GENERAL INSURANCE – MOTOR TRADES

MOTOR TRADES INSURANCE

There are many different types of optional covers within a Motor Trades insurance policy.

The different insurance sections within a Motor Trade Insurance policy can include:

PUBLIC & PRODUCTS LIABILITY FOR MOTOR TRADES

Public & Products Liability insurance section provides protection if someone makes a claim against You, the business or its employees when damage to third-party property or personal injury has been caused by your business activities.

Public & Products Liability cover is also extended within a Motor Trades Policy to include Rectification of Faulty Workmanship as standard.

BUSINESS PROPERTY

Business Property section cover for buildings, contents, machinery and plant, should represent the full replacement price. The sum insured on stock and customers vehicles/accessories should also represent the full value at cost price.

Insuring for the correct values is important on this section as underinsurance penalties apply in the event of a claim if you are insufficiently insured.

THEFT

The Theft section covers theft of contents, stock, tools, customers vehicles and accessories and employees tools due to forced entry to your business premises.

You can select a sum insured that you think will be adequate to suit your situation on this section and the insurer will pay claims up to that amount.

GLASS

The Glass section covers breakage to any internal or external glass that forms part of the building or fit-out.

If you are renting a premises you may need to check your lease or rental agreement to see if you are responsible for any Glass breakage.

BUSINESS INTERRUPTION

The Business Interruption section covers loss of income due to a claim under the Fire & Perils section.

You can select either the full Gross Profit or Weekly Benefit option. We will discuss these options with you to see which option suits your business requirements best.

CUSTOMERS VEHICLES

The Customer Vehicles section covers customers motor vehicles on your property that are either stolen or damaged.  Cover is also available for accidents when the insured or an employee of the insured needs to drive the Customer’s vehicle from one section of your property to another or even test driving on public roads.

MONEY

The Money section covers the businesses money (cash) on the premises, in a safe, In transit and/or at home. You will need to specify where you want Money covered.

MACHINERY & ELECTRONIC EQUIPMENT BREAKDOWN

The Machinery & Electronic Equipment Breakdown section covers the cost of repairs to electric motors and electronic equipment due to an unforeseen breakdown that is not related to normal wear and tear.

You can insure individual items as there may be some items which could be expensive to repair that you need this particular cover for.

GENERAL PROPERTY

The General Property section covers you for Mobile Tools and Equipment that you take away from your premises and/or in transit. This is particularly relevant for mobile mechanics and for those who attend customers vehicles away from their premises.

TRANSIT COVER

Transit Cover section covers goods in transit to and from your premises in the event of an accident, fire or overturning of the conveying vehicle.

PROFESSIONAL INDEMNITY FOR MOTOR TRADES

Professional Indemnity section covers your liability in relation to any advice you give or any forms you may complete such as Roadworthy Certificates and Motor Vehicle Inspections.

It is important to note that claims under this section are admissible on a claims made basis i.e. it covers not when the incident happened but when the claim is made against you.

BUSINESS VEHICLE COVER

Often Motor Trades businesses have vehicles they use in the business or have loan vehicles for customers. These can be insured either for full comprehensive cover to third party property damage only.

EMPLOYEE DISHONESTY

The Employee Dishonesty section covers embezzlement of business monies by employees. If you have an employee paying and collecting your bills you may need to consider this to protect you in the event this scenario actually happens to you.

TAX AUDIT

This covers the cost of your accountants fees in the event of a tax or GST audit. Speak to us or your accountant about this to ascertain if there is a need for this in your business.

 MANAGEMENT LIABILITY INSURANCE

As the director of a company, you can be held personally liable for decisions you or your staff make on your behalf in the running of your business. These decisions may result in an alleged breach of employment law (harassment, discrimination, bullying, unfair dismissal), trade practices act, environmental protection, or workplace health & safety laws. A directors liability or management liability insurance policy generally protects the company and any innocent parties by paying for defence cover to defend against such allegations against you as a director and / or the business entity.