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Month: January 2022

Motor Trade Insurance: A Comprehensive Guide
Motor Trade Insurance: A Comprehensive Guide

Posted on January 19, 2022 | by | Posted in Uncategorized

Motor trade insurance protects businesses against liability when they work on and drive their customers’ vehicles as well as their own. This will safeguard you against any unexpected expenditures associated with property damage and any unpredicted events that may occur. 

While many people can benefit from motor trade insurance, others remain confused. In this article, we are going into detail about motor trade insurance and how it works. 

What is motor trade insurance? 

When you have motor trade insurance, you can insure vehicles that you have purchased with the intention of reselling them to others, as well as vehicles that belong to clients. Even if you are not required to drive your clients’ automobiles, you will need some type of motor trade insurance coverage to protect you against unintentional damage or other dangers that may come from your job duties. 

Who needs motor trade insurance? 

In general, everyone involved in the purchase and sale of automobiles and the maintaining, repairing, restoring, or transportation of vehicles requires motor trade insurance. Moreover, even if you just sell a few automobiles per year to earn a profit, you must have a traders’ insurance coverage to keep your business operating legally. This is due to the fact that operating a motor trade business necessitates the insurance of the automobiles in your possession. 

What is the importance of motor trade insurance? 

Automobile trade insurance, as previously stated, protects you against unintentional damage or other dangers that may occur. Thus, if you cause injury to another person’s property or injure a third party while on your premises or at events that you attend as part of your business activities, you will be covered under the policy’s personal liability insurance coverage.

Furthermore, this type of insurance is less expensive than other company insurance since automotive tradespeople can purchase a considerably simpler policy and cover fewer risks.

What does motor trade insurance cover? 

Motor trade insurance is a broad term that encompasses all operations carried out by individuals or firms engaged in the trade. To be more specific, these insurance policies often cover three key areas: 

Liability Motor Trade Insurance

In general, a trade insurance policy will typically cover your public liability, employers’ liability, equipment, inventory, and other items. A liability motor trade insurance coverage is created specifically for motor traders who will be hosting members of the general public in their establishment.

Road Risk Only Motor Trade Insurance

Having a road risk insurance policy permits motor traders to drive any vehicle in their possession or control to conduct motor trade activity. Furthermore, when a motor trader has a large number of customers’ vehicles, as well as stock vehicles, under their care, this coverage is essential. This is further subdivided into three categories: 

  1. Third-Party Fire and Theft: If you are engaged in an accident, this insurance will compensate you for any damage you inflict to a third party or their property, as well as for any damage to your vehicle if it is damaged by fire or stolen. Overall, a third party only motor trade insurance policy provides the most fundamental level of protection, protecting a motor trader against third-party injury, property damage, and death caused by any vehicle associated with his business.
  2. Third-Party Only: This covers damages incurred to the motor trader as a result of fire, accidents, or theft of cars utilised in the trade, in addition to the third party coverage described above.
  3. Comprehensive: A comprehensive automobile insurance policy protects the insured against both personal injury and third-party liability. Personal injury liability insurance protects you and your family members against bodily harm and property damage caused by others for whom you or your family members are legally liable. Third-party liability insurance, on the other hand, protects the first party against a legal obligation to a third party involved in the transaction.

Combined Motor Trade Insurance

It is possible to obtain a combined motor trade insurance policy if you operate your business from a specific business location rather than your home. It is also possible to acquire a combined motor trade insurance policy if you run your business from your home. Every motor trader will require an insurance policy for motor traders, regardless of whether they repair vehicles, sell automobiles, or clean vehicles. They merely need to select the policy that best meets their company’s needs and, as a result, lets them perform their operations with the least amount of risk. 

How can I acquire motor trade insurance? 

Insurance for those involved in the motor trade is custom-tailored insurance coverage specifically created for individuals and enterprises engaged in the motor trade. Therefore, to be qualified for motor trader insurance, you must prove that you are involved in the automotive trade industry. 

How long will motor trade insurance last? 

Motor trader insurance is often renewed on a yearly basis, similar to private automobile coverage. However, some larger enterprises can profit from lower rates by taking out combined trade insurance for longer. 

Get a quote from the Matrix Insurance Group!

