Motor Trade Insurance Extras That Could Be Helpful to Your Business
Insurance works to protect your business from the insured risks. Just like any other insurance, the standard motor trade insurance only covers specific aspects of your business. Apart from the traditional cover, there are other additional options you can go for when taking your insurance policy.
The big question is, are those covers worth investing in, and above all, are you willing to spend your money on them? Ultimately, the cover that you take depends on the nature of your business and the potential risks that you might be able to face while doing business. It is also prudent to identify the covers that are a legal requirement – you don’t want to fall on the wrong side of the law.
So, what are some of the additional insurance options you can go for to make sure that your business is safe and that you are always prepared for any risk?
Protection from Damage and Injury Claims (Public Liability Insurance)
If you often deal with different members of the public at your business premises or maybe at their homes, then this kind of cover can really come through for you. If someone gets injured or, consequently, their property gets damaged, then this kind of coverage will cover your business in case they take legal action against you.
This liability plan covers your business against any legal expenses, compensation claims, any repair cost, and medical fees. It is ideal for freelancers, limited companies, sole traders, and contractors.
Protection Against Any Compensation Costs (Employers’ Liability Insurance)
This kind of cover will protect your business against any claims that may result due to work-related illness or the injury of your employee. Well, this cover is a legal requirement if your business has at least one employee.Failure to have this kind of cover might result in hefty fines of up to £2,500 daily.
However, there isan exemption to this policy, especially if you are dealing only with close family members. With that said, however, it is always prudent to check. If you want to get more information about motor trade insurance and how it helps in business then you should visit total-insurance.co.uk.
Tool Cover
Making sure that your tools are protected from theft implies that you are capable of replacing them immediately and that you won’t be left with a big bill in case they are taken.Tool theft has become common these days, and you might consider this kind of cover in caseyou rely on tools regularly to generate your income.
Many tool covers will take care of theft of any portable power-driven tools, portable hand tools, and trade tools used in business for different activities. The best thing about this kind of policy is that you get to choose your cover per your equipment’s value.It could be as low as £3,000 or even up to £10,000.