Businesses need extra insurance compared to homeowners. They too will insure vehicles, although for different uses, and premises that are likely to have more valuable contents.

For any kind of insurance that you seek, there is one source that might be able to help. Even for a motor trader policy that not every insurance company will offer. We are referring to onesureinsurance.co.uk/motor-trader-insurance, which offers many cover options to private and commercial setups.

Commercial Vehicles

With commercial vehicle insurance, it is automatically assumed that business use is required. This can be something that can be added to private car insurance where travel goes beyond commuting to and from a permanent place of work. If you travel between work premises, then that will be classed as Class 1 business use. Any other class beyond that and you will be looking at a specific commercial vehicle policy to provide cover. Make sure you do your research and Find the best lorry insurance quotes.

Commercial vehicle insurances can be extended to also provide cover for the goods carried. But then, you might opt for a specific policy that is linked to your profession. For example, a courier might purchase a policy specifically intended for the value of parcels they might be carrying at any one point in time. If the van were to be stolen at the beginning of their delivery round this could be a considerable loss to bear without full insurance.

Motor Trader Policies

Business policies are all about extending cover beyond what would be considered necessary for personal use. For instance, with a motor trader policy cover is extended beyond covering the vehicles of the business and will also include the cars and vehicles in the temporary custody of the business. This sounds very legal, and a part of motor trader policies are. They will, in the first instance, cover road use in case a third party should be hit by a customer’s vehicle being driven by an employee. Then they will cover damage to the customer’s vehicle too. Not just on the road, but where it is stored or worked on.

Motor trader insurances will cover the named drivers only, but multiple drivers can be added. Insurers will restrict who can take out a motor trader policy to reduce their risk, and the age will normally not be anyone under 21, and ideally 23+. Also, many insurers require 1 year or more of relevant motor trade experience. This can be from working as a mechanic, valet, or car salesperson. It does not matter which one, they are all occupations that come under the umbrella of the motor trade industry. i4mt can compare motor trade insurance for you to take a lot of the hassle away.

Businesses Premises

Anyone looking for insurance on business premises will likely find it more expensive than a home because of the size of the building and valuable machinery, tools, and equipment housed inside. The theft risk will also be considered high by insurance companies because thieves will target work premises because of the value of stock that can be inside their buildings, which can be easily fenced, as is the term used for passing goods on to another criminal. Also, work premises can be in remote locations away from the main streets and living areas where criminals could be seen in action.

The postcode will be part of giving a quotation because that will be linked to the crime rates of a particular area in question. Also, the type of business might make it more of a risk compared to another. For instance, goods that are easy to sell on, such as alcohol or cigarettes, will present a higher risk.

Any business handling large sums of money as part of operations will want that insured, which will increase the premium in terms of its contents cover.

Liability Insurance

There are two types of liability insurances that businesses will consider.

An employer’s liability insurance will cover events that happen which injure employees during their duties. It is mandatory that employers have this insurance, and they will be fined if it is discovered they do not. An insurance policy of this nature will come with an insurance certificate to be displayed on the wall as confirmation that the cover is held. A health and safety executive will expect to see it as it is the law to display.

Then there is public liability insurance, which is voluntary, but a particularly good idea to protect a business owner from being sued by a member of the public that could potentially be injured on or near their premises.

Both these covers will mean insurance is provided for a substantial sum if needed and can be a part of combined business insurance where the amounts are fixed. It is not an amount a business will have to work out for itself. Employer’s liability in the UK is set at a minimum figure of £5 million. Public liability will normally come with three options: £2 million, £5 million, or £10 million, depending on the type and size of the business and the risks that are present on or near the premises.

It is good to know that insurers have businesses in mind when it comes to the extra that they need to insure for. It is protection against being sued or needing to find large sums of money otherwise. Some things are required by law, however, such as the road cover aspect of any kind of motor insurance and employer’s liability.