All About Motor Trade Insurance

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If you operate within the motor trade industry…

and you’re looking for a reliable insurance company to ensure your business, look no further than Matrix Insurance. Matrix Insurance is a national insurance brokerage based in Perth, WA that provides a comprehensive range of insurance services. We have extensive knowledge and expertise in arranging general insurance for small to medium-sized businesses with the goal of simplifying the entire process. Our team is comprised of passionate professionals that are ready to accommodate your needs and provide quality advice to ensure that your insurance requirements are fully met.

Motor trade insurance packages that suit your business 

Whether you’re operating a motorcycle dealership, car dealership, vehicle repairs, or even a scrap yard, Insurance brokers in Perth have the right packages for you. You can fully customize your motor trade insurance according to how you see fit, allowing you to ensure your business under one policy and pay for the only cover you really need.

It’s important that you consider the following coverages to better protect your business against financial loss.

  • Property – covers physical property such as vehicle stock/s, equipment, machinery, and buildings. Can also cover for damages on vehicles/properties under your control (i.e. faulty service, fire, and other listed risks).
  • Business interruption – covers interruptions on business operations caused by fire incidents or other insured events. This cover protects you from serious financial losses by covering shortfalls in your profit due to business interruption.
  • Theft and money – covers reinstatement costs of stolen property due to theft and burglary. Cover ranges from employee tools as well as contents located outside your premises.
  • Glass – covers replacement costs of broken glass in the interior/exterior parts of the building. If you are renting a property, you should consider checking your rental agreement to find out if you are responsible for glass breakages.
  • Transit – covers goods that are in transit to and from your business premises that have been damaged due to an accident, fire, and other unforeseen incidents.
  • Liability – covers legal liabilities like paying compensation for property/vehicle damage or personal injury. It offers protection against losses from public and products liability, including damages due to faulty workmanship/repair.
  • Employee dishonesty – covers against financial loss caused by dishonest or fraudulent acts by an employee of your business.
  • Machinery breakdown – covers repair costs for electrical/mechanical machinery (i.e. explosion of boilers or boiler collapse). Goods stored in cold chambers are also covered against deterioration.
  • Computers and electronic equipment – covers repair/replacement costs of damaged computers/electronics due to user negligence or unforeseen activities.
  • General property – covers for damage, loss, or destruction of property as a result of flood, earthquake, fire, collision, explosion, and burglary. It covers reinstatement costs or repairs without deduction for depreciation.
  • Tax investigation – covers professional fees sustained through an audit or investigation by the Australian Taxation Office in regards to liabilities in paying a designated tax.
  • Workers compensation – covers for workers compensation (a compulsory statutory form of insurance in Australia that protects employees from work-related injuries or diseases).

Why you need a motor trade insurance policy 

Anyone who works in the motor trade industry should apply for motor trade insurance. This enables you to drive your customer’s vehicles as well as your own without fear of suffering from financial loss (this is known as road risk policy). Additional covers like internal risks, public liability, and carrier’s liability can be included depending on your business. So, why do you need motor trade insurance and how do you get the best cover possible?

  1. If you sell vehicles part-time or full time: If you buy and sell vehicles for a living, you definitely need a motor trade insurance policy. At the very least, a third-party only cover will protect you from financial loss due to damages to property/vehicles caused by you.
  1. If you service, clean, or repair vehicles: Servicing, cleaning, or repairing vehicles without a motor trade insurance policy in place puts you at a huge risk of financial loss. You never know when one of your mechanics performs faulty workmanship, especially if the vehicle in repair has been involved in an accident.
  2. Recovery vehicles: It’s surprising how many recovery agents (those who are responsible for picking up vehicles after a breakdown) only have basic commercial vehicle coverage. Recovery vehicles are also in need of motor trade insurance as well as additional cover for the vehicles being towed. That way, you’re protected from financial loss in case something goes wrong for both the recovery vehicle and the towed car.

Here at Matrix Insurance, our job is to thoroughly assess your situation and come up with an insurance package that best suits your needs. Our goal is to safeguard your assets and guide you every step of the way. Having access to more than 120 different underwriters means that we can find the right policy for you, all while maintaining a very competitive premium. Feel free to contact us today and let us help you with your motor trade insurance needs.

 

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