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28,267 serious injuries were reported in 2006-07 to the HSE Statistics which occurred to employees whilst at their work place. However, the fact that the life is full of uncertainties cannot be denied. Before you know it, there could be an unfavourable situation standing in front of you! Insurance is the best way of risk management. If you are in any kind of vehicle business, it is indispensable to have trade insurance.

IF your business involves vehicles, for example you are a car dealer, a mechanic, or might have garages you need to have motor trade insurance. Alternatively, you could have a fleet of minibuses, taxis, trucks or vans that you could be using for commercial purposes. In situations such as these, you need to have a motor insurance of some kind. Motor insurances are instrumental in protecting your assets in an event of an accident or unfavourable situation which is above and beyond the insurance needed for using any of these vehicles on a public highway.

There are 5 categories of motor trade insurance, you need to anticipate the kinds of risks that your vehicles are exposed and make a choice accordingly.

1.Third party motor trade insurance cover
2.Fire and theft motor trade cover
3.Comprehensive motor trade policy
4.Liability motor-trade insurance cover
5.A combined insurance cover

Before you go ahead with anything, you need to understand the risks that your vehicles are exposed to, along with your work premises, employer’s liability insurance, if applicable, and public liability insurance if members of the public are permitted to enter your premises. Now, this is very crucial point while choosing a policy. If you are just purchasing a policy as the law demands of you, you would end up compromising upon the possibility of a accident to employees or members of the public, fire and damage to your premises, malicious damage as well as theft. Doing so you would end up with bills that would be much more than what you strived to save by choosing a policy that was not fit for the nature of business you have.

Most of the people learn when they actually burn holes in their pocket due to an inappropriate motor trade cover, which primarily is purchased out of law enforcement. Either you could be one of those people who pay a price and learn a lesson the hard way or you could make the conscious decision to be smarter, by selecting a trade insurance policy that helps you protect your vehicles against all the possible risks that it and you could be exposed to.

If you are unsure of which type of policy would be the most appropriate and suitable for your motor trade business, contact insurers who specialise in this type of insurance. They will be more than happy to explain the benefits, advantages and disadvantages of the different options you have. Bare in mind that although they are experts they are also sales people! As such listen or read carefully what is being offered because it is a waste of money to buy aspects of insurance which are of little benefit to you!

Neil Anderson is a UK based finance specialist who provides advice and information about a wide range of products including motor trade insurance. Find out more by visiting his website, DNA Insurance.

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