Working in the motor trade means you need to have road risk insurance for any vehicles you’ll be handling. Click the green button to get your quotes now.
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What is Road Risk Insurance?
Road risks are one of the most fundamental things you have to protect against when you work in the motor trade. Handling customer vehicles often means transporting them from A to B and therefore you need to be able to drive them legally. Road risk insurance providers you with the cover you need to do this.
In addition to protecting you and your staff for driving customer/business vehicles, it also provides cover for working on customer vehicles, whether you’re a mechanic, air conditioning installer or sound and security installer. Of course road risk insurance isn’t the only type of cover available when you work in the motor trade. You also want to think about other risks such as liability claims - more on that below.
Below are the types of motor trade road risk insurance you can get as well as some of the biggest benefits of getting cover online.
You need to have road risk insurance at a minimum in order for your motor trade business to operate legally
Types of Motor Trade Insurance Cover
- Third party - Third party insurance is the minimum level of cover you can get in order to be able to drive a vehicle legally. It is designed to protect other road users in case there’s a collision where you (or a member of your staff) are liable. This is the cheapest option available but also provides minimal protection.
- Third party, fire & theft - If you want to add extra cover to a third party policy then this is a great option. In addition to providing third party cover, any vehicles in your possession will also be covered for fire damage and theft. This is a good compromise between a third party only and fully comprehensive policy.
- Comprehensive - A comprehensive policy will cover you for all types of accidents, even those that you or your employees are liable for. This cover costs more than third party but it will allow you to run your business with full peace of mind. Breakdown cover is sometimes included as part of a fully comprehensive policy.
- Combined policy - A combined policy provides a way to not only cover the vehicles that your business handles but also your premises, cash and assets too. It’s a much more convenient option than getting separate policies for each part of you business.
- Liability claims – Liability claims are a big risk for motor trade businesses, or any type of business for that matter. People are more likely to make compensation claims now than ever so you want to take the right steps in order to protect your business. You can have public liability and employers’ liability insurance included in a motor trade policy. This will provide you with full protection for any type of claim you might face.
- Legal expenses - Although liability insurance will cover you for payouts if a liability claim goes against you, it will not cover your legal expenses (unless explicitly stated). If therefore you want to fight a liability claim in court, you’ll certainly want to have legal fees added to your policy.
- Breakdowns - Another thing you can get cover for in your policy is breakdowns. Breakdowns are always a risk, particularly when you’re dealing with a lot of different vehicles all the time. How much of a risk breakdowns are for you will depend on the type of business you run. In any case most insurance providers will give you the option of adding breakdown cover to your policy for an additional fee.
Why Get Traders Insurance Cover Online?
Below are some of the biggest benefits of getting road risk insurance online –
- Save time - One of the biggest benefits of getting road risk insurance online is that allows you to save time when getting quotes. If you run a motor trade business then you’re likely a very busy person who doesn’t want to spent a long time calling different insurance providers in order to get the best price for a policy.
- Save money - Another big benefit of getting road risk insurance online is that you could potentially save a lot of money. Since getting quotes is so easy, you will be able to compare them next to each other and choose the policy that is the best fit for your business.
- Flexible payment options - You can choose to pay for your policy monthly via direct debit or credit card. If you prefer then you can make a one-off payment at the start of the policy to cover the entire year. This can also help you to save money.
- Get expert advice on the best type of policy for your business - If you’re not entirely certain what the best type of cover to get is then you can get advice on what the right type of policy to get is depending on your business.
- No pressure – When getting traders insurance quotes online you don’t have to be worried about being pressured into taking out a policy you’re not completely happy with. You simply look through the quotes you’re provided with and pick the one that’s right for your business without any external pressure at all.
- Easily tailor your policy – Tailoring your policy to suit your business is incredibly easy too. To add or remove cover options it’s simply a case of checking or unchecking a box. This is extremely useful for motor trade business owners who want to make sure they’re only paying for the cover they need.
Getting quotes from many providers is one of the best ways to save money on road risk insurance.
