All of us are aware about risks in terms of sudden events influencing the trade you are involved in and how that can lead to falling business. That is part and parcel of business dynamics and there are ways to cope with that. However, when you are running a motor trade business, you and your employees are susceptible to risks arising out of accidents, natural elements like fires or storms creating havoc, theft, damage to customer vehicles or goods carried by you and so on. These risks need to be covered adequately and the only way to do that is through the motor trade insurance policy.
The importance of such a policy can be well understood from the data put up by the HSE. In the years 2007, 2008 and 2009, on an average about 14,000 employees suffered injuries at their work place and considering that the motor trade business exposure to such a risk is far greater, it is vital that you as a businessman are addressing it adequately and on top priority. Remember that besides injuries to employees, other risks mentioned above have the potential to drain you of your financial resources in trying to settle compensation claims of employees and customers. The loss of credibility and image in the market place is another intangible that cannot be even estimated.
It is natural for anybody in your place to look for a coverage that is not only the cheapest but is also able to address all possible risks of your business. The insurance premium cost is major one and all efforts must be taken to see that it is kept to the minimum. It is also likely that you feel you would be able to strike the best deal with the insurance service provider on your own.
However, you must take into consideration the fact that unless you have a very strong knowledge about the various products and services offered by insurance service companies, it would be difficult for you to negotiate and talk the same language with them. If you do not have the requisite knowledge and wish to understand it by reading about it, discussing it with your peers or browsing the internet, then be aware that is a process which would take up your effort, time and patience.
Even after you understand the nuances of the motor trade insurance, taking quotes and negotiating with a number of service providers is another process that would need your time and you have to be prepared for the same. It is therefore advisable to take the help of an experienced insurance agent or broker to get you the required policy. Brokers are well conversant with the various products of insurance companies and would be able to advise you well about which one is the right policy for your business. Moreover since they service a large number of customers, they are able to extract better deals out of service providers and it is this economy of scale that helps them offer you a better deal than what you would have got when dealing directly with the service provider.