2024 NECO: HOW TO GET NECO QUESTION AND ANSWER BEFORE EXAM START

JUPEB: 2024 JUPEB EXAMINATION TIMETABLE

EXPO: 2024 NECO ANSWER DAILY SUBSCRIPTION PRICE LIST

NECO: 2024 NECO OFFICIAL TIMETABLE

Best traders insurance review 2022

investing, risk, control, insurance, management, loss, credit, market, price, gambling, finance, safety, analysis, asset, business, choice, expectation, investment, measurement, plan, process, protect, risky, strategy, wealth, green, yellow, graphic design, animation, circle, illustration, clip art, wheel

What is traders insurance

Traders insurance is popularly known as motor trade insurance because of the type of business it covers. The two concepts are used interchangeably and it concerns a variety of covers and policies often taken by those involved in the motor trade industry.

Motor trade involves different business like—valeters, detailers, delivery service, scrapyards, mechanics, and showroom owners. Anyone who is involved in such type of business must opt for traders insurance irrespective of the location, type size or involvement.

The third party road risk insurance is the minimum of what an individual needs to start up a motor trade business by law. Most times, motor trade insurance concerns this basic level of cover else otherwise stated. Though the basic level of insurance does not cover the risk. A wide range of more covers and riders is offered to maximize the protection and indemnity of your business.

Traders insurance is a broad concept use to refer to various single covers together as one. According to a more simpler and plain definition, traders insurance is a third party road risk cover. Traders insurance covers the policyholder(driver) against any damage to public property (third party).

All types of traders insurance will normally make room for third party road risk, though base on the insurer, type of business and various factors, this insurance might involve so many other things.

If you operate from home, you can choose a trader insurance with theft and fire protection.
This add on involves more clauses in the traders policy document providing protection against damages as a result of vandalism, fire and theft. The comprehensive trade policy is the lofty level of cover obtainable for home operator and it includes—fire, theft and also protection against damages to the MID registered vehicle and the driver.

 

You need to prove that you work as a valeter, detailer or a mechanic in other for you to get traders insurance. To get traders insurance, you have to be able to show that you are involved in the motor trade industry, either by showing invoices billed to customers for repairs, showing the receipts of vehicle sales and purchases or other evidence that proves your engagement in the motor industry.

Being among the most versatile insurance policy, traders insurance is designed to efficaciously cover business and their employees. It covers any car that is under your custody or care and also business own vehicles. This type of insurance provides coverage for the business and the employees who uses the vehicle. It provides great benefits and is considered as a highly flexible insurance policy.

Do I need traders insurance

You must ask one important question in other to know if you need traders insurance. This question is—Do I have a vehicle under my custody care or control?
If you do, then for sure you will need traders insurance.

In addition, any business that involves having vehicle of a customer under its control, care and custody should consider signing up for traders insurance for the protection against any form of damage to the vehicle.
The customer’s insurance does not provide coverage for the business because the vehicle is now under the care, control and custody of the business.
Both business and customer protection are guaranteed in traders insurance.

 

Is traders insurance mandatory

You are breaking the law if you are have a business in the motor industry and you don’t have the basic level of traders insurance. This is applicable to car dealers, vehicle valets, mechanics and other business that are similar. Part-time and full-time businesses must have cover. The least level of cover needed is the third party, however liability coverage is recommended.

Traders insurance

How does Traders insurance work?

Traders insurance provides coverage for those working within the car industry.
The traders insurance policy has unlimited extras, so you should be careful about the cover you may need and the other that is added on the policy as standard. This will be based on the type of business you operate. Additional fee are required by most extras, so ensure you do not have many cover from a different source.

What does traders insurance policy cover?

The coverage provided by traders insurance policy varies base on the type of risks you face just like any other type of insurance policy.
With the high diversity of business in the motor trade, coverage will definitely differ, although some or all of the following will be included:

Road risks; This type of policy enables you to drive your own vehicle and also drive other vehicles that does not belong to you but for the aim of running your motor trade activities. Considering parts only cover will be ok if your business does not allow vehicles to be driven on public roads.

Parts only cover; Oftentimes, the most basic level of the motor trade insurance cover available is the third party, but base on the type of your business, choosing the parts only cover may be part of your option.

Combined motor trade insurance; it provides cover road risks and equipment also as well as ur premises. To take out combined motor trade insurance might be cheaper compared to a number of different policies.

Employer’s liability; In this type of cover, a legal requirement is necessary for any business that employs an individual irrespective of whether they have vehicles.

Public liability: this type of cover is for protection against claim made by the public to you and your employees.

Product liability: this type of cover provides protection against claims that may arise if you fit a part to a vehicle that becomes defective.

What level of traders insurance cover do I need?

Choosing the level of traders insurance that fits your requirements is very necessary.
There are three levels of cover you can choose from that is with personal vehicle insurance. These levels of cover includes: Third party fire and theft, third party and the comprehensive.

Third party fire and theft: Third party fire and theft provides every cover which the third party provides but it also offers protection against damages incurred by a vehicle due to fire or theft.

Third party: Third party is the lowest level of cover you are required to have in other for you to drive on public roads. The third party covers the loss, injury or damages caused by you to third parties. It is among the cheapest level of cover.

Comprehensive: This provides cover for any damage caused by accident to any of your vehicle and also your customer vehicle under your costudy. If you get involved in an accident while driving a vehicle owned by a customer, the insurer would take care of the cost of the repairs for the purpose of your business.

Conclusion

Traders insurance or motor trade insurance is usually a concept use to sum up different single covers, it covers the policyholder/driver against any damage to the public or public property, it is mainly a third party road risk cover.

Add a Comment

Your email address will not be published. Required fields are marked *