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. This might include:
- employer's liability
- public liability
- product liability
- premises, premises contents and stock
- business interruption
- motor insurance (for parts collecting vehicles and mobile service vehicles)
- cover for driving customers' vehicles (both on the road and in and around your premises) - and for any damage caused to them when they are in your care
Specialist insurance packages for businesses in the motor trade are available from some commercial insurers. 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), for example, offers tailored business insurance packages to its members through RMI Insurance Services. Policies are available to cover property, liabilities and road risks, with extra cover available for other options such as environmental liability. You can find out more on the RMIF website.
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.