Insurance for Vehicle Wholesalers
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What Insurance Do Vehicle Wholesalers Need?
Commercial Property Insurance will provide coverage for your properties in case damage renders them impossible to rent or lease.
Covers your products, materials and equipment that are transported over land (truck or train), or while they're in a warehouse. If involved in a collision, mishandling or cargo theft, Inland Marine Insurance covers the transported goods.
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.
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.
Frequently Asked Questions
Why do Vehicle Wholesalers need insurance?
Companies that work within the vehicle wholesale industry sell and distribute vehicles such as cars, ATVs, school buses, snowmobiles, and taxis. Businesses may also sell and distribute new and used car parts, motor vehicle tools, equipment and accessories, tires, and tubes.
Vehicle wholesalers need insurance as it helps protect your vehicle wholesaler business from the risks that it could encounter. These risks are so expensive that without insurance your business could be forced to close.
What risks do Vehicle Wholesalers face?
Below are the common risks vehicle wholesalers can face:
One of the vehicles being delivered has been involved in an accident. Most of the vehicles have been either damaged or destroyed.
Your warehouse has caught fire, causing most of your products and equipment to burn to ashes. The costs to get back in business after fire damage could be so high that most businesses end up being bankrupt without insurance.
How much does insurance for Vehicle Wholesalers cost?
The cost of insurance for vehicle wholesalers varies because the cost mostly relies on the size of your business, the number of employees you have, and the coverage required. Without taking these into account, below is the average cost of insurance for your business:
- General Liability insurance costs $500 in annual premiums.
- Commercial Property insurance costs $600 in annual premiums.
- Inland Marine insurance costs $700 in annual premiums.