If you’re in the motor trade, you know how important insurance is. It protects you against many risks and can be useful when unavoidable accidents occur.
You can protect your business and train your staff, but common workplace incidents can still happen. Most insurance policies will protect you against fires, staff accidents and damaged goods. Business interruption cover offers a level of security a lot of businesses don’t have, but few know what interruption cover means.
How Does it Work?
Business interruption cover is there to protect you against costs when your business must temporarily cease. If there’s an accident and your place of work is damaged, you’ll need to find new premises. Your basic insurance cover will pay for repairs, but not for the business you might lose while you’re waiting.
Finding new premises can take some time. If you choose to buy a new property to support your business even with professionals helping to keep the process efficient like Sam Conveyancing Conveyancing Solicitors Bromley these things can still roll on for a while.
Business interruption cover can help with paying staff members during the wait and keeps your business going. If you’re looking for business interruption cover, investigate motor trade policies and find one that includes everything.
If you’re looking for Motor Trade Insurance, you’ll have a lot of choices. However, not all companies are made equally, and a good insurance policy is essential.
Things to Consider
You must think about how much cover you require depending on potential circumstances. How much will you lose while you’re looking for temporary premises? You might find a new location quickly, or it might take weeks to find somewhere appropriate for your business.
It takes time to move to a different location, and one of the biggest factors of the cover you’ll require is how much it costs to move your business and then move it back once repairs are completed.
Some consider business interruption cover unnecessary, but it can be a lifesaver for businesses. Imagine unavoidable damage has occurred and you need to pay staff members, continue the rental payments for your premises, and find another location. You might rack up huge debts and never recover from the expenses.
If you’re not convinced business interruption cover is right for you, take the time to think about how much you could lose from an accident. We all say “It will never happen to me” … until it does.