A lot of people like the idea of making money quick. If they are trying to save up for something and are interested in making a profit and putting that towards their savings, then selling cars might be the answer. The concept is pretty simple – you buy a cheap car and then sell it for a profit.
But how do you get that profit and what do you need to do to make sure you get a good profit? These are all questions you need to be asking yourself if you are planning on selling cars as a business. However, if you are already a vehicle salesman or are planning on getting into selling cars, then being clued up on the insurance that you need, is probably a good idea.
What is the Legal Requirement?
When it comes to cars you will always need insurance. Doesn’t matter what you are using the car for, there will always be some form of insurance to cover it. However, just like regular car insurance, there is a legal minimum requirement if you plan on becoming a motor trader. If you don’t already know it, then you need a policy for selling your cars, otherwise you might get in a lot of trouble.
If you hire other people to help you sell your cars, then you will also have to make sure that you take out Employer’s Liability Insurance as well, as this is required by law. There might be some exceptions for family members, however, the best thing that you can do is talk to an insurance person to make sure that you get the right insurance, that covers all your needs. By talking to an insurance person as well, you can be reassured knowing that everything you need and want will be covered.
What are the Requirements for Getting Motor Trade Insurance?
If you are planning on getting motor trade insurance, then there are few requirements that you will need to make sure that you have got. However, it’s important to note that these requirements will vary depending on where you live. However, assuming that you live in the UK, then in order to be eligible for this type of insurance, you need to make sure that you have a valid driving license for one year.
You should also make sure that you have been a resident in the UK for at least three years and that you are also involved in one of the various motor trade business (e.g. you sell cars, repair garages, vehicle restoration etc…). If you can prove all this, then it will be fairly easy for you to get the motor trade insurance that you need.
What Insurance Does a Salesperson Need?
If you are thinking of selling cars for a living, then there are certain types of insurance that you will find useful. This will depend on how your business is run though. For example, if your business takes place in a garage or a forecourt, then it would be a good idea to get Public Liability Insurance, just in case one of your customers get injured on site. You might also want to make sure that you are covered for things like if your vehicles get stolen (which possibly might happen).
It doesn’t just stop there with the types of cover you get. There are plenty of other options out there, so it just depends on how your business works. Don’t try and save money by not getting the right insurance though, you’ll regret it in the future. If something does happen then as long as you have the right insurance, you won’t have to worry about it since you will be covered, which makes your life a lot easier. If you are worried that your insurance might be getting too expensive and you’re not sure how to cope with your business finances, then you should check out this article here which can help you manage your business finance.