Is Motor Trade Insurance Mandatory for Part-Time Traders?
When you run a full-time motor trade business, it makes sense to ensure you have comprehensive motor trade insurance to protect you from every eventuality. After all, with so much of your business’s time being invested, there’s a strong likelihood the need for suitable coverage will arise at some point or another. But what about part-time traders? If your business operates with reduced hours, the need for motor trade insurance may seem less significant. Well, our commercial insurance experts are on hand to explore this question.
The Basics of Motor Trade Insurance Explained
Motor trade insurance, often known as car trade insurance, is a specialised form of coverage designed to protect individuals and businesses involved in the buying, selling, repairing, or servicing of vehicles. This not only covers the vehicles in your custody but also extends to liabilities associated with your business operations. For instance, this could include injuries or damage caused to others in the course of your work, as well as theft and fire protection for the vehicles under your care.
Is Motor Trade Insurance a Legal Requirement?
Technically speaking, motor trade insurance isn’t a legal requirement in the UK. For instance, while you would need suitable insurance to drive any vehicles on public roads, it is theoretically possible this might not be required for your specific business. However, just because you theoretically might be able to get away without something, it doesn’t mean you always should.
Essentially then, to operate within the motor trade in the UK – even on a part time basis – it is very much recommended to take out suitable motor trade insurance cover. Not taking out protection could have serious financial implications if something went wrong down the line and is likely to be a decision you would later regret. For your own piece of mind and financial protection then, it is absolutely worth taking out motor trade insurance, even if not always required by law.
Part-Time Motor Trade Insurance - The Solution?
Fortunately, if you run a part-time motor trade business, there is a viable solution that isn’t quite so intensive as taking out a full policy: part-time motor trade insurance.
Just like its full-time counterpart, part-time motor trade insurance is designed to protect businesses involved with any aspects of buying, selling, or servicing vehicles. However, where it differs – and as its name gives away – is in the hours it covers. As a bespoke commercial insurance solution, this type of cover acknowledges the nuanced risks and exposures unique to part-time trading. It offers a flexible yet comprehensive safety net, enabling traders to conduct their business with peace of mind.
Tailored Motor Trade Insurance from Higos
At Higos, we appreciate that no two motor trade businesses are the same. Whether a car dealer or repair workshop, full time or part time, the individual risks that each business can face are wide and varied. With that in mind, we ensure our motor and car trade insurance policies are designed from the ground up to match your unique requirements. Our specialist and friendly team will get to know the ins and outs of your business, understanding the risks you face and matching you with the right coverage to ensure you’re protected where it matters.
To learn more about our bespoke motor trade insurance, request a call back today. As a Chartered insurance broker, we work with a wide range of leading insurance providers around the UK. Contact us on 01458 270323 or view our motor trade insurance FAQs if you have any questions.