We explore the 3 key reasons automotive businesses can benefits of combined car traders coverage. More motor traders are moving across to this type of policy and we explore why.
Combined policies are typically for enterprises with premises. This could be a workshop, forecourt, or any other commercial building. At its core, this type of insurance is compiled of road risks and premises coverage. The amalgamation of these forms the key components of a combined package. Often these are bundled with employer’s liability, limited liability, contents, etc.
A motortrade policy is a significant outgoing for anyone operating in the motor industry. And in return for this an entrepreneur should get the best possible coverage. Brokers, Motor Trade Insurance, explained that for many, the best agreement is likely to be combined.
A mechanic told us how he benefited by only having one supplier that he paid monthly. For him this meant there was less administration, when trying to match paperwork with bank outgoings. It meant doing his books for his accountants was easier than before. Many consider making this change essential, even after recognising it takes time to consolidate multiple policies. The prospect of only reviewing conditions annually is enticing. Time is also saved by only having a sole renewal notification in the owner’s calendar. It is quickly demonstrated how much more efficient the process is.
Underwriters offer discounts for bringing multiple agreements under their account management. Motor Trade Insurance also explained that they have witnessed economies for a wide range of companies who have done this. There are also increasing numbers of underwriters providing this product in their range, so as such it is a more competitive market place. This is another influence on why customers are getting a better deal.
When looking for the best coverage, a combined product is typically more comprehensive. One example of this is the recent online reports of whether your flooring is covered by your buildings, or your contents, coverage. There is evidence that some customers who divided these were unable to claim. Typically by moving these all to a single provider this risk is mitigated. Of course it is essential to always read assumptions and terms and conditions in full.
These are the three key reasons that more company owners are considering moving to combined insurance. An extensive range of businesses are eligible for this product. It could benefit valets, to mechanics, to sales. Although it is important to note that each agreement will be fine-tuned. A bespoke policy allows underwriters to make a package that reflects the businesses requirements. They will put it together after assessing their typical transactions. Although not the most exciting task for an entrepreneur, comparing quotes at renewal can save money. This ultimately allows companies to invest more in their operations and offer customers a better value experience. For traders who have not considered combined policies, Motor Trade Insurers offer encouragement. They suggest that, now is the time to do so.