If you work as a part time trader then getting the right part time traders policy is key. Below is a guide that covers everything you need to know.
Types of motor trade cover
- Road risks – Road risk insurance is the minimum level of cover you’ll need to work as a part time trader. It will ensure that you’re covered for working on customer vehicles as well as driving them. You can choose the exact level of protection you want, whether it’s third party or fully comprehensive.
- Public liability - This will provide cover in the event that a liability claim was made against you, either from a member of public or one of your customers.
- Legal expenses - If you needed to fight a liability claim then you want to know you’ll have the funds to hire good legal representation. This is why getting legal expenses included in your policy is never a bad idea.
- Combined policy – You’re also able to get a combined motor trade insurance policy, which includes cover your premises, stock, tools and cash in addition to road risks cover.
What you need to quality for part time motor trade insurance
- Be over the age of 21
- Have a full UK driver’s licence
- Be able to show that you work in the motor trade
Saving money on your part time motor trader insurance
Below are some good ways to save money on part time traders insurance –
- Hire good staff – Hiring good staff is a very good way to save money on part time traders insurance. A good employee for a motor trade business is someone who has plenty of experience in the industry, is over 25 and has no convictions.
- Make your premises secure - Another way to cut down the cost of your insurance is to take any steps you can to make your premises more secure. Installing CCTV, a security alarm and security lighting will all help to make your premises more secure.
- Increase excess - You can also lower the cost of your premium by increasing the excess on it. This essentially means what you pay if you had to make a claim on the policy.
- Shop around - The most obvious way to save money on part time traders insurance is by getting quotes from a lot of different providers. This is easy to do now thanks to the myriad of insurance comparison services out there.