Insurance for Other Vehicle Dealers
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What Insurance Do Other Vehicle Dealers Need?
Product Liability insurance covers your business if you need to recall one of your products. It covers your costs for retrieving the defective product from the manufacturer or seller to prevent any further bodily injury or property damage.
Business Owners Policy (BOP) protects you from business liability and property damage at a lower cost. BOP covers claims resulting from fire, theft & disasters. BOP also covers claims of bodily injury or property damage during your business operations.
Business crime insurance, also known as commercial crime insurance, protects against organization-related crime and the resulting losses for your small business. When someone defrauds, embezzles, forges documents, or commits theft, you're covered for the losses.
Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!
Frequently Asked Questions
Why do Vehicle Dealers need insurance?
This industry is made of up of professionals involved in the retailing of new and used vehicles, parts and accessories. Examples include all-terrain vehicle dealers, moped dealers, motorhome dealers, recreational vehicle dealers, golf cart dealers, boat dealers, motorcycle dealers, marine supply dealers, and motorcycle parts and accessories dealers.
Vehicle dealers need insurance to protect the business from risks that could force the business to close. Risks like property damage, medical expenses, and lawsuits could drain your business finances and this is what business insurance aims to prevent. The insurance will pay for the costs of the covered risks up to the limits you select.
What risks do Vehicle Dealers face?
Vehicle dealers face a unique set of risks, here are some examples:
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A customer complains that the vehicle they bought has malfunctioned, thereby getting involved in an accident and causing the customer to suffer injuries. The customer then sues your business for the damages.
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Your employee gets sick due to work-related causes. As their employer, your business is responsible for that employee's medical payments.
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A thief attempts to steal a car from your showroom. You were able to recover the car as you were able to stop the thief in time, however, the stolen car is damaged as a result.
How much does insurance for Vehicle Dealers cost?
There is no fixed cost of insurance for vehicle dealers as insurance companies will determine the cost based on the size of your business, the coverage needed, and how much you are willing to pay for it. If you want to find out the cost of your insurance fast, simply apply online to get a free quote delivered to you in minutes.