Used car dealerships come with inherent risks that can put financial strain on the business. Customers test drive vehicles on the property and on the road, and this can put a dealership at risk for both injuries to the customer, the employee, or other drivers on the road. There is always the potential for damage to inventory during test drives, as well. A comprehensive used car dealer insurance plan covers the unique assets and risks that come with daily operation.
Used car dealerships offer a necessary service to consumers and businesses, and they require full coverage protection in order to save time and money when a claim is filed. Policies to consider in your insurance portfolio include:
- E&O Insurance: protection for mistakes that may harm clients such as financial liability
- Garage Liability Coverage: protection for both your store and the road
- Dealers’ Lot Coverage: protection for the vehicles on the lot
- Workers Compensation Insurance: necessary to protect employees’ workplace injuries and death
- Property Coverage: protection for signs, buildings, furnishings, the lot and banners
- General Liability Coverage: additional liability coverage most businesses benefit from
Used car dealer insurance should be tailored to the unique risks specific to car dealerships. A qualified insurance agent or broker can go over the specifics of each policy, the benefits of additional coverage, and the differences between various policies.
Find the right used car dealer insurance package for your dealership and protect your assets. Even a baseless claim can wreak havoc on a dealership’s finances.