Everything you need to know about Motor Trading
The number of motor trade businesses has been on the up in the UK for some time, with many people seeing it as a fun, interesting, and profitable venture. However, many new motor trade businesses are set up without the owners knowing too much about the industry. So, let’s answer a few key questions about the motor trade industry, covering everything from what it is to what insurance you will need to comply with the law.
What kind of company counts as a motor trade business?
Many different kinds of company are considered motor trade businesses, including car dealerships, emergency recovery or breakdown services, and tyre fitting services, as well as professional valets. In addition, if you are either restoring or selling vehicles on your personal property, from your driveway for example, you are also counted as a motor trade business.
Do I need traders insurance?
If you’re running any one of the motor trade businesses in the section above, then you are required by law to take out a motor trade insurance policy. Depending on which policy you choose, a motor trade insurance policy could cover every aspect of your motor trade business, including your assets and business premises, as well as liability. It could also cover your staff and equipment should anything go wrong.
Is it important to have motor trade insurance?
The short answer to this question is yes. Without a motor trade insurance policy, you are breaking the law, and therefore you could be liable to pay heavy fines and have your business closed until an adequate insurance policy is taken out. As a business owner, you will know that downtime can cost your business huge sums of money, so why take the risk? If you need a motor trade insurance policy, call us at Total Insurance today to see how we could help your business.