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!
General Liability Insurance protects your small business against claims of third-party bodily injury and property damage, reputational harm and advertising injury. It covers medical bills, repair costs & legal fees.
Why do Used Car Dealers need insurance?
Used car dealers need insurance so you won't lose all your profits when your vehicle is lost, vandalized, or stolen. It also protects your business from the lawsuits when your customer complains that the car you sold is not up to par with their requirements - regardless if the allegation is true or false. The insurance will pay for the damaged car and the defense and court fees, thus protecting your business and even your personal assets.
What risks do Used Car Dealers face?
Below are some common risks used car dealers can face:
One of your customers complains that the car you sold them is faulty. They claim that it has cost them a lot of money for the repairs in just under three months. Your customer sues your used car dealership for the damages.
A part-time employee has stolen some of your car accessories amounting to $10,000. Your employee has been caught, but the stolen amount hasn't been recovered.
How much does Used Car Dealer Insurance cost?
There is no fixed cost for insurance for used car dealers, as insurance carriers assess this depending on the amount of coverage you need, the number of employees required, and the size of your business. If you want to find out the cost of your insurance fast, simply apply online and we'll send your free insurance quote in an instant.