Motor Trade Insurance Explained
When business activities have to stop due to an insured event or disaster which affects its profits. Business Interruption Insurance will normally cover the loss of income specified for a period of time (indemnity period) that a business suffers when it has to cease trading as a result of claim such as a fire.
Will indemnify you in respect of sums you will become legally liable to pay as compensation, including costs & expenses in respect of accidental bodily injury & accidental loss or damage to property. As with any liability cover, you are covered for resultant damage and not the item that has caused the damage.
The Electricity At Work (EAWR) Regulations 1989 impose a duty of care on all employees, employers and self-employed workers to ensure that any electrical systems are safe to use. Electrical Inspections have to be carried out every 3-5 years depending on type of location.
Employers are responsible for the health and safety of their employees while they are at work. Your employees may be injured at work or they, or your former employees, may become ill as a result of their work while in your employment. They might try to claim compensation from you if they believe you are responsible. The Employers’ Liability (Compulsory Insurance) Act 1969 ensures that you have at least a minimum level of insurance cover against any such claims.
The ERN is also commonly referred to as ‘Employer PAYE Reference’. This is the reference number provided by HM Revenue and Customs (HMRC) under which the employees’ income tax and NI contributions are recorded. The number is specific to all businesses that employ staff who are individually paid more than the current PAYE threshold. ERN example: 123/AB456.
Inspections are an essential aspect of ensuring the safety of your plant and machinery.
Lift & Lifting Equipment
The Lifting Operations and Lifting Equipment Regulations (LOLER) 1998 apply to all businesses in the UK that have lifting plant and undertake lifting operations.
LOLER requires businesses to undertake periodic inspections of their lifting equipment by an independent competent person.
The Pressure Systems Safety Regulations (PSSR) 2000 applies to most pressure systems used at work. Under PSSR duty holders, users and owners of pressure systems are required to:
- establish the safe operating limits (pressure and temperature) of their systems
- ensure that a suitable written scheme of examination is in place before the system is operated
- ensure that the pressure system is actually examined in accordance with the written scheme
- carry out proper maintenance and provide suitable operating instructions
Cover to replace loss of profit from MOT testing and associated repair and servicing work following suspension or withdrawal of licence.
Cover to replace physical loss or destruction to property or contents resulting from a insured peril such as fire, lightening, explosion, aircraft, earthquake, riot, theft, storm, flood, impact, escape of water, accidental escape of water and accidental damage.
Covers loss of business money on business premises, or when carried by the insured or other employees, and personal accident cover is also included for those carrying money. It will even cover a small amount of cash at the home of directors or employees, both in and after business hours.
The Motor Insurance Database (MID) holds details of insurance arrangements for every insured vehicle on our roads. It helps ensure the UK is complying with the fourth EU Motor Directive, which assists European Union citizens claiming for accidents outside their countries of residence. It also helps tackle the problem of an estimated one million uninsured motorists in the United Kingdom, allowing the police to quickly identify whether a vehicle is insured.
The Motor Insurers’ Bureau (MIB) oversees the MID, and you can find a full guide on their website at www.mib.org.uk
Cover against accidents and injuries to key members of staff – part of money cover
Cover for any vehicle the property of the insured or in his custody or control which is in connection with the business in the event of an accident, injury, loss or damage occurring in the territorial limits during any period of insurance.
This section has a number of optional extensions which can be included, some of which are:- Unaccompanied Demonstration, Additional Business use, Loan & Hire.
Cover that is essential when you sell vehicles, you will sell a vehicle in good faith, however things can, and do go wrong resulting in loss, damage or injury. Sales Indemnity along with defective workmanship insurance will provide you with protection to the limit of indemnity.
Losses sustained when the lawful and rightful owner has substantiated a valid claim for the return of a vehicle or its value.