What do New Car Dealers & Used Car Dealers need to know about Business Insurance?
Owning an auto dealership can be lucrative yet stressful. As the owner, you need to keep track of supply and demand, advertising, employee morale, incentives, customer satisfaction and more. Unexpected issues and hazards are bound to arise, which can put your business at risk. Be sure to protect yourself, your business, employees, and customers by making sure you secure proper Business Insurance. The professionals at Arrowhead Automotive Insurance can help. Here is some of the things you need to know when purchasing insurance for your car dealership.
General liability insurance is designed to give you a broad, overall level of commercial insurance protection for things that you might not expect to happen. General liability includes bodily injury coverage for customers if they get hurt on your property. It also provides coverage for customer’s property in case of damage while in your possession. General liability also provides you with financial protection if there are mistakes in your advertising, or if liability arises with the products you sell.
Garage Liability Insurance (Business Liability)
Just like regular business liability insurance, a garage liability insurance policy covers the auto servicing/repair shop against lawsuits and medical costs arising from the injury of someone while on the premises. Unlike regular office buildings, auto servicing/repair shops often produce more severe injuries so special liability policies are included to provide the necessary protection for your company.
Garage Keepers Insurance
While liability protects you from lawsuits, you still need to provide protection for your customers’ cars while they are at the auto repair shop. There are varying degrees of protection available, such as limited protection that only pays for damages for which you’re legally responsible or full protection regardless of legal liability.
Fleet Vehicles & Dealer Inventory Insurance
This coverage will protect the vehicles on your lot, and can include Loaner Vehicles that may become damaged while being used by a customer or employee.
Truth in Lending Errors & Omissions Insurance
This insurance product is designed to protect you against suits usually driven by customers who are dissatisfied with the purchase or repair of a vehicle or other dealership service because of an alleged error or omission.
Business Auto Insurance
Chances are you or your employees will have to test drive the vehicles to ensure that they are working correctly. In this case, you will definitely need to purchase a commercial auto insurance policy that will protect your employee, your customers’ car and your business in case an accident does occur. Business auto insurance policies also provide protection in case your employee needs to run out and pick up a part for a car, get supplies or go on a lunch run and gets into an accident.
Business Interruption Insurance
Also known as loss of income insurance, business interruption insurance helps keep you in business when unexpected events occur. If the unthinkable does happen and your entire business is destroyed, you will still need to pay the bills, including paying employee wages, rent or mortgage, suppliers, taxes. And you’ll probably need to supply yourself some income, too. Business interruption insurance can help keep your business afloat as well as pay for a temporary site, if the need arises.
Worker’s compensation insurance provides benefits in case your employees are in a job-related accident. It covers medical care, rehabilitation and helps replace lost wages until they are able to return to work. If you currently have a Worker’s Compensation insurance policy, you should contact us to see if we can help you keep your costs down. Not only do we have access to dozens of Worker’s Comp insurance provider, but we also offer a wide variety of other services that help curb these rising costs.
Business Property Insurance
A business property insurance policy can protect your auto repair shop against damages to your property from fire, earthquakes, vandalism, theft, storms, and accidents. The property includes more than just the building; it includes outdoor signage, fencing, furniture, or inventory.
Property and Equipment Insurance
While business property insurance will protect your dealership's building, you’ll still want to have additional coverage for the special equipment in case of power surges, mechanical breakdowns, or if your employee accidentally does something that causes computers or equipment to fail.
About Arrowhead Automotive Insurance
We are a leading national insurance agency providing Insurance for Car Dealers. With our team of more than 100 sales and support professionals in nearly every state and decades of dedication and unwavering commitment to your industry, we have the unique experience and knowledge to thoroughly evaluate the needs of your business. Our influential relationships with top insurance companies and industry organizations allow our agency to provide unrivaled, personalized solutions. For more information call 888-240-8803.