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Where to Find Great Auto Dealership Insurance Quotes

learn how to find auto dealership insurance quotes

Running an auto dealership is hard. Not only do you handle everyday business tasks that come with owning a company, like managing people, hitting sales goals, and marketing your services, but you also have to fulfill a responsibility that some companies never worry about: protecting your inventory. 

Without working, undamaged vehicles on your lot, you can’t make sales. And if you can’t make sales, you can’t make money, which will quickly lead to a sign that says permanently closed on your door. That’s why protecting the vehicles on your lot should be your utmost priority, so getting dealership insurance must be a non-negotiable. 

But where can you find excellent auto dealership insurance quotes? 

After all, the last thing you want is to overspend on outrageously priced policies or wait a long time to even receive coverage. So how can you get what you need quickly and for a reasonable rate? This article will provide the answers you seek. 

What is auto dealership insurance? 

Before you start looking for auto dealership insurance quotes, you need to know what you’re paying for and why it matters. This insurance is all about protecting your company’s financial interests. Achieving that requires there to be multiple policies, which is why you’ll find coverage options that safeguard everything from expensive replacement parts to your employees and customers.

With so many available options, the most important thing is to find insurance that meets your dealership’s specific needs. While some policies are great for every auto dealer to have, you may find it beneficial to get additional coverage if your needs differ from a dealership in another city or state. 

Different types of auto dealership insurance

get the best auto dealership insurance quotes

As mentioned above, there are certain types of coverage that every auto dealer should consider. These policies create a firm foundation for your company to stand on, so having them in place will help guarantee your success. Keeping that in mind, here are five types of auto dealership insurance you may want to buy. 

1. General Liability Coverage 

This insurance offers diverse protection. It includes coverage for property damage, bodily injury, libel, misleading ads, copyright infringement, slander, and more. General liability insurance also covers any settlement expenditures, legal defense costs, and medical expenses from your business operation. 

2. Errors and Omissions Coverage

As an auto dealer, you’re providing a service. Whether you’re selling new or used vehicles, part of your job is to provide professional advice to potential customers, making it crucial to have errors and omissions insurance. It’ll cover any work your company didn’t provide correctly, including omissions that could hurt your customers and missed steps or errors you made while completing a service.  

3. Business Income Coverage

Depending on the location of your company, business income insurance may be essential for your auto dealership. It covers any lost income from a natural or man-made disaster. For example, maybe you need help covering payroll expenses because a hurricane hit your car lot. In that case, business income coverage will provide what you need. 

If you live in an area prone to natural disasters—like forest fires, tornadoes, or floods—make sure you have this insurance in place. And even if you don’t live somewhere that encounters frequent natural calamities, still consider getting this coverage because you never know when something may happen. 

4. Garage Keepers Liability 

If your dealership services people’s vehicles, you need to have garage keepers liability. This coverage will cover the costs associated with any damage that your customers’ vehicles obtain while in your possession, care, control, or custody. It’ll also include coverage for vandalism, theft, collision damages, or fire damage that may happen at your dealership and affect your customers’ motor vehicles.

5. Employment Practices Liability Insurance (EPLI)

Another essential insurance policy that you should have for your dealership is one that focuses on employees. With employment practices liability insurance, you’ll have protection for things like discrimination, wrongful termination, retaliation, harassment, and other employment-related issues. 

What determines your auto dealership insurance quotes?

Now, for the fun stuff. When you’re looking for auto dealership insurance quotes, several factors will go into the price you receive. For example, here’s what you can expect to influence your rate: 

  • The location of your dealership, specifically the state it’s in
  • The size of your dealership, including the square footage, number of vehicles for sale, and overall business value 
  • The number of insurance policies you get
  • The types of coverage you purchase 
  • The number of employees you have

Once an insurance provider knows this information, they’ll give you a quote. But keep in mind that some providers will take a while to give you a price because they have complex, outdated processes. Other times, providers will give you an auto dealership insurance quote that’s inaccurate and all over the place because they don’t have enough industry experience.  

Get great insurance quotes through Barry Risk Management

If you want a quote that’s clear, accurate, and 100% reliable before you even commit, you need to go through our team at Barry Risk Management. While we specialize in getting titles, tags, and DMV-related paperwork done for dealerships, we also provide fast auto dealership insurance quotes that are rock-solid and reasonably priced. 

All you have to do is speak with one of our representatives. Our team has over 30 years of experience in the industry, so you’ll be in good hands. And once you answer a few questions, you’ll have an insurance quote and policy that you can implement within minutes. Even better, if you have additional needs—like helping your customers get titles or tags—you can chat about that during the call as well.

Barry Risk Management is your one-stop shop for multiple tasks you need to complete but don’t have the time or know-how to do on your own. So, call us today to get started. 

Ready to get an auto dealership insurance quote and more? Contact Barry Risk Management for help by dialing 1-888-995-TAGS(8247). 

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What is Dealership Insurance?

what is dealership insurance

Starting any type of business is challenging, but it’s especially difficult when your business requires you to look after employees and a large inventory. For example, perhaps you own a dealership. In this scenario, you have to consider multiple factors to set your company up for success, and one of those factors is dealership insurance.  

This piece of the puzzle is a crucial part of your business plan. Running a successful dealership doesn’t solely hinge on the sleek motor vehicles on your lot and the great salespeople on your team. If you want your dealership to thrive, you need insurance. 

