Having the right Motor Trade insurance is more than just a legal requirement

 Motor trade insurance . What is it?

If you are like many motor industry professionals we meet in Ireland, your understanding of Motor Trade Insurance is likely to be limited. Why would you have any real knowledge? Insurance is not your area of expertise. Why would you know the latest legal requirements, or the latest insurance industry changes, cover options and more? In the motor trade industry, having the right insurance cover is not just a legal requirement, it is a crucial element that protects your business from unforeseen circumstances. Whether you own a small local garage in Kerry, a main dealer for a global car brand in Dublin, or are a large multi-service motor trade enterprise in Cork, understanding the essentials of insurance cover is vital. 

To help you gain a deeper understanding, our Motor Trade Insurance team have built a simple, yet comprehensive guide to help you make informed decisions when it comes to choosing your cover and protection.

Do You Understand Your Specific Needs

Every motor trade business in Ireland is unique. It’s important to start any insurance conversation by assessing your specific needs. What type of business are you? Are you a car dealer, repair shop, or a service and maintenance provider? What size is your operation? How many employees do you have? What is the size of your premises? What type of motor vehicles do you work with, i.e., is it high-end luxury cars, standard vehicles, vans, trucks or commercial fleets? Having a clear understanding of these factors will help your insurance broker tailor your insurance policy to cover your specific risks. This ultimately ensures you are properly protected, but also ensures that you are only paying for the insurance cover you need.

Types of Cover That You Might Need

·      Motor Trade Insurance

This is a broad category that includes several types of cover: Road Risk Insurance, this is essential if you need to drive vehicles that don’t belong to you. Depending on the level of cover, the policy can offer protection for accidental damage, theft and third-party liabilities. For those who require a more comprehensive range of cover, a combined Motor Trade Insurance policy may be the best option for your business. In simple terms, it is a comprehensive option that can include property damage, business interruption, and liability cover, alongside road risks. 

Liability cover usually refers to the following:

·      Public Liability Insurance

This protects you if a member of the public is injured, or their property is damaged, due to your business activities. It is critical for customer-facing businesses.

·      Employers’ Liability Insurance

If you employ staff, this cover is legally required. It covers claims made by employees for accidents, injuries, or illnesses sustained while working for you.

·      Product Liability Insurance

If you sell or supply products, this covers you, should these products cause injury or damage. 

·      Tools and Equipment Insurance

This is vital for any garage that offers maintenance, servicing, valeting, as this covers the loss, theft, or damage of your essential tools and equipment.

·      Business Interruption Insurance

This covers loss of income should your business be disrupted due to unforeseen events, such as fire, flood, or other insured perils.

Consider the Level of Cover you need

Running any business in Ireland today is challenging. Owners and finance teams are often looking for cost cutting options. While it is tempting to cut costs by opting for minimal cover, this can be a false economy. One of the most dominant insurance messages in the media in the past 6 months has highlighted the concerning level of under-insured homes in Ireland. However this is not just a characteristic of home insurance, but insurance in general, including business. As a business owner, it is important for you to ensure your policy covers, the full value of your premises and equipment. Underestimating can lead to significant out-of-pocket expenses in the case of a major claim. It is important that you have Adequate Road Risk Cover. If you handle expensive or high performance vehicles, make sure your road risk cover reflects their value.

Why it is important to have a Specialist Broker

Choosing an insurance broker who specialises in the motor trade industry in Ireland can be invaluable. At Dolmen, our team of motor trade insurance experts, led by Mark Farrell, understand the specific risks you face and can offer tailored advice and policies for you. Dolmen have been insuring people in the Irish motor trade business for 25 years, and built a fantastic reputation, and many positive reviews from other motor trade professionals, for our industry expertise, level of service and cover, as well as the speed in which we deal with claims. We compare multiple quotes to ensure you are getting the best value for your money. We encourage our clients to never sacrifice coverage quality for cost – the cheapest policy might not provide adequate protection, however you also do not want to pay for coverage you don’t necessarily need.  We will ensure that you have a clear understanding of what is and isn’t covered under your policy. It is important to pay attention to any conditions you need to meet to keep your cover valid, such as security measures for your premises or vehicle storage requirements.

Regularly Review Your Insurance

Your business needs may change over time. How many garages have started out as a sales forecourt and, over time, have evolved to offer servicing, valeting and more. It is important to regularly review your insurance cover to ensure it remains appropriate. At Dolmen, we carry out regular reviews for all our clients. It is important to inform your insurer of any significant changes, such as new services offered, changes in staff numbers, or acquiring new premises.

Claims Handling and Support

Consider the insurer’s reputation for claims handling. Look for companies known for efficient and fair claims processes. Good customer support can make a significant difference in stressful situations. At Dolmen, our specialist Motor Trade Insurance team have a dedicated claims handler ensuring a fast and comprehensive handling of all claims. All our claims are handled in our Dublin office. We do not operate call centres, or outsource any of our claims services, and this ensures any claim you have is processed and dealt with expeditiously. 

Securing the right insurance cover for your garage or motor trade business in Ireland involves understanding your specific needs, choosing comprehensive cover, and regularly reviewing your policy. By working with Dolmen Insurance Brokers, and considering multiple quotes, you can ensure your business is well-protected against potential risks. Investing time and effort into selecting the right insurance now can save you from significant financial and operational setbacks in the future.