If you’ve got an auto shop, you’ve probably got a lot on your plate. You’re managing a business and trying to help people find the cars of their dreams. And to protect that business, it’s important to have the right insurance to protect from the risks you face. Your auto dealership needs to be able to recover from a loss, and that’s what your auto dealership insurance is for. Here are some of the coverages you’ll want to consider for your business.
6 insurance coverages for auto dealerships to consider.
General liability.
General liability is a really important coverage. Since people are coming and going from your premises all the time, it’s a good idea to have coverage to protect you against a claim of bodily injury or property damage from a customer or guest. That’s where general liability can come in. If someone were to, say, have a slip and fall and then sue your business over it, general liability can help you out and protect your business. This coverage is one that you need to give some thought to.
Workers’ comp.
Workers’ compensation insurance can help if an employee is injured on the job. (If you have a repair shop as part of the dealership, your workers’ comp risks can be especially high.) Workers’ compensation insurance can help cover the costs of the employee’s medical treatment so they can get the care they need to get better. It can also give them a chunk of the wages they lost while unable to work due to the injury. As an employer, it’s important to protect your employees, and workers’ compensation can help you do that.
Garagekeepers insurance.
If you have a repair shop and you keep your customer’s cars, you probably have a garagekeepers exposure. If something happened to the customer’s car on your watch, that could be trouble. Fortunately, garagekeepers insurance can protect your business if your customers’ cars are damaged by losses like fire, vandalism, or theft. Since your customers would probably be none-too-pleased if their cars came to harm while being kept by your business, garagekeepers can come in quite handy.
Employee dishonesty.
Your team might feel more like a big family, so it’s probably hard to even fathom that one of your employees would steal from your business or do something shady. However, it can happen, and when it does it can really hurt a business. Employee dishonesty can help protect you from those sorts of risks. It’s really important to check over the policy and read it carefully so that you know what is and isn’t covered. Nasty surprises are never fun, especially when insurance is involved.
Property.
There are a lot of fire risks associated with cars and repair shops, so it’s important to have the right property insurance to protect your business. (And again, make sure to read through the policy carefully so that you know what’s covered – and what wouldn’t be covered.) Property insurance is yet another crucial coverage for auto dealerships. A fire could be really devastating for your business, but having the right insurance can help you get through a loss that could otherwise put your business in jeopardy.
Employment Practices Liability.
Employment practices liability insurance, as the name suggests, has to do with your employees. It can protect your business if an employee brings a claim of wrongful termination, harassment, or discrimination against your business. This scenario again might seem far-fetched, but these claims do happen, and even if they don’t have any grounds it can be really tough for a business to recover from them. That’s why EPLI insurance is a common business insurance coverage, and one that auto dealerships might want to consider.
Other auto dealership insurance coverages you can consider.
The above aren’t the only coverages that an auto dealership might want to consider.
- Business Income
- Computer Fraud
- Forgery or Alteration
- Money and Securities
- Money Orders and Counterfeit Paper Currency
- Accounts Receivable
- Computers
- Floor Plan
- Goods in Transit
- Signs
- Valuable Papers and Records
- Employee Benefits
- Environmental Impairment
- Umbrella
- Hired and Nonowned Auto
- Earthquake
- Flood
- Cyberliability
- Stop Gap Liability
Each business is unique, so each business needs insurance that’s suited for its specific needs and the risks it faces. If you’re looking for auto dealership insurance, our team would be happy to help you get the coverage you need to protect your business. All you have to do is fill out our online form, give us a call, or message us. We know that auto dealerships face unique risks, and we can help you get great coverage at a great rate.
