Specialists Who Know Your Business

MotorTrader January 27, 2014Help & Guides

tradersWhat business are you in? That’s right, your business! Who knows it better than you? Surely not someone at a desk at an insurer’s head office? Well you may well be wrong with that assumption.

Motor trade insurance is an all encompassing genre that requires knowledge of the industry’s outs and ins for insurers to correctly price their product offering and stay competitive.

Which is why you will find that even when you can’t believe the cost of insuring your equipment, liabilities for the public and employees and for the work you have carried out. It really has been assessed by people who know your business and understand the difference between a monkey wrench and a wrench of a monkey.

The Specialist With A Calculator Affecting Your Premiums

We’re at pains sometimes to understand how businesses wish to operate without the appropriate insurance cover. We read in the papers daily about accidents occurring in garages, mechanics being sued for the work they have done and the fall out. Then there’s the mindless acts of sillyness that sees scrap metal dealers and tyre fitters hospitalised.

Just the other month a scrap metal dealer in Darlaston was knocked unconscious and needed resuscitation because he wanted to get the brass collar off the neck of a fire extinguisher… with an axe. The resulting action was the pressurised container exploded and parts hit his chest and he had an heart attack.

Then there’s the mechanics who do and don’t do good work, those that do however and are found to be not negligent will have been able to fall back on their insurance policy. Which may or may not cover the claim and costs that ensued, all thanks to one department.

The insurer’s underwriter, a team of savvy mathematicians with a super computer, an insurance risk assessor and knowledgeable motor trade specialist who knows every background of our industries inside and out.

A Complicated Game Of Trust And Crunching Numbers

Now who do you trust more? The man with and an axe and a fire extinguisher or the insurance team working out whether you will be covered if sued, if hospital bills will be met if you’re injured at work or if your business suffers a fire and loss of earnings?

Much like bad mechanics give a trade a bad name, bad insurance quotes do also. It is in insurers best interests to offer the lowest quotes but without cutting corners. I’ll go for the status quo, I might trust an insurance risk assessor without an axe.

When talking shop and motor trader insurance, people only ever seem to think about the cost to themselves and the cover they need. Without realising some overly smart chap has done all that for them already.

The day the above man was injured due to stupidity and taking the top off an extinguisher with an axe, he became a statistic. One of thousands entered into a database for risk assessment calculations.

The result of that one accident may be nominal but when compared across the board, your premiums may rise or fall on the back of safety level adherence. Knowledge and training, age of equipment, your supplier or manufacturer of tools and machinery, the times you operate, how old you are and where you are based all play a part in the calculations of your next year’s premium.

No matter whether you are in Classic Sales / Vehicle Sales, work in a Body Shop or a Garage and offer Vehicle Servicing, Mechanical Repair, and Car Detailing.

Perhaps you’re a Vehicle Electrician dealing in Breakdown Recovery, Crash Repairs or a Vehicle Valeter, right through to being a Scrap Dealer, there is another side to motor trade insurance and that’s the man at the desk or rather out and about working alongside you, assessing the risk of your work environment.

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