Many professionals such as doctors and engineers have long had insurance available for them to function with the peace of mind that they are adequately insured should any mishap occur. Today that same kind of professional insurance is available for professionals within the motor trade business. There are policies for garage mechanics and dealership owners, there are even policies available for those people that park cars, either full time or even a part time motor trade insurance solution, and there are policies for people who clean cars or just change the wheels on a car. In fact today, by going to an insurance company that specializes in moto trade insurance, a motor trade professional can have a policy designed to specifically match whatever it is that they do. Having this type of insurance cover does not just give the motor trade professional peace of mind but, also allows them to be seen as being a true professional, someone that can be trusted to with their car.
Although many people see insurance as being a fairly new concept, insurance of sorts has in fact been around for thousands of years, only not so common or diverse in nature. The Babylonians as far back as 1750 BC were known to use the concept of insurance as they would allow their merchants to pay more on their loans for transporting their goods, in order that the loan would be dissolved should the freight be lost at sea. Perhaps even earlier than that, the Chinese had adopted a similar system for their merchants but it wasn’t until after the Great Fire of London in 1666 that people, other than merchants could receive insurance. The Genoa merchants had adapted the Babylonian system of insurance in 1347, allowing several merchants to band together and together covering the costs of any one of their number which happened to lose freight at sea but only after the great fire was it possible to insure such things as homes or buildings. During the great fire, at least 13,000 buildings were destroyed and so it was only then that people realized a need for building insurance and almost straight away, 5000 buildings were insured. In the meantime, still in London, by 1680, Edward Lloyd had set up a coffee shop where merchants could be introduced to landowners who were prepared to insure them.
Of course today it is not necessary for any merchant or anyone else for that matter, to go to a coffee shop to transact their business, now there are an abundance of insurance offices all around the country plus, eager insurance agents who are prepared to come out, either your residence or place of work, in order to offer you a policy. Unless those agents work for an insurance company that specializes in motor trade insurance though, they are probably unlikely to be able to offer you a tailor made policy, rather just a ‘one fits all’ motor trade policy which is unsuitable for most motor trade professionals.