Insurance for Vehicle Wholesalers

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What Vehicle Wholesalers Are All About:

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.

What type of insurance does this industry need?

  • Garage Liability This policy offers coverage for garage operations by combining General Liability and Commercial Auto coverages, as well as legal liability. This coverage is often recommended for businesses that operate a commercial garage or auto dealership.
  • Commercial Property This policy protects the business's physical assets and is appropriate whether you own or lease your space. Keep in mind that this policy will only offer protection in the case of covered events. If you need protection for certain scenarios, such as floods or earthquakes, you may need additional coverage. If you have a mortgage or a lease, you may be required to have property insurance. Even if you are not, this is the best way to protect the building you are in and the business property you have in case of a natural disaster or some other accident.
  • Workers Compensation Workers Compensation covers an employee's lost wages and the cost of resulting medical treatment if they suffer a work-related injury or disease. It also covers services needed to help the employee recover and return to work. Workers Compensation coverage is mandatory in most states. The number of employees after which it's required differs by state, but you will generally need coverage once you have employees.
  • Umbrella Insurance Umbrella insurance offers excess liability protection in the case that your General Liability, Commercial Auto Liability, and/or Employer's Liability coverage is insufficient. It essentially acts as a "back-up" plan, providing additional financial protection in the case that your business faces a particularly large claim that exceeds a single policy's limits. This policy can be particularly valuable for a business that faces a variety of risks and has multiple liability policies.

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