Motorcycle Trade Insurance

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Low cost motorcycle trade insurance policies

Created for anyone running a motorcycle business, specialist insurance for the motorbike trade gives you peace of mind that your business is sufficiently protected, should anything go wrong.

Motorcycle trader insurance is geared for businesses such as:

New motorbike showrooms
Used motorbike dealerships
Bike bodywork specialists
Bike mechanics and repair workshops
Motorbike servicing and MOT garages

With insurance in place, your business is protected from financial losses if you need to make a claim, or if a claim is made against you.

If your stock of motorbikes or motorcycling equipment is stolen or becomes damaged, for example, with the right insurance policy, you’ll be covered. Similarly, if someone takes your business to court, your policy can cover your legal fees and any compensation that needs to be paid.

Without motorcycle trader’s cover, on the other hand, you will need to meet costs yourself if there is an accident or incident.

How to know if you need motorbike trade insurance

Depending on the type of motorbike business you run, some types of trade insurance may be a legal requirement for you.

You’ll need employee liability cover if you employ staff, by law. You’ll also need road risk insurance if you or your staff will be operating motorbikes belonging to customers. Again, this is a legal necessity.

Others types of cover will be optional but can offer your business a lifeline in unforeseen circumstances, which may allow you to avoid disastrous financial losses after an event like a burglary, fire or flood. An appropriate level of insurance cover offers peace of mind that your business will be supported to get back on its feet quickly.

Choosing the right level of cover

The level of cover that your business needs will depend on your specific circumstances, your business activities and how extensive you want your insurance coverage to be.

Two types of insurance have statutory minimums for the motor trade industry, they are:

Road risk cover

You must have insurance in place if anyone working for your business will be riding other people’s motorbikes on roads, for example, transporting stock from a storage unit to a showroom or moving a customer’s bike from the garage to a collection space.

The minimum required is third-party insurance, but this won’t cover the cost of repairing damage to the bike you or your employee is riding if there is an accident. For more thorough protection, consider taking out comprehensive cover.

Employers’ liability cover

Any business that employs staff, even part-time or casual staff, must take out employers’ liability cover worth £5,000,000. If you are found to be operating with staff without employers’ liability insurance, you will face daily fines of £2,500 until you have resolved this.

Additional insurance cover is optional, but having sufficient coverage can be critical for some motorbike trade businesses.

It’s a good idea to estimate the value of the items you plan to insure and reflect this in the total amount of cover you take out. This is sometimes called the sum insured or the indemnity level.

Your policyholder may determine the indemnity level, but you’ll need to provide accurate figures from your data.

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How to lower the cost of your motorbike trade policy

Motor trade cover can be scaled up to reflect the needs of your business, so your motorcycle trade policy might cost a different sum to another bike business.

Because of this, it’s difficult to estimate an average cost, but as with most types of insurance, there are some common ways to push the cost of your premiums down. You can encourage cheaper rates by:

Opting to pay a single, annual lump-sum for your motorcycle trade insurance rather than taking out a monthly payment plan. This also ensures your payments are never late and won’t incur any unexpected fees.
Giving a highly accurate estimate of the value of items you want to be insured, such as your stock and property. If you give inaccurate figures, you risk overpaying for your cover or having it invalidated.
Improving the security of your business premises, stock, and any storage units you own, with advanced security systems, alarms and CCTV installation, as well as good training for your staff. By making security a top priority, you reduce the chance of a break-in. In addition to this practical benefit, you also become a safer prospect from your insurer’s perspective. If they think the risk of theft or vandalism is lower, they will charge you less for cover because they don’t expect you to claim.

The best way to find cheaper deals for your motorbike trade insurance is by using Utility Saving Expert to compare policies at competitive prices from a wide range of insurance providers.

Input some details about your business and insurance needs at UtilitySavingExpert.com and we will automatically generate the best value insurance cover for you to choose from.