Business insurance is a necessary cost for all businesses, no matter what their size or industry.
Saving money on insurance is about taking the trouble to constantly review the cover you need and to see how the different business insurance rates compare. This is particularly so when we are looking to get a motor traders insurance policy, either for the first time or to renew.
In this article, we will look at how a business can go about reducing its insurance expenses to keep its owner or finance team happy. We will look specifically at motor traders as their insurance expenses can be higher than many other kinds of businesses who are looking to protect their livelihoods with insurance.
Navigate the Internet
One way to save money on business insurance is to shop around online for the best rates. Comparison shopping is always a good idea and easy to do on the internet. It is a matter of entering the right keywords to find the companies that offer the type of insurance that you need. Look for a specialist in your area of insurance as they tend to offer the best rates.
Many insurers that offer personal insurance will also cater to businesses too. Study a website carefully to discover all the insurances that can be purchased from one insurer at a discounted or combined rate.
Commercial Combined Insurances
Commercial insurance is a general term that describes insurance products and coverages that are designed for businesses. There are a variety of commercial insurance products available, including commercial property insurance, commercial liability insurance, commercial vehicle insurance, and commercial combined insurance.
Commercial combined insurance is a policy that provides coverage for multiple risks in one policy.
A commercial combined insurance policy typically includes the following coverages:
- Property insurance for buildings, contents, and stock.
- Business interruption insurance.
- Money insurance.
- Equipment breakdown insurance.
- Goods in transit insurance.
- Public and products liability insurance.
- Employer’s liability insurance.
- Professional indemnity insurance.
- Director’s and officer’s insurance.
Some insurers offer a discount if you purchase a commercial combined insurance policy from them. This is because it is cheaper for the insurer to provide one policy with multiple coverages than it is to provide separate policies for each coverage.
Ensure that you compare the price of a commercial combined insurance policy with the price of separate insurance policies for each coverage. It could still be cheaper to buy separate policies in some cases.
Motor Trade Insurance
Motor trade insurance is insurance for businesses that buy, sell, repair, service, valet, or test-drive motor vehicles. This type of insurance is also called motor trader insurance, and sometimes motor trade road risk insurance.
Motor trade insurance typically includes the following coverages:
- Road risk insurance for vehicles that are owned by the business.
- Public liability insurance for injury or damage caused by the business or its employees to other people or their property.
- Employer’s liability insurance for injury or disease caused by the business to its employees.
- Products liability insurance for injury or damage caused from the products that are sold or repaired by the business.
As with commercial combined insurance, business interruption insurance can be included to protect a business, large or small, should there be a period it cannot operate. This could be because of an unfortunate incident that has occurred at the site of its operations.
Motor trade insurance can be costly, so it is important to shop around for the best rates. Many insurers give discounts if you purchase other insurance policies from them too, such as commercial property insurance or public liability insurance.
Some insurers also offer motor trade insurance policies that cover a wider range of risks than the standard motor or buildings policy. These policies are useful for those who offer services to customers in respect of cars and other vehicles.