Naturally due to the extra coverage required under a combined traders insurance policy, the cost can often be a little bit more expensive.
Along with that comes increased intent to reduce the cost of your policy but not sacrifice cover. We have put together a guide that will help you keep the costs of your combined policy down whilst also implementing some good motor trade practices.
Having drivers on your policy that are under the age of 25 will cause your policy to go up considerably. A good practice is to really assess those under 25 and if they need to drive the vehicles. If it is unlikely they will need to drive the vehicles, then it is best not to put them on the policy as drivers.
Take a good look at the level of indemnity that you actually require. A huge part of combined traders insurance is the indemnity aspect and over insuring is quite common when actually, you can often roll your indemnity level back. Please note though, it is important to not under insure, always make sure you have enough cover.
One of the best ways to drive down any insurance cost is to work on maintaining a good no claims bonus. By showing you can trade without mistake or claim shows that you are a responsible trader.
Trading away from home means no one is around to keep an eye on everything like you often would be if trading from home. You can implement additional security by adding these very simple measures.
If you are storing vehicles, ensure you have got strong sturdy barriers in place that will stop anyone being able to nick cars from you whilst away.
Installing security cameras are a great deterrent. By installing some decent cameras that record to a secure location with live streaming to a remote device enables you to monitor your premises 24/7. Be mindful though that when erecting your cameras that they do not point into other people’s property.
It is best to seek professional advice on where to put cameras but commonly it is wise to make sure they overlap their view, face onto doors and entrances as well as record a wide area. You can never have enough cameras.
Installing movement activated flood lighting will scare most people way when up to no good. A bright light turning on creates the effect of someone being there and feeling vulnerable in full view.
By fitting additional locks to all your doors makes any attempt to break in considerably harder. If an attempting burglar takes 20 minutes to break through 1 lock, having 3 on a door could slow them down by an hour.
When all else fails, make some noise! Fitting your premises with an alarm is often an essential aspect if you wish to gain combined motor trade insurance. Alarms come in different grades but we would always suggest installing an alarm that calls a monitoring centre or police in the event of a trigger.
By fitting all the above, you can greatly reduce the cost of your traders insurance as you are ensuring your premises is secure as it can be whilst operating as safely and responsible as possible.