What is Part-Time Motor Trade Insurance?
Part-time motor trade insurance is specifically designed for part-time motor traders, such as individuals or businesses who engage in motor trade activities on the side. This insurance provides cover for driving and servicing customer vehicles, as well as your own. Build your policy now with Prime Cover and discover all the exclusive benefits we offer. Just call 01527 433 434.
Benefits
Part-time motor trade insurance has a range of benefits for those operating on a part-time basis. It’s a cost-effective and flexible alternative to standard motor trade insurance. Additionally, there’s a wide range of cover options to directly suit the needs of your business.
Key Components
Part time insurance offers the same features and scalability as standard trade insurance:
- Road risk cover
- Premises/stock cover
- Employer’s/directors/officers liability
- Public liability
- Loss of MOT licence
Contact Prime Cover today for a quotation and we can discuss the level of coverage you need to get you the best protection at the best price.
What Will Part-Time Motor Traders’ Insurance Cover?
Let’s dive into a little more detail about some of those features and why they’re important.
Road Risk Insurance
Covers vehicles owned by, or in the custody of, the policyholder, allowing them to be driven on public roads for trade purposes. We offer road risk insurance for part-time traders, to keep your business financially protected against any accidents that can take place while transporting vehicles between locations, test drives and deliveries.
Public and Employer’s Liability Insurance
This covers legal costs against claims made by third parties or employees for injuries or property damage caused by your business activities. This insurance safeguards against major financial costs.
Product Liability Insurance
This is designed to cover the cost of claims, including legal expenses and damages caused to a third party by a product you have sold or supplied, minimising the risk of a massive financial loss from a lawsuit.
Material Damage Cover
Important for smaller businesses, as it protects premises and equipment including tools and machinery. Essential for safeguarding expensive assets that would otherwise be difficult to replace. Additionally, helps prevent downtime.
Service Indemnity Cover
Any accidental damage to vehicles you are working on is covered. This is necessary, as damage to vehicles can happen at any time. During routine maintenance or simple repairs, accidents can take place, but they shouldn’t come at the expense of your business. Other additional features may include parts and accessories cover, vehicle stock cover and business interruption insurance.
Advantages for Part-Time Motor Traders
This form of cover is designed specifically for part-time motor traders. It offers certain advantages over standard motor trade insurance and is affordable and flexible. Industries that provide vehicle sales, repairs, servicing or restoration can select options that are relevant to their business. This prevents paying for unnecessary additions. Other advantages include:
- Ensures you meet all legal requirements.
- Provides financial protection against risks and damages.
- Enhances company reputation by being properly insured.
- Flexible and scalable to suit a part time business.
Who Needs Part-Time Motor Trade Insurance?
Public liability insurance for part time motor traders is beneficial for several trades:
Vehicle Sales
Cars are constantly being moved around in vehicle sales roles, so it’s necessary to have coverage for any potential liabilities or accidents that occur.
Mobile Mechanics
For part-time mobile mechanics, insurance is essential to provide cover in the case of tools being stolen or damage to customers’ vehicles.
Car Valeting
Mistakes can happen in any trade, and valeting is no exception. If you accidentally scratch a customer’s car or damage their interior you could be liable, causing heavy financial penalties and downtime.
Vehicle Collection and Delivery
When you’re transporting other people’s vehicles around for a living, accidents can occur, and just the slightest scrape or dent can turn into a financial headache. With a part-time motor trade policy, you’ll be protected from hefty claim settlements.
Insurance for New Businesses
A new business can be severely impacted by incidents or accidents, including damage to a customer’s vehicle, legal expenses from a sold faulty product or any number of issues that can occur on the open road. The right cover protects new businesses from major financial setbacks.
Auto Electricians
Whether it’s driving customer vehicles or doing repairs, an auto electrician faces risks of accidental damage. Road risk and product liability insurance help provide peace of mind.
How to Obtain Part-Time Motor Trade Insurance
Obtaining part-time motor trade insurance involves a few simple yet important steps.
- Assess your needs: You want to make sure the cover you choose is relevant to your business.
- Gather necessary information: This would include the make and model of your vehicle, the nature of your business and other aspects that pertain to your company. This information helps us assess your risk and quote accurately.
- Get a quote: Based on the information received, we can provide you with a bespoke policy tailored to your business to make sure you’re covered in case anything goes wrong.
Things to Remember
Importance of Regular Policy Reviews
Regular policy reviews allow for adjustments in coverage to protect against new risks or to refine existing policies for efficiency and cost-effectiveness, ensuring we eliminate any gaps in your coverage as well as keep you from paying for features you don’t need.
Adjusting Coverage for New Risks
It’s important to make sure your coverage reflects new risks, such as a change in location, acquisition of new stock or if you employ a non-family member.
Why choose Prime Cover for part-time traders’ insurance?
Expertise and Experience
With more than 40 years of experience, we’re able to offer some of the most in-depth and insightful support and advice available.
Tailored Coverage
We’ll build your part-time motor trade insurance quote around you and your needs to make sure that your policy best reflects your risk level.
Customer Support
Our knowledgeable, friendly experts are always on hand to discuss any questions you might have, and we operate a 24/7 claims support line.
To discuss your next motor trade policy, get in touch with our expert team by emailing support@primecover.co.uk now.