Lots of people nowadays take a part time job to supplement the income from their regular employment or for other reasons such as saving up for a special occasion or commitment. If you are thinking along these lines you will need to know about what kind of insurance policy you will need to protect yourself and any members of the public that you are likely to deal with in the course of your work.
Motor trade insurance- why do I need it?
If you work in any aspect of the motor trade whether full time or part time, whether professionally or as a hobby, then you need to know that it is a legal requirement to have a motor trade insurance policy. Even if you only work a couple of hours a week, knowing you have the protection of part time traders insurance is invaluable in several ways. Here are some of the reasons why you should have insurance in place:
- A legal requirement – you could find yourself faced with criminal proceedings if you are caught driving an uninsured vehicle.
- To provide public liability cover – protect against any claims for compensation and/or legal costs brought by anyone against your business.
- To provide split indemnity cover – for your own vehicle(s) and for customer’s vehicles where there is disparity in value.
- To cover your demonstration vehicles – the financial and compensatory implications following an uninsured accident could be ruinous.
- If you keep a stock of vehicles or you keep customers vehicles on your premises these need cover against any incident or accident.
- If you employ others in whatever capacity, they must be protected against any accidents or incidents that could occur as a result of working for you.
- To cover your premises, tools and equipment – catastrophes can occur at any time and for any reason; could you afford to start up again if you lost everything?
You’ll need more cover than simply for people and vehicles
If you work in the motor trade and you work part time in another profession (for instance if you work on or sell vehicles, or if your own vehicle is used for your profession) then part time motor trade insurance is a must. And remember that you may also need cover for premises, tools or other equipment necessary for your job. So, whether the motor trade is your main source of income or not you need to make sure you are covered should anything go wrong.