Ways to Save Money on Road Risk Insurance
Below are some excellent ways you can save money on road risk insurance –
- Pay for your policy annually - Of the ways there are to save money on road risk insurance, many people don’t consider paying annually for the policy rather than monthly. It’s understandable since most business owners want to reduce outgoings as much as possible. However if you can pay for your policy upfront, then you’ll be able to make a very decent saving with most insurance providers. You should always push to get the best discount possible when paying annually.
- Make your premises secure - Another way to lower the cost of a road risk insurance policy is to make your premises secure. This is particularly important if you have a combined policy and run a business where there are a lot of cars kept on the premises, such as a car showroom or auction house. A few good ways to improve the security of your premises include - installing motion sensor security lights, installing CCTV cameras around your premises and of course having an alarm for your premises. All these steps will help to lower the cost of your insurance.
- Hire good staff - Hiring good staff is always important if you want to keep the cost of your policy down. Good staff to hire who those who are over the age of 25, have a good amount of experience and do not have any driving or criminal convictions. Insurance providers will certainly take this into account so it’s important to bear in mind.
- Get a lot of quotes - A ways to save money that’s very easy to do nowadays is getting a lot of quotes. Prior to the internet, getting a lot of quotes would’ve meant calling different insurance providers one-by-one on the phone or using an insurance broker. Thankfully things are much simpler now and getting quotes from different insurance providers is a breeze.
Road Risk Insurance FAQ
What is road risk insurance?
Road risk insurance is a type of motor trade insurance that will provide you with enough cover to work on/transport customer vehicles. You can choose exactly what level of cover you want to get from third party; third party, fire and theft; and fully comprehensive.
How much will a road risk insurance policy cost?
The cost of road risk insurance will vary depending on the type of business you’re getting cover for and how likely insurance providers think you’ll be to make a claim. Some major factors that affect the cost of road risk insurance are –
- Your age - Age is always a factor that insurance providers take into account, particularly when you have a motor trade business. If you’re under the age of 25 then you can expect to pay more compared to someone who’s older. However a good way to save money if you’re a younger person operating a motor trade business is to seek out an under 25 motor trade insurance policy from a specialist provider.
- Type of business - The type of business you run will affect the cost of your policy too. Motor trade businesses can vary quite a bit. There are garages, MOT workshops, car showrooms, mobile mechanics, vehicle importers etc. Each of these types of businesses come with their own unique risks and insurance providers will certainly take this into account.
- Your employees - The employees you have will affect how much you pay for cover since they will be considered a risk factor by insurance providers. The best employees to hire from an insurance perspective therefore are those who are over 30, have a good amount of experience in the industry you operate in and who don’t have any convictions.
- Level of cover - The level of cover you take out will have an impact on how much your policy costs too.
What other types of cover do I need?
Road risk cover is the minimum level of insurance you need to take out in order to operate a motor trade business legally. However it’s not the only type of cover you’ll need.
Some other important types of motor trader insurance to consider are –
- Public liability - When you work with the public it’s important to think about the risk of a liability claim being filed against you. Even if you’re a responsible person who runs your business well, there’s always the risk that an incident could occur that leads to a liability claim. To make sure you’re protected in such a scenario it’s certainly worth considering public liability insurance.
- Employers’ liability - If you have employees, whether part time or full time, then you’re obligated to get employers’ liability insurance included in your policy.
- Legal expenses - Fighting a liability claim in court can be very costly and time-consuming. To help with the financial side of things, you can have legal expenses included in your policy for both public and employers’ liability insurance.
What if I have a conviction?
If you have a conviction and want to get a road risk insurance policy then you can get a convicted drivers motor trade insurance policy. You might have to pay more for cover but your unique circumstances will be taken into account.
You can also get cover for your premises, tools, stock and cash by taking out a combined motor trade insurance policy.
Get Quotes from Specialist Motor Trade Cover Providers now
If you want to get motor trade road risks insurance quotes easily then you’re in the right place. The panel of insurers provide road risk insurance for motor trade businesses of all sizes so you can be sure that you’ll find a quote that meets the needs of your business. Simply click the green button below to get your quotes now.