Motor trade insurance

Public liability insurance covers claims made by third parties (like customers or visitors) who suffer injury or property damage on your premises or as a result of your work. It can cover legal costs, compensation payouts and medical expenses (if applicable). This insurance policy is one worth considering for all motor trade businesses, especially those with physical premises or customer interactions.

Claims for personal injury or property damage can reach tens or hundreds of thousands of dollars, but public liability insurance can help your business meet these claims.

Product liability insurance covers you against claims resulting from products you’ve supplied or fitted that later cause damage or injury (such as a brake pad you installed failing and leading to a collision). This liability cover can help cover your motor trade business for legal defence costs, compensation to affected parties and product recall or replacement (if included in the policy).

This type of insurance is especially important in the motor trade industry, as it protects the business if you sell, install or repair car parts. Even if the product defect wasn’t your fault, you could still be held liable as the supplier or installer. Product liability insurance helps manage that risk.

This cover can enable you and your employees to drive customers’ vehicles or vehicles owned by the business, whether for diagnostics, test drives, delivery, or movement between sites. Without composite vehicle cover, an accident while driving a customer’s car could leave you liable for damages or legal action.

Commercial property insurance covers the building (if owned), business contents, tools, stock, and office equipment against insured events such as fire, storm damage, vandalism, theft or break-ins.

Physical assets are expensive to replace and essential to your operations. Without cover, you risk financial loss. For example, should a fire damage your workshop or your tools are stolen during a break-in, your insurer may cover the cost of repairing or replacing what’s damaged, helping you resume operations quickly.

• Equipment and machinery breakdown insurance: This type of coverage can insure businesses for the financial impact of electronic equipment or machinery failure. If essential equipment breaks down, this insurance helps cover repair costs, replacement or loss of business income while the equipment is being fixed.
• Business interruption insurance: This insurance helps cover the loss of income a business may face if it’s temporarily unable to operate due to unforeseen events, such as a fire, natural disaster or machinery breakdown. It often covers ongoing expenses such as rent and payroll during the period of disruption.
• Professional indemnity insurance: This provides liability coverage for businesses in the event of incorrect advice being given. If a client suffers financial loss due to errors, omissions or negligence in the services provided, this insurance can cover legal costs and any compensation the business may owe.