What Is Part-Time Motor Trade Insurance And What Does It Cover?
Part time motor trade insurance is designed to suit those people working in the motor trade on a part time basis, who have another occupation. Whether you buy and sell vehicles as a side-line, or work on vehicles, fixing them up and selling them on in your spare time, you still need to have the right insurance in place to cover your premises, stock, tools and equipment. Read below for full details.
Part-Time Motor Trade Insurance Explained
There are two main types of policy for motor traders; Road Risk insurance and Combined Insurance. Most part time traders won’t have a specific premises to run their business from, and so a Road Risk policy will be the most suitable to cover the vehicles you’re working on and those which form part of your stock. The 3 levels of cover available are Third Party Only, Third Party, Fire & Theft, and Comprehensive cover.
If your business employs other people then you also need Employers’ Liability cover too. You can also arrange Product Liability insurance to cover you for issues with products supplied to or from your business, and a Public Liability policy can cover you in the event someone is injured while on your premises, visiting your business. However for those part time traders that do have premises, you can take out Motor Trade Combined Cover, which in addition to the above features, can also include cover for your buildings, vehicles, tools, equipment and machinery, money and business interruption.
So what are the possible elements that make up a part-time motor trade insurance policy?
- Motor Trade Road Risk insurance
- Third Party insurance
- Third Party, Fire & Theft insurance
- Comprehensive insurance
- Employers’ Liability insurance
- Product Liability insurance
- Public Liability insurance
- Motor Trade Combined insurance