Auto Dealers Insurance Coverage
A comprehensive auto dealers insurance policy will consist of coverage like: Theft and Fire. Consumer complaint. Errors and omissions. Medical payment coverage. Personal injury.
A car dealership auto dealers insurance policy will provide coverage for liability as well as property damage that are caused by an act or omission on the part of a car dealer or agent and a resultant accident. This is referred to colloquially as breach of contract coverage. Some policies provide coverage for both vehicle damage and personal injury liability, which are basically the same thing. However, many car dealerships will also offer additional coverage such as underinsured or uninsured motorist, whose medical expenses are not covered by the basic policy under which the car dealership insures itself. Click for more information car dealership auto dealers insurance policy.
These policies can also include coverage for any liability which may be imposed by local, state, or federal laws, including traffic violations such as running red lights, using counterfeit tags, or running trucks or buses lanes where vehicles are parked illegally. These policies can also cover damage to leased vehicles, such as damage from vandalism. For auto dealers, the most common reasons to require liability insurance are that open lots are dangerous places, particularly at night, when vehicles can be hit from several sides. The risk of multiple vehicles striking from different directions increases dramatically at night.
Auto Dealers Insurance Group require workers compensation insurance coverage because their businesses are also held liable if employees are injured on the job. Because dealerships are considered employers, they are required by law to provide workers' compensation benefits to their employees if they are injured on the job. The cost of this insurance coverage depends on the classification of business the dealership is, and its location, proximity to an active workplace, and the industry it is engaged in.
Lastly, auto service and repair insurance coverage can be extremely useful for dealers. It takes a lot of time and money to service and repair vehicles at an automobile dealership, so it makes sense to protect yourself against excessive repairs. This type of coverage can help pay for vehicle replacement costs, as well as medical expenses and loss of work time. This is especially important for repairs that occur at the dealership's facility, such as custom bodywork.
Because auto dealerships face unique risks that other businesses don't, it is critical that they have appropriate amounts of auto dealers insurance coverage. Having adequate protection can protect your investment, as well as provide you peace of mind knowing that you are financially protected should anything happen. Finding a good policy is easy, though it can be challenging. Dealers who are unsure about their coverage needs should contact a reputable car dealership's insurance broker. With the right broker, you can find a low-cost policy that will offer the right amount of protection.
Check out this related post to get more enlightened on the topic: https://en.wikipedia.org/wiki/Vehicle_insurance#History.
