Insurance is all about protecting your business, but as with any insurance, your standard motor trade insurance will only cover certain aspects of your business. There are many additional options that are sensible to consider when you’re taking out your policy, but do you want to spend the money – is it worthwhile?
Ultimately, what you choose to protect yourself for will depend on the nature of your business and the risks you might face. It’s also worth checking which kinds of additional cover are legal requirements.
Take a look at these five additional insurance options to ensure that your business is fully protected and prepared for any worst-case scenario.
Public Liability Insurance: protection from injury and damage claims
If you deal with members of the public at your own business premises or at their homes, public liability cover can protect you against potential claims. If someone gets injured or their property is damaged in the course of your work, or on your premises, public liability covers you financially in case they take legal action against you.
This optional insurance can cover sole traders, freelancers and contractors, and limited companies.
Public Liability Insurance through Tradesure covers your business against compensation claims, legal expenses, cost of repairs in the event of property damage, and medical fees.
Employers’ Liability Insurance: protection against compensation costs
Employers liability insurance protects your business against the cost of compensation claims brought by an employee for injury or work-related illness. This cover is a legal requirement if your business has even one employee. An employee is anyone that you pay a regular wage to, and deduct National Insurance contributions and Income Tax from their pay.
If you have employees but don’t have employers’ liability insurance, you could get fined up to £2,500 for every day that your business is uninsured. A handful of businesses are exempt from the requirement for employers’ liability cover, for example if you only employ close family members, but it’s best to check.
Legally you need a minimum cover level of £5 million on your employers’ liability insurance. Tradesure Employers’ liability insurance provides cover for £10 million as standard, to make sure you’re protected above the minimum.
Tool Cover: to replace stolen tools
Ensuring that tools are protected from theft means you’re able to replace them quickly, and you won’t be stuck with a huge bill if they do get taken. Tool theft is on the rise, so Tool Cover is definitely something to consider if you regularly carry or rely on tools for your income.
Tradesure Tool Cover covers theft of portable hand tools, portable power-driven tools, and trade goods that are used for business activities. You can choose cover of up to £3,000, £5,000 or £10,000 depending on the value of your equipment.
Legal Expenses: protection against uninsured loss costs
If you have a road accident that isn’t your fault and you’re injured, motor legal cover (or legal expenses as it’s also known) will cover costs of pursuing a compensation claim. It will also help you recover costs from the MIB if you’re hit by an uninsured driver, and covers the cost of taking third parties to court.
Many motor legal policies will include a claims management service to help make the whole process easier for you. Tradesure’s motor legal cover is provided by ALPS who have won awards for their claims management process.
Excess protection lets you recover your excess up to the cover limit you choose, following any claim you have to make, whether fault or non-fault. This is an ideal option for any motor trader that doesn’t want to be left out of pocket if an accident occurs.
With Tradesure there are three cover limits available; £1,000, £3,000 and £5,000, so you can pick the right cover for you. There’s no limit on the number of claims that you can make up to your cover limit.
What cover do I need?
If you’re not sure which of the above is right for you, or want some more information on what’s covered, our team of friendly insurance advisers are here to help. Give us a call on 0121 248 9300 or email us below and we’ll get in touch.