Motor trade insurance

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Motor trade insurance is a vital requirement for anyone buying, selling or running a car business.

Whether driving a new car from auction or driving a car you have repaired, you must have insurance to take it on the road.

Our knowledgeable brokers work with specialist motor trade insurers to help find you the most suitable coverage for your business.

Who needs Motor Trade Insurance?

This includes, but is not limited to:

  • Traders
  • Mechanics
  • Body Shops
  • Valets 
  • Vehicle Recovery Agents
  • Car Brokers

Road Risk Insurance

Road Risk Insurance covers the insured individual to drive any vehicle that is in their possession. These can be vehicles for the purposes of motor trade or personal use.

Combined Motor Insurance

A combined motor insurance policy covers several extras such as tools, equipment, your property and contents, together with Employers Liability, Public & Products Liability.

Types of cover

Cover options are similar to those of standard car insurance policies:

  • Third-Party - Protect other people if an accident was the fault of you or your driver.
  • Third-Party, Fire and Theft (TPFT) - Adds cover for fire damage as a result of an accident or theft of vehicle.
  • Comprehensive - Covers any damage to your own vehicles and any injuries.

We would also advise our clients to have Employers’ Liability, Public Liability and Product Liability insurance.

Who should be on your policy?

You should carefully consider how many people are added to your policy as the more people, the higher the risk, and the more the premium.

Drivers under the age of 25 are deemed a higher insurance risk, as well as those with a history of criminal or driving offences. 

Our brokers can help advise you on measures you can put in place to lower the risk and your premiums.

Motor Insurance Database

It is essential for anyone in the industry to update the Motor Insurance Database (MID) on a regular basis.

The MID contains details of all insured vehicles in the UK and is used by the police and the Driver and Vehicle Licensing Agency (DVLA) to enforce motor insurance laws.

If you have to keep a customer’s car for over 14 days or if you have any hire cars or courtesy vehicles on a temporary basis, you must update them on the MID.

To find out more and to discuss your needs, please contact us on 01274 515 747 or email us at mail@lwood.co.uk

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Property Owners

If you own a property it is important to have appropriate insurance covers in place.
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Business Interruption

We would always recommend insuring on a Gross Revenue / Gross Profit basis, together with additional costs as from experience following a loss, the policyholder would have to spend more money than necessary in order to keep the business functioning
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Directors & Officers Liability

In today’s rapidly changing business climate, regulators are increasingly more vigilant about internal controls and corporate governance meaning the need for superior Directors and Officers Liability cover has never been greater.
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Professional Indemnity Insurance

Professional Indemnity insurance will cover expenses incurred in your defence if you are alleged to provide inadequate advice, services, design or specification resulting in your client losing money.
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Cyber Liability & Financial Crime

During the last five years there has been a dramatic increase in the number of cyber attacks and financial fraud to businesses throughout the UK.
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Crisis Management, Kidnap & Ransom

Business people making trips to high risk countries around the globe can put themselves at risk from kidnapping, ransom and other types of crises.
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Terrorism

Have you considered Terrorism Insurance? Did you know that Terrorism cover is a standard exclusion from all UK insurance policies?
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Hauliers/Freight Forwarders Liability Insurance

As a haulier operating for hire and reward or a Freight Forwarder, you are exposed to claims in respect of your legal responsibilities for injury to your employees and public, together with property damage arising from your activities.
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Marine, Transit & Cargo Insurance

Cargo comes in all shapes and sizes and insurance plays a vital role in covering you from a variety of incidents that can occur while in transit.
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Legal Expenses

In the event of legal action, having an insurance policy to cover your costs is vital for your business.
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Commercial Combined

Commercial combined insurance is designed to provide cover to protect you against risks to your business and can be tailored to your requirements.
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Computer Insurance

Every business in the world now relies on computer and technology in order to keep its operations on track.
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Employers Liability

Employers’ Liability insurance is a legal requirement and failure can lead to you being handed significant fines.
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Products Liability

Having Product Liability Insurance is essential for your business if you supply a product.
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Public Liability

Public Liability Insurance is essential cover for businesses offering protection against compensation claims if clients, suppliers or the public suffer injury or property damage because of your business.
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Contract Works Insurance

Whether your building project is straightforward or complex, you should have a contract that clearly outlines the project’s essential details.
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Employment Practices Liability

Employee litigation is currently on the rise, making it even more essential to have Employment Practices Liability Insurance in place.
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Engineering Inspection Cover & Machinery Insurance

It is a legal requirement for regular engineering inspections of lifting and pressurised machinery and equipment in your commercial premises.
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Group Travel Insurance

Having company Travel Insurance is beneficial to protect the key people of your business who regularly have to travel.
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Machinery Movement

Machinery Movement Insurance covers you for any installed machinery or equipment in your possession at a specified location.
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Motor Fleet Insurance

Motor insurance is a legal requirement, and Motor Fleet Insurance is a more flexible approaching to insuring vehicles used by a company.
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Shops Insurance

Shop Insurance is primarily designed to provide cover for all areas of a retail business with commercial premises.
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Tradesman Insurance

There are thousands of different tradesmen all with varying needs of insurance due to the levels of risks with their work.
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