Trade Insurance as simple road risk insurance policy does not provide enough protection. A combined motor trade insurance policy will cover not only your vehicles but also your premises as well as providing cover for liability claims.
Although combined motor trade insurance isn’t necessary for every type of motor trade business, it is a very sensible option, especially for businesses that have a premises who employ a lot of staff. Keep reading to find out more information about combined motor trade insurance such as the types of cover included and how you can keep costs down.
You can save money on combined motor trade insurance by getting quotes from as many insurance providers as possible.
What’s Covered in a Combined Motor Trade Insurance Policy?
- Road risks – You can choose from all the common road risk insurance cover options, including third party; third party, fire & theft; and fully comprehensive. Which you choose will depend on your budget and the level of risk you face.
- Public liability - When you work with the public, liability claims are always a risk. Public liability will cover you in case a claim goes against you. You can also have legal expenses included as part of public liability cover (more below)
- Employers liability - Liability claims don’t only come from members of the public; in fact claims from employees are becoming increasingly common. A combined policy that includes employers liability will protect you against such claims.
- Legal expenses – Being able to fight liability claims is a must since not every claim will be genuine. The trouble with fighting a liability claim is that the associated legal fees can get expensive quickly. This can often put business owners off wanting to fight it at all. The good news is that you can have legal expenses covered as part of your policy.
- Building cover - This will cover your building for structural damage and vandalism. Structural damage can be very costly to repair so having this covered as part of your combined trade policy is a big plus.
- Tools & cash - It’s also possible to have tools and cash covered in a combined policy. This doesn’t come as standard with every provider so you should be sure to specify if you want tools and cash included in your policy.
- Breakdown assistance - If you or one of your staff were to breakdown when driving a vehicle then you’d want to they’d be back on the road ASAP. This makes breakdown assistance a very useful type of additional cover to have added to a combined policy.
What are the Benefits of Combined Motor Trade Insurance?
Below are the main benefits of getting a motor trade combined insurance policy –
- Save time & money – One of the best benefits of getting combined motor trade insurance quotes online is that it lets you save both time and money. As a motor trade operator you are doubtless busy and therefore being able to get quotes in an easy fashion is vital. By getting quotes so easily you can also ensure that you don’t spend more for your cover than is absolutely necessary.
- Have everything covered under one easy-to-manage policy – Another great thing about combined motor trade insurance is that you’re able to have every aspect of your business covered under the same policy. Although you can get a separate policy for your premises and its contents, it’s much easier to have them covered together with your vehicles. Often this works out much cheaper too.
- Protect yourself against liability claims from employees and the public – Liability claims are a big risk for motor trade operators so knowing that you’re covered for any type of claim you might face gives you big peace of mind. You can also get legal expenses included in your policy in case you need to fight a claim in court.
- Get a highly tailored policy that’s perfect for your business - Every type of motor trade business is different and therefore being able to tailor your cover to suit the exact needs of your business is vital. This is very easy to do when getting cover online and is usually just a case of ticking or unticking a box.
- Flexible payment options – You can choose to pay for your cover either by credit or debit card. You can also choose to pay either monthly or annually. The latter will enable you to make a good saving on your insurance with most providers.
- Instant cover & documentation - As soon as you make your first payment for your policy you’ll be covered instantly. You’ll also be sent your insurance documents by email so you can have full peace of mind when running your business.
Combined motor trade insurance can save you both time and money since you’re able to get cover for your vehicles and your premises under the same policy
Combined Motor Trade Insurance FAQ
What is combined motor trade insurance?
Combined motor trade insurance is a type of cover for motor trade business owners that enables you to get cover for every aspect of your business. This means you’re able to get cover for road risks, your building and your stock, tools, cash etc. all under the same policy. Combined motor trade insurance is a very beneficial type of cover to get when you have a premises and want to protect under the same policy as the vehicles you work on.
How much does combined motor trade insurance cost?
