A Motor Trades package is a specialised product designed for those working in mechanical trades, or for a business dealing with vehicles on a regular basis. When it comes to an insurance package, motor trade industries face some unique risks. So what are these risks and the automotive trades they affect?
Types of Motor Trades
Morgan Insurance is geared up with industry knowledge and ready to help motor traders and automotive tradies with their particular insurance needs. The following list shows just a few examples of this wide and varied industry.
- Motor Dealerships such as cars, motorbikes, trucks, tractors etc.
- Mechanical specialists – Radiators, Brakes, Transmissions, Reconditioning etc.
- Motor Mechanics, both Mobile and Static
- Auto Electricians
- Panel Beaters
- Spray Painters and Signwriters
- Windscreen Repairers
- Upholsterers and Restorers
- Car Detailers
- Diesel, Heavy Vehicle, and Machinery Mechanics
- Testing and Diagnostic Services – Roadworthy, Performance Testing, Dyno Tuning etc.
Unique Insurance Risks
If you want to make sure the wheels keep turning in your automotive business, Morgan Insurance can guide you through the many risks that are unique to the motor trade. Here are a few examples of some of the risks as well as a number of relevant questions to consider.
Motor Dealerships
- Do you have unaccompanied demonstrations coverage for instances when a customer takes a test drive without a member of staff?
- Are you adequately covered for vehicle transit, including to and from trade shows?
- Have you considered all types of misfortunes that could affect your stock from storm destruction to theft?
Public Liability
- Does your liability insurance include cover for faulty workmanship and resultant damage?
- Regarding the above, is the sum insured sufficient, and does it allow for multiple claims during a 12 month period?
- Does your liability insurance include cover for customer’s vehicles in your care and control?
Test Driving Customer Vehicles
- Do you have comprehensive insurance or does a Public Liability extension cover you?
- If it’s the latter, it’s possible you may need to be at fault to lodge a claim?
- Is the sum insured enough to cover the replacement cost of a customer vehicle write-off?
- Are your fully covered if, while in your care, a customer’s vehicle is involved in an accident caused by a third party?
Workshop and Workspace
- Do you want your customer vehicles to be insured against theft, malicious damage, storm, and hail damage whilst waiting for repairs or service at your workshop or workspace?
Professional Indemnity
- If you issue road worthies, safety certificates or valuations, do you have insurance to protect you against financial loss claims?
Business Interruption
This type of insurance covers the loss of income that a business suffers after a catastrophe. There is a difference between business interruption insurance and property insurance. Property insurance covers the physical damage to the business. Business interruption insurance covers the profits that would normally have been earned if everything were operating as usual. Its intention is to keep a business afloat and in the same financial position if no loss or disruption had occurred.
