Here are some pointers on how to get the best insurance deal for your motor trade business.
1. Talk to a broker
An experienced broker will be able to get the right policy for your business. In addition to advising on the best protection, they can source the cheapest quotes from a number of insurers on your behalf,
Before you speak to a broker, identify what you need to cover; for example, do you need insurance for your premises? Should you add staff to your policy? In this way, you won’t pay over the odds for protection you don’t need.
Be careful not to pay too little, leaving you exposed and liable to pay out large amounts in the worst case scenario should an incident or accident happen.
2. No claims
A robust no claims bonus should help you to drive down policy costs. If you can demonstrate to an insurer that you drive carefully and that your business has been functioning in a healthy way for many years, this may offer you a more favourable price. If you have a no claims history of five or more years, big savings can be made,
Only claim for things you desperately need to preserve your no claims bonus. If you can fix an incident by yourself with your own tools, you don’t need to recoup the money through your insurance. Spending a little money upfront beats losing your no claims bonus in the long term.
3. Starting your own business
Setting up a business or moving to different premises will have an impact on your insurance policy. Also remember that if you are setting up a business and are aged under 25, getting insurance could be problematic.
Moving to a city, a high crime zone or floodplain could also raise your premiums. To find out more, contact a reputable motor trade insurance company such as https://www.quotemetoday.co.uk/motor-trade-insurance.
Raising your excess could reduce what you have to shell out for a policy; however, don’t raise this too much or you could be short of money when you have to make a claim.
The best philosophy is to pay a little extra for perfect cover rather than cutting corners and being left with big bills in the future.