But what exactly is this type of insurance, and how much does it cost? While it’s not easy to find these answers online, that doesn’t mean the answers aren’t important. In fact, you should know everything there is to know about dealership insurance before you try to get it. That way, you understand what you’re looking for and know what to expect as you search for it. 

Do you need dealership insurance? 

It’s a common misconception that buying insurance for your business is an added cost that comes with little to no benefits, but that thinking couldn’t be further from the truth. There are long-term advantages of having insurance for your dealership. With so many things out of your control, your company is always at risk and easily exposed to various financial obligations and liability costs. 

For example, what if someone breaks into your showroom and steals the most precious car in your collection? Or, what if your inventory burns because a fire happens in your stockroom? Even worse, what if you’re showing a customer around your dealership, and they slip and fall? 

All of these scenarios are ones that you can’t prevent. They can happen at any time and any point of the day, and all you can do is react appropriately. If you want to have a good reaction, you need dealership insurance. With it, you won’t get overwhelmed and discouraged because of bad events.

Which dealerships need insurance? 

Outside of the benefits of auto dealer insurance, you may be wondering if your specific dealership needs coverage. After all, there are many types of dealerships, so is insurance only applicable to a certain few? 

Honestly speaking, the answer is no. Auto dealer insurance applies to any garage-related business. For example, you can get dealership insurance if you have one of the following companies:

  • New and used car dealership
  • Motorcycle dealership
  • Motor vehicle dealership
  • Recreational vehicle dealership
  • Powersports dealership
  • Boat and heavy equipment dealership
  • Trailer dealership
  • Auto transmission repair and glass installation
  • General auto repair and service
  • Truck repair and body installation
  • Auto body shop and restoration
  • Auto detailing shops

Any of these businesses can benefit from having dealership insurance, so if you have one of these companies, don’t hesitate to get a policy. 

Types of dealership insurance 

types of dealership insurance

When you decide to get auto dealer insurance, you should seek coverage that’s personalized to your dealership. Luckily, there are many types of dealership insurance that you can choose from, and the one you move forward with should factor in the number of employees you have, the state your business is in, your dealership’s size, and your financial capability.  

1. General Liability 

This type of coverage is the foundation of all liability insurance. It offers diverse protection for auto dealers because it provides coverage for property damage, libel, copyright infringement, bodily injury, slander, misleading advertisements, and more. Additionally, general liability pays for medical expenses that rack up from business operations as well as settlement expenditures and legal costs. 

2. Workers Compensation

It should go without saying that workers’ compensation is necessary for any business. Most states in the U.S. require companies to have this type of policy because it protects you—as the employer—and your employees. 

With workers’ compensation, you’ll get coverage for lost wages and medical expenses that occur because of work-related illnesses or injuries. Additionally, you’ll receive protection if lawsuits regarding negligence ever come up. 

3. Employment Practices Liability Insurance (EPLI)

This insurance is crucial if you have employees, even if your dealership is small. Employment Practices Liability Insurance (EPLI) provides protection for employment-related incidents like wrongful termination, breach of contract, harassment, discrimination, and other work-related issues. 

4. Garage Keepers Liability 

While this policy is optional, it’s still just as important. Garage Keepers Liability helps you if your customer’s vehicle is damaged. It offers protection for theft, extreme weather, vandalism, fire damage, and collision damages that occur at your dealership. It also pays for claims while your customer’s car is in your custody, control, care, or possession. 

5. Garage Liability Insurance

This insurance is quite different than the one above, even though it’s easy to use them interchangeably. Unlike the policy mentioned above, Garage Liability Insurance provides coverage for property damage and bodily injury that happens because of an accident at your dealership. If you want to protect your business when accidents happen, then you need to get this coverage. 

6. Business income 

No business is immune to natural disasters. It doesn’t matter where your business is located—it can get caught in a bad storm. And if you want your dealership to continue operating after the natural disaster ends, you need business income insurance, which covers any lost income. 

For example, maybe you need help covering business expenses that add up during the restoration period or need assistance with payroll expenses. In these cases, business income insurance is great.

7. Errors and Omissions Insurance

At an auto dealership, you’re supposed to help customers look for new and used vehicles, which means you work in the service industry. Because you give professional advice to customers on a regular basis, errors and omissions insurance is critical. 

This type of coverage kicks in when your team doesn’t complete its work correctly. For example, if someone misses a critical step while providing a service or omits information that could harm customers, you want errors and omission insurance to protect you. 

How much does auto dealer insurance cost? 

Like most types of insurance, the cost of dealership insurance depends on a variety of factors. Consequently, it’s not easy to give you a specific rate in a blog post, but it is easy to tell you what insurance companies consider when determining your fee. 

For example, a few factors come into play, including the following: 

  • The size of your dealership (i.e., the number of vehicles for sales, the square footage, and total business value) 
  • What state your dealership is in 
  • The number of employees at your dealership 
  • The number of insurance policies you choose
  • The types of insurance policies that you purchase

If you want a specific quote for your auto dealer insurance, it’s essential to speak with an insurance company. But please keep in mind that it’s critical to contact the right business. 

Most companies will give you insurance quotes that change at any given moment. Typically, none of the quotes are reliable until you commit, and that’s why it’s important to speak with the right insurance company. 

Barry Risk Management is an excellent option if you want a rock-solid insurance quote that won’t change in the blink of an eye. Backed by a team with more than 30 years of experience, Barry Risk Management can find the right insurance policies for your dealership and give you a reasonable price that you can count on. 

Just call 1-888-995-TAGS(8247) to speak with a representative at Barry Risk Management. They’ll give you a fast and reliable quote for your dealership insurance.