In today’s tough economic times, everyone is looking for methods to bring down their overheads and cost base. Insurance is one obvious area to assess and no matter if you’re operating a vehicle body shop or servicing shop, or car dealership, your traders insurance might be a great place to begin.
Compare quotes from different motor traders insurance providers
Although motor traders insurance quotes may be hard to figure out, it’s really much easier more than ever before to compare a variety of quotes. Actually, if you’ve been with one insurance provider for more than 3 years, it’s time you reviewed quotes. You just need to spend around 30 minutes at your computer checking if you can better your policy while saving money. You can make use of an online service or telephone to compare the prices of many of the top insurers. This is a great way to save a significant amount of money and time.
Of course, it’s vital to note that price isn’t everything when it comes to buying insurance. Many times, cheap insurance may not turn out to be what you think it is. There may be very well hidden or reduced excess in the policy that makes it a bad investment. It is vital to understand what you’re comparing. As such, it’s okay to seek more information by consulting an insurance broker.
Have a thorough business insurance review
The world we live in now is very fast-paced and it’s more likely that your business has evolved quite a lot in the past couple of years. There are several factors that have an enormous impact on motor traders insurance premiums, such as number of drivers, cars, or even turnover rate.
Take your time to carry out the review with an expert in motor trade insurance. This expert will be able to give you advice on how to cut costs and what vital requirements are essential for your business.
Review the activities of your own business
Time does change everything and your company might now look different to how it looked last year. Some aspects of motor trade business do change frequently and this might have a significant impact on insurance premiums to be paid. You will need to assess this regularly.
The vehicles—a lot of vehicles are going to affect how much you’ll pay in premiums. For example, not working on HGV vehicles, motorcycles, high performance vehicles, kits, or imports might help to decrease costs and open up more markets.
The drivers—check around your entire business and make a decision on whether you need all of your existing drivers. For instance, would it be better for a family member to have private car insurance? Do you have any kind of driver cover? If so, then you could consider restricting it to named drivers.
The number of vehicles insured—it’s vital to assess the inner limits of the number of vehicles you keep and the Road Risks policy. Are the vehicles you keep more than enough for your present needs?
Employers’ liability and public liability—has the payroll or turnover changed recently? Ensure that the insurance providers get the most up-to-date information that’s available.
Pay for your cover upfront
Many insurance providers will levy at least a 10 percent charge for paying your premiums monthly, so be sure to carefully check your paperwork to figure out the actual business insurance cost per year. If possible, you can pay upfront using debit card or credit card to avoid hefty credit charges.
Consider buying package trade cover
More often than not, when we launch a business, we often look for just the most essential requirements while building up a client base. Then as the business starts to grow, we buy or add extra items when it is necessary. The same is true when it comes to insurance. Many times, business owners walk into the offices of insurance providers carrying more than 4 different policies they’ve bought as their business has grown and evolved.
It’s usually possible to save some money when you bring all these different policies together in order to get better terms. This benefits you, the business owner, in two ways. It will save money and make claims management so much easier.