It can sometimes come as a surprise to people who’ve set up a part time business, or a small business based out of their home, that they need just the same types of insurance cover as someone running a large scale motor trade business full time.
Unfortunately, the fact is that the work is the same, and the risks are the same – so even if you’re only running a small business part-time, it’s important that you have the right type of insurance cover to protect you, and your business, from any unexpected problems.
In fact, it’s true to say that it can be even more financially difficult for a very small business to be suddenly hit with the cost of an insurance payout – so read on to find out how Insure Motor Trade can help you to protect yourself and your business, with the right kind of motor trade insurance.
But it’s only a part-time business, can’t I get part-time coverage?
If you can prove that you are running a part-time business for profit, then you can qualify for what is know as a part-time motor trade insurance policy.
Proving this will involve showing invoices and records of payments you receive.
This type of policy is only available to commercial businesses, so if you repair cars for other people for free (perhaps as favours to family and friends) – you will not be eligible for this kind of motor trade insurance.
What types of insurance do I need to include in a part-time policy?
All of the following are factors to consider when you’re looking for a part-time motor trade insurance policy:
1. Road risks cover
2. Public liability cover
3. Tools protection
4. Employer’s liability cover – if you employ any other workers
5. Premises cover – if you have a specific trade location, rather than working out of your own home
Full-time policies may well be too rigid to suit your needs.
After all, we understand that because you’re only working part-time in the motor trade industry, you need your insurance policy to be flexible; especially if you are using commercial vehicles for other purposes during the rest of the week (whether that’s doing a school run, or commuting to another place of work).
Because motor trade insurance only covers your vehicle whilst it’s being used for trade purposes, in order for your vehicle to double up as a domestic vehicle for your family to use, you will need to have an extra feature on your insurance policy that allows this.
A truly flexible insurance broker should allow you to make changes to parts of your policy as your situation changes. After all, your part-time business may suddenly take off, and you may decide to use your vehicle exclusively for business purposes.
You may even need to add more vehicles to your fleet, if you decide to turn your business in to a full-time opportunity.
You may also find it’s the case that you need to change the people listed on the policy, adding an employee to it perhaps, or even adding your spouse if your domestic situation changes.
You may find that you can save money by insuring your private vehicles on the same policy, so that’s always worth investigating!
Insure Motor Trade can help you to tailor a part-time motor trade policy to meet your exact needs. Why not get in touch with our expert team, who can discuss the options available to you on 0844 931 2020.
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