The cost of a combined motor trade policy will depend on a few key factors. These include –
- The type of business you have - The type of motor trade business you run will certainly have an affect on how much you pay for cover. Certain types of businesses at more risk than others so it makes sense that the cost will vary given this fact.
- How secure your premises is - The security of your premises is another factor that will impact the cost of motor trade insurance. Because a combined policy includes cover for your building, insurance providers will look at how secure your premises is to determine how likely it is that you’ll need to make a claim. For this reason it’s a good idea to take any steps you can to make your premises secure.
- Your age – It’s well-known that younger people pay more for car insurance and the same applies to motor trade insurance. Insurance providers consider those under 25 to be more likely to make a claim and therefore people in this age bracket pay more for their insurance. However you are able to get specialist under 25 motor trade insurance for a reasonable price.
- The level of cover you get - Lastly is the level of cover you choose to get. A third party road risks policy will of course cost less than a comprehensive policy and is the cheapest level of road risk insurance you can get.
What type of vehicles can I cover?
You’re able to cover most types of vehicles under a combined policy, including cars, vans, motorbikes, minibuses etc. If you deal with classic/vintage cars or any other type of high end vehicle then it’s probably worth speaking to insurance providers by phone to see if they can offer you cover.
Do I need combined motor trade insurance?
Yes. Although you don’t need to get a combined policy, you do need to have some form of motor trade insurance in place to run your business legally. If you don’t have a premises then a standard road risks motor trade insurance policy will suffice. You can also get a part time motor trade insurance policy if you don’t work in the motor trade full time.
What is liability cover?
Liability cover is a type of insurance that will protect you from liability claims from members of the public and your employees. If a claim is filed against your business then your policy would pay out if it goes against you. You can also have legal expenses included.
Getting quotes for combined motor trade insurance is a very quick and easy process. You simply have to fill in one quote form to get quotes from a panel of specialist providers.
Ways to Save Money on Combined Motor Trade Insurance
When you run a motor trade business, it’s important to take any steps you can to save time and money. Below are some of the best ways that you can save money on motor trade combined insurance –
- Pay for your policy annually – If you can pay for your policy annually then this can be an excellent way to reduce its overall cost. The trade off for getting this discount is that you’ll have to pay significantly more upfront. You should think about how much you can afford to pay initially and make the decision as to whether it’s viable for your business.
- Get as many quotes as possible - Getting quotes from a lot of different insurance providers is essential if you want to get the best deal on a combined motor trade policy. Thankfully getting quotes is now a very quick and easy process.
- Hire good people - Insurance providers will certainly consider the people you employ when coming up with a price for a combined motor trade insurance policy so you want to make sure you hire good people if you want to save money. A good employee for your business would be one who has plenty of experience in the industry, who is over 25 and doesn’t have any convictions.
- Increase excess - Increasing the excess on your policy is another way you can save on combined motor trade insurance. This is risky of course since you’ll have to pay more if you have to make a claim on your policy but it is a way to reduce your monthly costs.
- Make your premises secure - Taking steps to improve the security of your premises is always a good idea. Not only does it reduce the risk of theft and vandalism but it will also help you to save money on your insurance. Some good ways to improve the security of your premises are - installing CCTV cameras, installing security lighting and having a security alarm fitted to the building.
- Get a third party policy - A third party road risks policy will certainly cost less than comprehensive cover so if you’re looking to save money on a combined policy then this is a good way to do it. Of course you want have the same level of protection so you need to think about whether the extra risk is worth the saving you’ll make on your policy.
Get Quotes for your Motor Trade Combined Cover Now
There was a time when getting multiple quotes for combined business insurance meant having to call insurers separately by phone. Thankfully this is no longer the case. You can now get multiple quotes from combined insurance UK providers in a quick and easy manner. Simply click the green button below and you can have quotes from a panel of specialist motor trade insurance providers in a matter of minutes.