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
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).