According to a recent research by the Society of Motor Manufacturers and Traders, there has been a massive improvement in the motor trade industry in the UK with a turnover of up to 64.1 pounds a year. This has subsequently created over 770,000 jobs. However, despite this notable success in the industry, it would be important to note that starting and maintaining a motor trade business in the UK can be a daunting task if one does not understand the rules to go by. There has been a stiff competition in the industry in the recent past and thus, one will need to do a thorough research before setting up a successful business in this field.
Apart from getting the basic knowledge in experience in terms of running a motor insurance, the other important aspect one would need to take into consideration is finding the most appropriate motor insurance. This is not only a necessity in the business but also a legal requirement that will see one run the business smoothly without harassment from the law enforcers. There are various insurance services available to and can cover content and building insurance as well as public liability and other related risk factors that come about as a result of running a home-based business. In regard, to this, it is advisable to have accurate record keeping. This will come in handy when providing proof to the insurers that indeed you have been running a successful business in the event of a claim.
Reputable motor trade insurance entities like https://www.onesureinsurance.co.uk/motor-trade-insurance are known to provide the best quotes and offers options to either take the combined motor trade policy or simply the road risks policy. A road risk policy covers driving of vehicles on the road and protection from accidental damage or fire. These could happen when taking clients for road tests or even when transporting the vehicles from one point to another. A combined premises policy on the other hand insures the business premise plus all the stocked owned by the trader. This is most ides for those who operate their motor trade business from a specific premise.
Before getting into any engagement with the motor trade insurance companies, however, it is important to make an assessment in order to determine if the business is suitable for trade insurance. To qualify, one needs to have a solid investment in the motor industry and be willing to be in it for the long run.