Introduction
Trade insurance is one of the insurance types which have really vast description. Trade Insurance policies are usually made for the coverage of those people who earn their living by buying, selling, repairing or usually who have to deal in work related to cars vans or motorbikes. Trade insurance will give help for those traders who deal in small, big or even part-time motor business. There are different kinds of motor trade insurance policies. We can differentiate between these policies on the basis of features, premium, and the extent or nature of help they provide. A person who is dealing in motor trade business need to select an insurance policy that fulfill his or hers requirements and that also suits their budget.
History
There are basically three types of Trade Insurance policies. Very first type of Trade insurance is “Street Risk Only Motor Trade Insurance” which is further divided into 3 different levels of covers. First type of Street Risk Only Motor Trade Insurance is “Third Party only”. Motor trade insurance policies are also popular with the name of Third Party Road Risks Policies. If the trader is driving his own or any customer’s vehicle on the public highway then it is important for driver to make a third party motor trade insurance policy only in that case. This policy also provides general services to customers like repairing of vehicles. According to this policy providers also have access to buy and sell cars for their profit. This policy also help drivers in operating as a vehicle fitter, valets vehicles or is a mobile tuner, restore and repair cars, and provides a garage. In fact it is the most basic level for helping traders. It also provides help to motor trader if they did loss for third party injury, third party death and third party property damage caused by any vehicle in use. Second type of Street Risk Only Motor Trade Insurance is “Third Party Fire and Theft”in which trade insurance policies helps a trader for all of the above benefits which are identified above, including recovery for damages caused to the trader due to accidents, fire, or theft of vehicles during the trade. Third type of Street Risk Only Motor Trade Insurance is “Comprehensive”. A Comprehensive Trade Insurance policy helps traders for accidental damages caused to vehicles which are in use during trade. It also helps for the above-mentioned third party, theft and fire damages.
Features
Second type of trade insurance is “Liability Motor Trade Insurance”. Liability Motor Trade Insurance policies are made for those traders who need to make a public call in their location while dealing with rendering services. This trade insurance type also helps in employing people as well as in refurbishing, repairing or servicing cars, and supply, fit and buys parts. There are three types of Liability Insurance. First are Product, Sales and Service Indemnity which includes Defective Workmanship. Second is Public Liability, and third is Employers Liability.
Tips and comments
Third type of trade insurance is “Combined Motor Trade indemnity policy” which provides help to traders for money, vehicles, liabilities and premises. Every person related to the motor trade business, whether they repairs cars, sell cars or clean cars, will needs a motor trader insurance policy.
