Choosing insurance products for your business isn’t easy. But if you’re checking out options, here are considerations to help you figure out which products should be high on your list.
Cyber Liability Insurance
When you browse through liability insurance for car dealers, you might not think of this option. But if you run a car dealership, that means you need to protect your system from data breaches. Any leak of your customers’ private information could lose your customers.
Employment Liability Insurance
Help manage risks associated with employment practices. You’ll want to make sure you have workers’ compensation insurance to protect your staff.
Dealers E&O
Careless mistakes or negligent errors or omissions in vehicle history reports could lead to losses. You’ll want to ensure your lease contracts don’t have any mistakes or omissions in the coverage that could lead to any problems. However, in the event that those mistakes do happen, you’ll want to have insurance that covers the cost of any losses incurred from those errors or omissions.
Garage Keepers Liability
Pick an insurance product that covers the cost of any losses in case the vehicles stored in your lot are vandalized, stolen, or damaged in any way. That way, you won’t end up liable for any of the costs. A single bill could wipe a huge chunk of your savings or funds. That’s why having insurance for your business is a must.
Dealers’ Physical Damage
If you want a comprehensive package, choose this insurance product. It offers physical damage coverage with a limit for every car. There’s also a total lot limit. You’ll want to review the policy’s terms and conditions before you sign anything. This one is pretty similar to a traditional commercial auto policy. However, the difference is that it offers two forms of physical damage coverage: collision coverage and anything other than collision coverage.
