Part time motor trade insurance is a protective cover you need when you work on customer vehicles or you sell vehicles in your spare time. Even working on weekends and in the evenings you need the same level of cover you would receive if you worked in the industry on a full time basis.
Customers will be visiting your property; you will be driving customer vehicles and storing them overnight. There are so many things that can go wrong and without an adequate level of cover, you can be looking at serious financial troubles if something were to go wrong.
Do I Quality?
If you are at all unsure of whether you qualify for part time motor trade insurance, all you need to know is that if you work or sell cars to make an additional income, then you qualify. A good trade plan insurance policy can give you peace of mind and all you have to do is prove that you have full time employment and are paid using the PAYE system where you pay tax and national insurance and you will need to keep records of your part time income.
What Are the Benefits?
Look at it this way, if you are working on customer cars or selling cars and making money, then you want to protect any money you bring in. This type of cover protects your building that you work from against fire, theft and storm damage. This means should you be located in the flood areas and your garage or yard is flooded, you can claim without having to pay out thousands out of your own pocket.
You can cover your tools, especially your expensive equipment. Some of your equipment is probably expensive to replace. Imagine if it gets damaged or stolen, you will be left unable to work and paying out for replacements if you didn’t have a good part time motor trade insurance policy in place.
Liability insurance is imperative for any business whether you work full or part time in the industry. With clients arriving to drop off their vehicles or arriving to look at a vehicle they’re interested in purchasing, you need adequate public liability cover to protect you should they injure themselves. It’s important you realise that a public liability claim is a claim you are legally responsible for and they can amount to thousands.
If you hire someone to help out that is not a family member then you need employer’s liability insurance. This protects you should a staff member injure themselves on the job and then there is professional indemnity cover, which protects you should something go wrong such as a repair that causes an accident as the client travels home.
Driving customer vehicles on the road means you need insurance and your private auto insurance wont’ protect you in the event of an accident, never mind you can be pulled over and fined or worse, the car can be impounded. You need road risks cover which gives you the ability to drive customer vehicles, paying for repairs or replacement in the event of an accident.
The biggest advantage of part time motor trade insurance is that you can add your own vehicles and your spouse to the policy, a way to save money. Cancel your private auto policy giving you only one policy to pay.