In today’s challenging economic times we are always looking for ways that we can reduce overheads and bring down our cost base. Insurance is an obvious choice of areas to review, regardless of whether you’re a car sales dealership, a body shop, or do vehicle servicing, your auto trader Insurance is a good place to start.

Take the time to compare quotes

Fast Trader Insurance can help when it comes to comparing auto trader quotes is an easy way to begin. If you have been with your current insurance provider for more than two years and have not reviewed both cover and cost, it would be a good idea to set aside a little time to see if you would be able to save money, and as is many times the case, improve your cover. Price of course isn’t everything, and that cheap Motor Trade insurance quote might be just that. Make sure that you are comparing apples to apples and remember, do not be afraid to ask your insurance broker for advice. After all, that is what they are there for.

Be sure to get a full business insurance review

With the world moving at such a rapid pace, chances are good that your business looks very different now as compared to how it looked a year or two ago. The number of vehicles, drivers, sums-insured, turnover, and your general business activities, all have a significant impact on Traders Insurance premiums. Be sure to set up a review with a trade insurance specialist who will be able to advise you on where you may be able to adjust things to realize savings. 

Do a review of your own business activities

Vehicles    The type of vehicles you actually work on can impact your premium. If you no longer work on HGV vehicles, imports, kit cars, high performance, or motorcycles for example, then this could very possibly reduce your cost.

Drivers     Do you actually need all your current drivers? Would a family member that has social use only be better off suited with their own private car insurance policy? Maybe you have Any Driver cover, is this still needed, or could you get by with named drivers? Have they had previous driving convictions?

Vehicle Sums Insured     Do a review of your inner limits for your Road Risks Cover and your stock of vehicles.  Understand if this still adequate for your current-day needs.

Public Liability and Employer’s LiabilityHas your turnover or wage-roll changed? Does your insurer have the most up-to-date information?

Give some thought to Package Trade cover

As we start-up in any business we often tend to opt for the basic requirements while we are developing a customer base. Then, as often is the case, as we grow we will purchase and add on additional items as is required.  It is the same with insurance. If you bring all your different business insurance requirements together it is typically a real possibility to negotiate more favourable terms with insurance providers.  This will not only reduce your insurance spend, but can also make administration and claims management a much easier task. 

Pay upfront for that policy

Most insurers will levy a charge of ten per cent or more when you pay your premium by monthly instalments. Check your paperwork closely to understand the true annual business insurance cost.  Whenever possible try to pay up-front by credit, debit card, or even cash to avoid those costly credit charges.