MSN Business Directory Why is updating your motor trade insurance policy important?

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Why is updating your motor trade insurance policy important?

Anyone involved in running a motor trade company will fully appreciate the fact that circumstances can change in their business from time to time.

Whether it’s the fact that you have invested in brand new equipment for the business; members of your staff coming and going; or you have more vehicles to cope with an increase in trade, you need to make sure your motor trade insurance policy is working 100% for you.

This means you will need to use an insurance provider who is willing to allow you to make changes to your policy as and when you need to.

Is your motor trade policy enough for your business needs?

When it comes to your motor trade insurance, it’s always a good idea to get into the regular habit of reviewing what is and is not covered under the policy.

At these times, consider things that have changed within your business: for example, if you recently purchased new equipment for business use, is this fully covered under the policy? Many motor trade companies will be very reliant on expensive tools – are these covered in the event that they are lost or stolen?

The whole point of a combined motor trade insurance policy is to make sure your company is fully protected in worst case scenarios.

You wouldn’t want to lose out on vital trade if some tools or equipment were stolen and you didn’t have enough funds to hand to replace them; and all because you weren’t fully covered under the insurance policy.

How to determine if you’re paying too much

When you get into the habit of checking the elements of the insurance policy you are covered for, this will mean you can tick off exactly what you need.

If there are any parts to the policy that no longer apply, remove them and this should lead to a reduction in your premium.

You should also realise that you are only ever fully covered on a motor trade policy if you make sure your list of drivers is kept fully up-to-date.

Be sure to do this.

If you are keen to save even more, try to keep drivers on your insured list that have no penalty points on their driver’s licence: this will prove to the insurance broker that they are better drivers and far less likely to be involved in an expensive claim.

You can also take other measures within your business to reduce those insurance policies even further. This will all depend on the security features you have around your premises – the more CCTV equipment, alarms and other equipment you can boast on the property, the lower your premiums will be as the provider will see that your company is less vulnerable to crime.

Motor trade insurance is a fact of life for companies involved in this industry. So, as you have little choice in having to pay the premiums, make sure the policy is working 100% for your business needs.

Call us today on 0844 931 2020 to find out more.

May 8, 2014

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