Matrix Insurance Brokers Perth is a leading insurance broker in Western Australia, providing insurance solutions to small to medium-sized businesses across the state and beyond Australia. We genuinely care about our clients and pride ourselves on providing a customised service founded on trust and respect.

Whether you own a car dealership, a smash repair shop, a motorbike dealership, a panel beater, a spray painter, a car wrecker, or a scrapyard, your Matrix’s motor trade insurance package can be customised to your specific needs. 

6 Key Reasons Why You Need an Insurance Broker
6 Key Reasons Why You Need an Insurance Broker

Posted on January 19, 2022 | by | Posted in Uncategorized

Insurance is a crucial aspect of your company’s risk management strategy since it provides financial protection in the event that something goes wrong. However, finding the most suitable insurance provider is not as easy as it looks. Many company owners struggle to find the time to do so. 

If you’re having trouble navigating the often confusing world of insurance, ask for help. A competent and licensed insurance broker can give you the assistance you need.

A broker is a specialist in the insurance sector who may offer professional advice. They work on your behalf to make the process of obtaining business insurance much more manageable.

This article will discuss the main reasons why it would be best for your company to hire an insurance broker. 

1. They give expert advice.

Give your insurance broker a call if you want to double-check if you have the proper amount of coverage. When it comes to these matters, you should never assume. 

Many businesses have already gotten in deep trouble because they were not diligent when it comes to the paperwork of their insurance policies. Often, they find out about deficiencies when it is already too late. Do not make the same mistake.

A broker also has the proper training to answer inquiries relating to inclusions, exclusions, and rates. They have the expertise to provide professional insurance advice, and you can be confident that you have the appropriate amount of coverage in place.

Some people would often remark that all the answers are already online, so why bother paying a broker? Well, not all information on the Internet is accurate. Also, you will not get a specific answer online. A broker who knows your situation can answer your queries based on your needs.

2. You will save more time and money.

You know you have a sound insurance package when you have high-quality coverage at a reasonable price. Naturally, you do not want to waste your hard-earned money on something that will not be favourable for your business.

Having a broker by your side will ensure that you only get the most cost-effective coverage. This does not automatically mean that they will offer you the lowest rates. Being affordable does not automatically mean the best option for you in the long term.

In addition, brokers help save you time because they perform all the research and paperwork. All that you need to do is decide and sign papers. This is favourable for business owners because they already have so much on their plate.

3. They assess your risks.

When your business has insurance, it covers your areas of risk. This means that your finances are secure even when untoward incidents happen.

That’s why entrepreneurs must understand their risks, so they know exactly what to do by the time they file a claim. Research says that a lot of businesses are underinsured. As a result, owners encounter problems when they eventually find out that many risks are not fully covered.

Insurance brokers know the ins and outs of the industry. They can advise you based on your specific set of circumstances to get the best deal possible. Since they have deep knowledge of various policies, they can give you a heads-up on areas you need to prioritize.

4. They facilitate a smooth claiming process.

Your insurance broker can ensure a hassle-free transaction for you and your business when filing for a claim. Doing this yourself means that you need to study all the details and fine print. It also means you need to go through many processes, which can be taxing for a busy entrepreneur.

With a broker, you just need to supply all the information they need, and they can file all the paperwork for you. Since they already know the process, you will get results much sooner as well.

5. They can negotiate for better insurance deals.

If you are a business owner, your priority is running your business to earn money for you and its stakeholders. Most entrepreneurs renew their insurance annually without looking at updates or better deals. This happens because they do not have the time to study new policies.

This is unfortunate because they do not get to maximize their policies. 

An insurance broker can be your advocate in this area. They know how to spot affordable deals and negotiate for better quality coverage. 

6. They provide customized service.

In insurance, there is no such thing as one size fits all. Various plans are available for different kinds of customers and businesses. Getting the most out of them entails knowledge about the industry and your business.

Your insurance broker’s job is to assess available offers based on your business and preference. To do this, they study your company, including its risks and opportunities. You will also have a say on what kind of coverage you want. In the end, both your inputs will lead to a policy that will benefit you and your company.

Without a broker, you will most likely get cookie-cutter answers to your questions. Sadly, generic templates do not address the special considerations that your company needs.
If you are looking for quality service, there are insurance brokers in Perth that can assist you from start to finish. You just need to research their credibility and track record so that you can get the best company that can take care of you and your business insurance needs.

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