Our job is to arrange an insurance package for the motor trades industry that suits your budget and needs. It is very essential to have a motor trade policy for this kind of business to ensure protection against possible faulty workmanship that may cause property damages.
We deal with a wide range of tradies in the automotive industry other than a car dealership, including panel beater, car painter, smash repairers, mechanics, and many more. Different insurance types are accessible in one policy, making the whole business totally covered.
What is Public Liability Insurance?
Public liability is the most important type of insurance a motor trade industry should avail. It is the cost of liability made by the public in relation to your business operations. The insurance only covers when incidents occur on your property causing injuries, damages, or even death. It helps your company cover up the possible expenses.
Most businesses neglect to choose public liability insurance due to its limited policy, unlike general liability insurances that cover everything. However, it is more affordable than any other type of insurance.
Important Factor Motor Trade Insurers Need To Know
Here are things you should know in assessing what public liability insurance suits your needs.
Your specific needs
Insurers must know their specific needs before getting an insurance policy. Know what services do you offer and to whom they are addressed. In this way, insurers will identify what insurance would cover them in times of accidents or damaged properties.
Our experts are well equipped to help insurers in choosing between policy options the better way. Cooperate with the team to speed up the procedure.
Coverage of Motor Trade Insurance
Now, let’s see the full coverage of motor trade insurance made available by Matrix Insurance Group.
Fire and Specified Perils
Ensure to disclose the correct values that consist of the full value of the insured at cost price. Underinsurance penalties are applied for someone insufficiently insured. The full coverage represents the full price, so to be fully covered it must be stated.
Business Interruption
Two policy options are under this coverage – the full gross profit and weekly benefit option. They cover loss of income resulting from the fire and perils section. The trained staff will explain further what option suits your budget best.
Theft and Money
Theft is a forcible entry to your property that could result in a loss of equipment or even injuries. There are no underinsurance policies applied on this coverage, and so there must be a certain amount of sum insured for the insurer to still pay for claims. Make sure to declare an adequate amount to suit any situation. It may include employees’ tools and other contents outside your property.
Money coverage either in transit or at home will be covered. There will be limited requirements, which our staff will surely discuss. Take into account electronic transfers and credit cards, without inclusions.
General Property (Building, Contents, and Stock)
General Property covers mobile mechanics and customer’s vehicles away from the premises. They might be in transit, including mobile tools and equipment.
Plate Glass
The policy also covers glass breakage, both internal and external. Traders should inspect their premises to see breakage. For lease properties, double-check the rental agreement about glass breakage.
Public and Products Liability
If there is any faulty workmanship, your business shall be covered with public liability.
Employee Dishonesty
Some industries allow a trusted employee to pay and collect bills, this bears the greater risk for the business monies. This covers employee fraud just as mentioned.
Machinery Breakdown
Electronic equipment may break down from time to time, and the cost of repairs can be too expensive. Insuring business’ machinery is advisable as repair prices vary for each item. This is what the policy covers.
Tax Audit
A business with hired accountants may need an insurance policy to cover up fees resulting from tax audit operations.
Customer’s Vehicles Cover
Whatever happens to the customer’s vehicle, whether on a test drive or in the yard, shall cover fault claims. The person at fault will be charged for the repair costs, which takes a long process to know who is at fault.
Business Vehicle Cover
Motor traders may acquire or loan vehicles for the business. They can be fully insured only to cover third-party property damage.
Workers Compensation
Hiring a lot of employees may need to be covered by worker’s compensation, providing efficient claim services. Check your local state authority before taking action to ensure abiding with the law.
Professional Indemnity
Liabilities in relation to forms completed are to cover for. It is applied whenever there is a claim made against your business, except when due to incidents.
Matrix Insurance Group Trade Insurance
Liability claims require a prompt service to prevent greater expenses due to negligence. A number one motor trade insurance in Australia consists of dedicated staff to support your business from public liabilities. We guarantee full entitlement for your business to safely operate.
We are experts on what motor trade insurance policy will meet your specific needs, as not all mechanics need to be insured. Our insurance advisers will cater to your requests and be more willing to help you. We also provided motor trade insurance solutions with other businesses around Australia, so let us work with you too.
For your motor trade insurance needs, contact Matrix Insurance Group and speak with the best broker in the industry to get started.