Insuring your motor trade business is based on a number of specific pieces of information, but life does not stand still and these can change at any time. It’s easy to forget to update your insurance policies when there is a lot going on, but failure to do so could have consequences. Run through this checklist and see if your policy might need refreshing.
If you are involved in an accident or need to make a claim, let your insurer know straight away. This also goes for any named driver on your policy. You should also let them know even if you don’t intend to make a claim – send a letter but make it crystal clear that this is for their information only and should not be actioned.
- Named drivers
Colleagues in a business come and go. If the drivers listed on your policy change – either through employees leaving the business, or new ones joining – you will need to let your insurers know. Family members who work for the business may also need adding to or removing from the policy.
From a driving conviction such as points on your licence for speeding to a more serious criminal conviction, if this applies to you or any driver listed on the policy, your insurer will need to know. Some more serious convictions, such as fraud or insurance fraud, may result in cover being removed from those individuals on a policy altogether. It’s ill advised to try to conceal these, as they will be discovered in the event of a claim and may render your policy invalid.
- Additional cover
Many businesses grow and evolve over time. If your motor trade firm has led to a second business and you plan to use your vehicles for both, you’ll need to let your insurer know. Otherwise, if any damage or injury occurs before you have informed them, it may not be covered and will have an impact on your policy.
Another situation where additional cover may be needed is if the value of your stock has increased or you need a greater level of indemnity. Again, get in touch with your insurer to ensure adequate cover.
- High-value items
Tools and equipment don’t come cheap and regularly need replacing. If you purchase new or additional kit, let your insurer know to ensure it’s covered on your policy.
- Type of vehicles
Motor trade insurance covers a range of vehicles from vans to recovery trucks. If you change the type of vehicles in your fleet to be covered, you’ll need to update your policy too.
- Change of premises
If the location of your business changes, let your insurer know. Similarly, if you take on additional premises, these will also need to be covered by your policy.
- Contact details
These days we expect communication to be fast, meaning phones and emails have taken the place of letters through the post. So, if you change phone number or email address it’s crucial to let your insurer know as this is probably their primary means of keeping in touch with you. Failure to do so could result in a lapse of cover or delay in claiming.
If you are looking for value, choice and expertise Britton Insurance is one of Ireland’s leading brokers of Motor Trade insurance. With competitive rates our experienced Motor Trade team will offer you a range of options designed with you in mind. Get in touch to see how we can help.