Motor trade insurance is beneficial for your business if you are involved in this industry. Proper coverage will protect you from potential financial losses which might occur due to road risks and related vehicle liabilities during your motor trading operations. Unfortunately, the cost of this type of insurance can be high, especially if your company is small and growing. If you are concerned about your current motor trade insurance costs, you should consider using these simple tips to reduce your expenses.
Review Your Current Policy
You should conduct a comprehensive review of your motor trade insurance on a regular basis. This practice is critical because it will help you ensure that your current rates are fair in comparison to alternative policies. In addition, the assessment is critical in helping you confirm that your current insurance covers all your related liabilities. When conducting your review, you should assess the specific details of your operations. You should record the type of vehicles that you sell or service, the number of employees, the amount insured and your liabilities. With this information, you can determine the inefficiencies and make adjustments to lower your premiums.
Consolidate and Customise
You can reduce your motor trade insurance costs by choosing some consolidation and customisation options from your commercial insurer. In general, there are multiple covers required in a vehicle trading or servicing operation. Therefore, some insurance companies offer special packages which combine different types of policies into a consolidated cover. These packages are often cheap in comparison with paying for each of the policies separately. In some cases, the standard motor trade insurance provided by your preferred insurer might exceed your needs or not cover everything. You should inquire about the available customisation options to prevent financial losses. For example, you might want the policy to protect personal vehicles, or you might not want the insurer to cover the towing of vehicles. You should discuss all your options with your service provider for optimal cost savings.
Compare the Payment Options
You should evaluate your payment options and decide whether it is cheaper to pay an annual lump sum than handling the insurance expenses on a monthly basis. However, you should consider the large upfront payment for the motor trade insurance as well as the basic savings. You should also investigate the details of the different premium payment methods. Find out if there are special financial benefits for choosing certain options over others.Share
12 February 2018
My name is Kody and I own commercial premises in downtown Sydney. When I first opened for business, I didn't know a thing about commercial insurance. However, one day, my friend explained that I would need to protect myself against personal injury claims and damage to my property. He put me in touch with several insurance companies and I gave them a call. The staff explained the different policies which were on offer. I learnt a great deal and found a fantastic deal. I decided to start this new blog so I could help other people to find a commercial insurance policy which is right for them.