Motor Traders Insurance and Your Business Interests

ByMartyn Piper

Nowadays, it is imperative for businesses offering products and services to obtain the right insurance coverage. This is not only in compliance with the laws of the land but more importantly, as a protection of business interests specifically the financial bottom line. Of course, insurance coverage also touches on equally important business matters like goodwill, reputation and rights but most business owners will lean toward the financial side and for good reasons, too.

One such insurance is the motor traders policy, which obviously applies to organisations and individuals involved in any direct way with the motor trade industry. In this article, we shall discuss how it applies to your business, why it is essential to protect your business and how it can be customised to your advantage.

Everybody in the Motor Trade Industry:
Let's first discuss who can benefit from motor traders coverage. The answer is simple: Everybody involved in the motor trade industry in a direct way, particularly those who earn a living selling and buying cars as well as fixing and working with cars, must have motor trader policy. It can either be in their business' name or in their individual names for as long as the coverage answers their needs and wants for protection provided by insurance.

As such, car dealerships and car salesmen, MOT test centres, garages and workshops, and mobile operators are well advised to secure motor traders coverage on an annual basis. This is true for large, mid-sized and small businesses as well as for beginner and veteran professionals for the obvious reason that all are susceptible to lawsuits, accidents and other untoward incidents. The motor traders insurance will cover for part or all of the costs involved in possible litigations and settlements.

Tailored to Your Needs:
Although there are standard policies for motor traders, many businesses and individuals are choosing customised motor trade insurance for obvious reasons. Each one, after all, has unique needs and wants that a standard insurance policy will not cover particularly in the case of special products and services in the auto industry. For example, a Nissan car salesman/dealer will have different insurance needs than a Ferrari car salesman/dealer mainly because of the huge gap in price, quality and reputation.

All possible factors are considered in the formulation of a customised motor traders insurance policy. These factors can include but are not necessarily limited to the types of cars you are dealing with, the clientèle base you are targeting, and the kinds of repairs you undergo. Take an inventory of the possibilities and discuss these with your insurance company representative so that an insurance policy can be tailor-made for you and your business.

This way, you are assured that your business has most, if not all, of the protection it needs in the event of litigations and/or settlements. Whatever savings you can generate from the insurance will go a long way toward your bottom line - your profits, of course.

In most cases, motor traders insurance will cover road risks, material damage, employers' liability, and product, sales, and servicing indemnity. Look for these provisions on your motor trade insurance contract and discuss their implications before signing on the dotted line. Your business interests hang in the balance.

Martyn Piper is an expert on automobile insurance and after working within the industry for many years he now writes and shares some of that wealth of knowledge on a variety of insurance products such as obtaining the best rates on motor trade insurance as well as the benefits of motor traders insurance.

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Martyn Piper

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MLA Style Citation:
Piper, Martyn".".27 Feb. 2012EzineArticles.com.28 Feb. 2012 .APA Style Citation:
Piper, M. (2012, February 27). . Retrieved February 28, 2012, from http://ezinearticles.com/?Motor-­Traders-­Insurance-­and-­Your-­Business-­Interests&id=6907129Chicago Style Citation:
Piper, Martyn "." EzineArticles.com. http://ezinearticles.com/?Motor-­Traders-­Insurance-­and-­Your-­Business-­Interests&id=6907129EzineArticles.com© 2012 EzineArticles.com
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