Some people are mostly occupied and busy these days so the least they can seek for a part-time business is through online. One of the most popular and most likely beneficial part-time business to invest today is motor trading.
Part-time motor trading includes selling, repairing, and any services that are related to motors. While running a business, it is undeniable that there will come a time for damages or emergencies to happen, and worst there could be liabilities that might affect the growth of your business.
When such things happen, it is better that you get your business insured. There is a lot of cheap part time motor trade insurance you can find online that is definitely reliable and safe.
Can You Get a Cheap Insurance?
Getting a cheap part-time insurance usually depends on the number of years you have claimed bonus on your location. If you have been working hard on building up a no claim bonus on private car or trade policies, then it is definitely possible to get a cheaper policy insurance.
What Type of Cover to Get?
Most traders usually just come off as two types, as a road risk policy only or for a more complex cover they can ask for a combined cover. For part-timers, it is best to use the road risk only policy.
The road risk policy is, by far, the most common type of trade most motor traders use or take. This policy usually cover vehicles you posses, so if there’s a damage or liability, the vehicle is the only cover you will have or the rider. However, for part timers who works from home, they can get a cover for a house insurance.
Let’s discuss more about the road risk policy insurance.
Road Risk Only Insurance
The Road Risk only insurance policy is separated into 3 levels. You can choose which one is best for a cover.
- Third Party Only or Third Party Road Risks Policy – This cover is basically required by the law. It basically requires a third party motor trader insurance policy if the trader drives his own vehicle, or if they provide general repairing of vehicle as service, and if they buy and sell car. This policy is by far the most basic type of coverage that covers a motor trader for injuries, property damage and death caused.
- Third Party Fire and Theft Motor Trade Insurance Policy- This insurance covers all traders in liable as well as all the damages to the motor trader that came from accidents or thefts that is related to the business or trade.
- Comprehensive Motor Trade Policy- This cover is made special for traders who can be involved in events like accidental damages, or as well as the third party, theft and damages.