Identifying Trading Premises for Motor Trade Insurance

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One of the controversies that might affect the provision of motor trade insurance is the presence or absence of trading premises. The definitions can be very clear but at the same time the applicants can significantly manipulate them in order to get the results that they are looking for. There are investigative approaches to this issue but in reality the applicant needs to find the right policy for their needs. You should not attempt to secure motor trade insurance on false pretences.

1. The case of stored property: The provision of motor trade insurance does not mean that they will cover stored property on the premises. That might include vehicles that are not listed on the policy. Many businesses tend to store expensive equipment on the premises as a convenience and you can get that property covered under special arrangements. There is an assumption that this equipment will be related to your business. If it is for domestic purposes then you will need to get contents insurance separately.

2. A home address might not become a business premises: Many garages are operating from home as a means of saving the costs of travel as well as rent. The complications start when you want to cover your business. The motor trade insurance provider will need a formal application that details your position as well as reassurances about the security of the place. Do not make an assumption about acceptance because the provider may turn around and say that this is an unacceptable risk in the long run. Business premises are best kept separate.

3. You might stay at a business premises complex: To make matters worse, some entrepreneurs stay at their garage for a certain amount of time. The key component is the extent of your stay. If you are there for the majority of the time then they can consider it to be a home. On the other hand occasional overnight stays will not necessarily affect the provision of motor trade insurance for the property. In any case it is always better to have these matters clarified with your insurance provider so that they can make a decision that is based on facts rather than speculation.

4. Make sure that all your business premises are covered: If you are looking for motor trade insurance, it is better to ensure that all your companies are covered. In fact you might be able to secure a significant discount on the final price if you make arrangements in this way. If you have made an agreement with the provider concerning strategic coverage then you need to update them if there are changes in circumstances. It is expected that your business will continue to expand and likewise your insurance requirements will change.

5. Joint insurance policies are complicated: Some mechanics are in some sort of cooperative where they join forces to rent accommodation. In such an instance you have the option to either go with the headline policy for the garage owner or all the partners can apply for motor trade insurance on an individual basis. Before you make a decision in either direction, you have to look at the cost implications and whether you will be able to maintain the policies as has been agreed.
The question of business premises will continue to be an important consideration for motor trade insurance. The providers are looking to ensure that they are dealing with the genuine article. On the other hand the applicants hope to maximize their competitive advantage by significantly reducing the costs that are associated with the insurance premiums. This struggle for control has to be settled when you sign the terms and conditions.

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