Can I get a traders policy if I work from home?
Yes, all of these people who may only work within the motor trade industry once a week.
If you are looking for part time motor trade insurance click here
There are many people with differing backgrounds who wish to get a motor trader's policy in their name. It certainly provides benefits that they crave for. Such as trade plates and ability to drive untaxed cars. The opportunity to let immediate significant others drive your car and be on the trade insurance policy. But what if you trade very rarely? Can I get a traders policy if I work from home? Or hardly ever.
The law states that every person that trades in vehicles through buying and selling, maintains vehicles, either their own for trade purposes or other owners as part of a service. Or transports goods, their own tools and the vehicles requires a form of public liability insurance wrapped up in a motor trade insurance package. There are lots of traders who operate from their own home, a whole army in fact. Either enjoying a hobby or subsiding their main income by repairing vehicles, operating a breakdown recovery service or acting as a delivery driver.
Can I get a traders policy if I work from home. Yes, all of these people who may only work within the motor trade industry once a week, once a month or sell one vehicle a year can apply. If you are an owner driver and need trade insurance and park up on your own property, you need additional and proper trade insurance to extend coverage where normal home insurance leaves off. Complete our enquiry form and we'll call back straight away.
Advice For Motor Traders Working From Home
Are you working from home as a part-time motor trader?
Make sure you have insurance with Traders Insurance today.
The automotive trade is undoubtedly a competitive industry, but it can also be incredibly rewarding if you do your homework and ensure that you have a thorough understanding of the market.
According to a statistic quoted from a report from the Society of Motor Manufacturers and Traders, the UK motor trade business generates £64.1 billion in annual revenue. Not only that, but the industry employs over 770,000 people.
If you decide to sell automobiles, one of the first things you need to do, as with any form of business, is to get reliable motor trade insurance. This sort of insurance is designed to safeguard you and your possessions, as well as employees if you decide to hire them later. At Traders Insurance, we can create coverage that is tailored to your specific needs, business, and budget.
Later, we'll go over our motor trade insurance in further detail. For the time being, here are some helpful hints for new motor traders looking to work from home:
Consider The Commitment
Many people begin their careers as part-time motor traders. Why? Well, it can be a good way to get a feel for the sector without committing all of your time (and money) to it at the outset. There's a chance you'll discover you're not made out for the profession—in this case, operating the company as a part-time venture could reduce risk.
Working part-time also allows you to supplement your income if you require additional funding for your motor trade business (but do not wish to take out a hefty business loan). Alternatively, you may have sufficient financial resources to make your motor trade business a full-time commitment, which has its own set of benefits, as you will be able to devote 100% of your time and attention to it. It all depends on your own circumstances and what you want to get out of the company.
If you would like to learn more about part-time motor insurance, look here.
Research Is Essential
It is impossible to overestimate the value of research. As Startups.co.uk correctly points out, real knowledge of the automotive business, as well as a fundamental understanding of car mechanics and a thorough awareness of vehicle values, is required.
You must investigate the existing market. According to a blog on Startups.co.uk, you should find out what types of automobiles are selling and for how much. You can even decide to concentrate on selling a specific car model or manufacturer that you are well familiar with.
The Society of Motor Manufacturers and Traders (SMMT) is a great place to go for market research and statistics because it represents the industry's interests. Data and guidance on everything from used car sales and registrations to vehicle sustainability can be found here.
Finally, you can't expect to know everything there is to know about vehicles and the motor business right away - and you'll learn a lot on the job. If you need help regarding removing convictions specialist companies can assist . However, the more study you do now, the more assured you'll be when you first open the doors to your forecourt.
Have A Focus On The Administration
When it comes to starting a business, there's a lot of paperwork to deal with. Again, the jobs you'll need to complete can vary depending on your specific circumstances - this list is by no means complete, but responsibilities could include:
- Writing a business plan to see if buying and selling vehicles as a business is viable (as opposed to a hobby).
- Notifying your local government if you intend to sell cars from your home.
- If you don't have enough money to start a business, you should look into getting a business loan.
- If necessary, locate and secure a location.
- You'll eventually need to apply for trade license plates.
- As a lone trader, you must register with the state (after your first car has sold).
- Creating a merchant account is the first step.
- Setting up a website and social media accounts for your new business.
Finding Cars To Sell
Used automobiles can be purchased in a variety of methods, with the most convenient being auction and listing sites such as eBay, Autotrader, and Gumtree. You may also wish to look at automobile selling websites such as Carwow and Carspring.
Purchasing a car at an auction is usually the most cost-effective alternative. If you want information on how to pay monthly for insurance then follow the link. you're new to auctions, however, you should attend as a spectator to get a feel for what they're like. Keep in mind that buying a car at an auction means you'll have less legal protection, so thoroughly investigate the vehicle's history as well as the purchase terms and conditions.
Another thing to keep in mind: just because you want to make the most money on each car you sell doesn't mean you should buy the cheapest cars and resell them at inflated rates. You could end up spending a lot of money (as well as time and effort) repairing the car or issuing refunds to dissatisfied clients (which could also damage your reputation).
Get Motor Trade Insurance
Car dealers, like any other business owners, require insurance, even if they are working from home. If you're buying or selling vehicles independently or commercially, motor trade insurance will provide you with full coverage. This will help to protect your working from home business and is one of the most important things you can do. Whether you are just getting started or you are well-established you need to compare and checkout all the prices and make sure you cover yourself and your business.
Traders Insurance recognises that every business is different, and we realise how critical it is to have the correct type and quantity of coverage in place to meet your needs. Of course, ensuring that coverage is available at the most affordable price.
We can arrange policies for:
- Full-time traders
- Part-time traders
- Road risk
- Collection and delivery cover
- Mechanics
- Valeters
- and more.
Make sure you get your motor trade business off to a great start with competitive motor trader insurance from Traders Insurance. Get in touch for a quote today.
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