Are you in the market to renew your current motor trade insurance policy or to buy your first one? To find the best level of coverage at an affordable price, follow the tips below.
Obtain at least Three Quotes
You have to shop around to find a cheap motor trade insurance policy. The first quote you get may not be the best one that will give the protection you need. That is why you have to obtain quotes from various insurance companies and compare their insurance packages and costs.
Today, you can easily get quotes over the web by visiting the sites of each insurance company you are considering. You can get as much information from their site to help you make your final decision. Try to get more precise quotes on the amount it would cost to insure your motor trade business. Talk to an insurance broker because he has the industry knowledge you need. The broker can evaluate your business’ individual needs and compare policies form a broad range of insurance providers. This helps in creating a bespoke policy which really suits your business.
Check the Level of Coverage
As you find traders insurance, you may be tempted to settle for the cheapest price. However, know that the cheapest price may not offer the most comprehensive cover and saving some money in the short term may cost you more in the long-term in case something occurs that you are not covered for.
A lot of estimates online seem quite affordable; however, they actually just include a minimum coverage level. Usually, you will have to amend the original quoted insurance policy before it’s right for your motor trade business. And this will impact the price. But, obtaining a quote from an insurance broker will ensure that you get the right quote from the outset.
Check if your Quote Cover Loss of Income
When an incident takes place that stops your business from operating temporarily, this may cause considerable financial disruption. This is the reason you must ensure that your policy covers loss of income. Protection against loss of income will prevent serious financial damages while your business cannot function because of reasons such as burnt out premises, stolen tools or damaged vehicles. Your policy may not automatically include this coverage so make sure you talk to your insurance broker about this before you buy a policy.