Industry sector:

Classic car restorer: Insurance

When you start up in business you will need insurance cover. Contact an insurer and explain exactly how your business will operate. They will then be able to recommend what cover you should have and give you an idea of cost. Cover might include:

  • employer's liability
  • public liability
  • vehicle trader's motor insurance
  • premises, premises contents and stock
  • cash
  • business interruption
  • product liability

A good motor trader's policy should cover you and your employees to drive any vehicle - whether it's stock, a courtesy car or a customer's car - at any time. If you're going to drive a car on the road under your motor trader insurance then you may need to upload its details to the Motor Insurance Database - your insurer will be able to tell you more about this. Check whether or not you're covered when a vehicle is being driven on private land - at your premises rather than on a public road, for example. Also make sure you're covered if something happens to a vehicle while it's in your care but not actually being driven. Make it clear to your insurer that the cars you will be dealing with are classic cars, often with a high value, rare, and needing difficult-to-obtain parts.

Premiums may be paid in a lump or they may be paid in instalments. Your insurer will be able to advise you of the amounts due - enter them in the months when you will pay them.

It's worth noting that some trade associations offer their members special insurance packages. One of these might save you money and provide exactly the level of cover you need.

The Retail Motor Industry Federation (RMIF) offers its members specialist tailored motor industry insurance services at advantageous rates.