If you are engaged in buying, selling, and repairing vehicles on a part-time basis, you will need to have part time motor trade insurance to cover your premises, stocks, tools, and equipment. As a part time trader, you may not be able to use your insurance policy on your other work for your sideline. In case you figure in an accident that you are not covered for, you may have to shell out your money. This is where a motor trade insurance policy can come in handy.
Types of Motor Trade Insurance
When availing of part time motor trade insurance, you need to be aware that there are several types available. The first kind is road risk insurance. This type of policy covers the vehicles you are working on and those which form part of your stock. If you do not have your own space for running your business, consider road risk insurance. The three levels of coverage available include Third Party Only, Third Party, Fire & Theft, and Comprehensive cover.
If you have other people working on your business, you can avail of Employers’ Liability as well. A Product Liability cover will help you with issues regarding the products you supply to and from your business. A Public Liability coverage can be useful in case you get involved in an accident where someone got injured while they are on your premises or visiting your shop. Combined Cover pays off your buildings, vehicles, tools, equipment and machinery. It also covers money and business interruption.
Cost of Motor Trade Insurance
Having part-time motor trade insurance can go a long way in ensuring that your business stays afloat. Even if you do the work for just a day or a week, a minimum level of coverage is necessary. If you are doing your sideline from home, it is unlikely that there will be coverage for your premises unless you ask for it.
To qualify for part time motor trade insurance, you need to prove that you are just doing the business for profit. You can present invoices and records of financial transactions as proof. However, if you do repair works as a favor for family and friends without pay, it is unlikely that you will be able to get this type of insurance policy.
The cost of getting this type of insurance can be expensive. The cost could go up depending on the additional coverage you are getting. It is best to consult an insurance provider in order for you to get the best value and coverage for your money.