Wednesday, November 27, 2013

How to Choose an Insurance Plan for Your Vehicle Repair Business or Garage



If you are running a garage and are in charge of dozens of vehicles that need servicing, repair, or fitting every single day, then chances are high that you know how important it is to have critical insurance coverage

The right insurance plan coverage can spell a big difference by helping you be prepared for any scenario, unpleasant (or disastrous) as it may be. You are, after all, responsible not only for your customer’s vehicles, but for your own premises and your own staff as well. 


Insurance Plan


Even if you are simply running a repair business or garage from your own home, you would still need an effective insurance plan. But how do you choose one that suits your needs and requirements? What particular features should you be looking for?

Having a discussion with your potential insurer can enlighten you on many aspects of the best trade insurance plan. But if you ask the right questions, you are more likely to get the right answers. 


If you are self employed, do you need motor trade insurance cover?


Some self employed professionals and repairers are not quite aware that they still need proper motor trade insurance cover. Even if you are operating from your own home garage, you need cover – in fact, you are required by law to have an insurance plan, even if it’s merely a very basic third party only insurance. 




If you are self employed and you have a specific policy in place, you need to remember that when making a claim, you should be able to provide proof of your trade with the use of invoices and other business lists and records. 

What if you have no purpose-built premises where you operate your business?


This goes back to the question of whether you operate from your own home or have your own building and premises for your enterprise. 


If you have no purpose-built premises, you can purchase trade plan insurance such as a road risk cover plan, which basically covers the vehicles you drive during your normal business’ daily activities. 

If you have an existing NCB or No Claims Bonus, can you use it on your new policy?


When you take out an insurance plan, you can use your existing NCB on the policy. You can get further discounts on your insurance premium amounting to 60% to 70% depending on the insurer if you have had no claims for the last four years or so. 

If you have a good driving record with no claims, then you can certainly benefit from your NCB when you get your new cover. 

Can you protect your NCB on your new policy?


Some of us are understandably concerned about protecting our existing NCB, as we know that it amounts to a great deal of saved expense. You can opt for a protected NCB option on your policy, provided that you are willing to pay an additional fee, depending on the insurer you choose.

Running a business certainly has its share of challenges. Anything can happen, and it is always best to be prepared. Getting good trade plan insurance can give you peace of mind and will ensure that when the unthinkable happens, you are more than ready to face it head on. 



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