To begin with it is important to remember that all types of business in the auto industry could be saving money on their Motor Trade Combined insurance and liability insurance premiums. From body repairers and MOT stations to paint sprayers and companies in vehicle sales, help could now be at hand.
And regardless of your companies size and budget, if you follow these very simple but extremely effective tips, your Motor Trade Insurance premiums could be lower than ever before. And all without having to sacrifice on cover, service and the excess or deductible you pay.
The first Motor Trade Insurance tip is therefore to use an insurance broker or insurance company who actually understands your needs. Buying a one size fits all insurance policy may save you a little time in the beginning when getting a quote but does it really give you the cover you need?
Ideally what you need to do is actually make sure you use a company or insurance broker who understands what you need, can offer you advice and guidance aimed at reducing your exposure to risk. These experts can be found and very often have access to policies, schemes and facilities that are simply unavailable from other insurance providers. They should also be able to tailor a policy to your specific needs whilst at the same time saving you money on your motor trade insurance premiums.
So if using a Motor Trader Insurance specialist is most likely to result in getting you the right insurance cover for your Combined Motor Trade Insurance for less, how can you find out who these Motor Trade Insurance specialists actually are?
The internet has made the job of locating experts or specialists in particular types of insurance much easier as a simple search using a search engine like Google, Yahoo or MSN is likely to yield a list of specialists for the type of insurance you are looking for. You do however need to be careful that the company saying they are experts for Motor Trade insurance is as there is no guarantee that they actually are.
It is therefore probably best to pick up the telephone and actually ask them a few questions. Asking them questions rather than waiting for them to ask you questions is a great way to establish if they really are experts and know what they are talking about. Things to ask might include asking which insurance companies they use and how long have they been providing motor trader insurance. If you do this then your chances of finding the right Motor Trade insurance for your business is likely to increase whilst at the same time your premiums actually come down in price.
Another tip that could help pay less for your insurance is one may not seem right at first but if you give it a go and there is every chance it may work. The second tip when it comes to saving money on your Motor Trade insurance is therefore to be totally honest when you are asked what premium you are paying for your insurance at the moment.
Most motor traders when asked such a question by an insurance company or insurance broker feel that they should not tell them or simply make up a price as they think they will not get the best price otherwise. The truth is you are far more likely to get the best quote if the company you are speaking to has a price to beat.
If you follow these 2 simple but highly effective tips there is a very good chance the price you pay for your insurance will come down in price. Give it a go and see if it works for you and make sure you pay less for your motor trade insurance in the coming year.
In these tough financial times everyone is looking to cut costs to save money, home owners to business owners all want to reduce their bills.
Everyday we are told that we all need to tighten our belts over the coming months and in such times of crisis insurance can often be the first expense to be sacrificed by small businesses often being classed as a necessary evil, an invisible protection they hope they will never need. What most business fail to appreciate is the protection that insurance provides to their business and for sole traders, their livelihood.
Many tradesmen in the UK are finding work is drying up, for others it is impossible to find. As their income dwindles, unnecessary expenses have to be stopped. So first to go is business insurance, predominantly public liability insurance. The premiums are low, but because it isn't compulsory it gets canceled. The car is still insured, the house and TV are still insured, even the mobile phone is insured, but public liability - what is that covering?
As it doesn't cover anything you can touch or see it's not important. Well, it is covering the one thing that paid for the car, the house and the TV, your assets, your income, your livelihood.
Trading without public liability insurance is risky for any business, but if you are a tradesman it is too risky. Even before the financial turmoil started it would have been foolish to enter someone else's property without liability insurance. Now, in the throes of a possible recession the already high risk is increased further.
Fraudulent claims increase when unemployment increases. Your "customer" may want a new TV or a new carpet but haven't got the money to pay for them.
You were there last week fixing the boiler and "you walked oil through our house" so they say and low and behold they make claim against you. Now you know you didn't do it but you are an easy target, a sitting duck. Who else can they claim from? They haven't got their contents insured because it was too expensive so you are their only option.
Whilst a claim against you will have to prove you are legally liable, would you want your reputation ruined?
This loss may only be small but if you did cause more damage, could you pay for it? Have you self insured? Do you have thousands in the bank for any claims that occur? Of course you haven't, no one does. Would you be able to continue in business if you had to pay thousands of pounds in compensation to a customer whose house you had damaged? You don't need to be in that position, just see insurance for what it is, not an unnecessary expense but a necessary business protection.
Public liability insurance isn't that expensive. So if times are getting tough, think before you cancel. The consequences could be far greater than you realize.
Legal fees and tenant lawsuits can be crippling to any landlord. Learn if landlord liability insurance is right for you and how you can protect yourself from any financially painful lawsuits. No matter how capable you are as a landlord, some nasty things are just plain possible to avoid if you are unlucky. One of them includes having your tenant sue you because they were injured due to any defects on your rental property.
When will Your Tenant be Able to Sue You for Their Injuries?
If you picked up the phone one day to hear your tenant screaming for blood and threatening to haul you to court, there are no need to panic yet. Just because he was hurt while living on your rental property doesn't that you are responsible for his injuries in the eyes of the law.
To begin with, you will have to be aware of the property defect that caused the injury. If you carry out your property inspections regularly and your tenant did not inform you of any property damages in advance, you will not be responsible.
Secondly you have to be responsible for the faulty part of the property that resulted in your tenant's injury. If your tenant was burnt while preparing lunch on his own defective gas stove, then it's no fault of yours. As the owner of the gas stove, it's his duty to make sure that it's in good working condition.
Your tenant also has to handle your furniture and appliances in the way they are intended to be used. For example let's say your tenant stood on your tiny coffee table to replace a light bulb. If the coffee table collapsed and he fractured his wrists, you will definitely not held responsible. In fact, he will have to pay you for another coffee table in this case.
However if you were sloppy in maintaining your property and your negligence caused your tenant to be hurt, you can sued especially if you were informed of the property damage well in advance and that damage is an obvious safety hazard.
How You will Benefit from Buying Landlord Liability Insurance?
If your tenant takes you to court, your landlord liability insurance will pay for any legal and courts that you rake up.
In case your tenant does win the lawsuit, your insurance company will be the one forking out money to pay his claims for medical bills, physical disability and loss in earnings during recovery. If his belongings were wrecked - For example your garage roof crashes onto his car, he will also be able to claim money from your insurance company to fix it.
For a greater peace of mind, choose a liability insurance that gives you wider safety net. It's a good idea to pick a policy which also includes protection against lawsuits due to illegal evictions, unfair treatment, slander or violation of tenant rights.
I will recommend every rental property to buy landlord liability insurance unless you are a skilled landlord who maintains your rental property flawlessly. If you have an understanding tenant and your property is in tip top shape, then perhaps you can also choose to skip on this type of insurance to cut costs.
Otherwise the financial blow that a tenant lawsuit can deal you is not something that most landlords can afford to bear.