Car Dealership Insurance
Car Dealership Insurance Information
Auto dealerships face many risks common to other businesses, including theft and natural disasters. But dealerships also face more serious risks such as hazards from working with toxic or flammable chemicals, welding materials used for repairs, damage from moving vehicles around the dealership—not to mention the risks associated with a dealership’s physical building and surrounding property. Auto dealerships need to minimize their risk exposure to run their businesses successfully.
You can purchase a business owner’s policy (BOP) for coverage. BOP insurance bundles general liability insurance with commercial property insurance. Another option is to buy separate commercial insurance policies to cover all the operations of your dealership to reduce your overall risk.
What Insurance Does an Auto Dealership Need?
Different exposures to risk and potential liability costs can make dealerships vulnerable to possible financial repercussions. The best way to minimize your risk is with insurance that covers the numerous threats your business faces.
Commercial property insurance—This covers your business’s physical locations in addition to your business assets. This coverage helps pay to repair or replace lost, damaged or stolen business property.
General liability—This provides coverage for bodily injury, property damageand misleading advertisements, as well as libel, slander or copyright infringement and similar types of personal injury. This coverage pays for legal defense costs, settlement expenditures and medical expenses resulting from the business operation, subject to your policy limits.
Employment practices liability insurance (EPLI)—EPLI offers protection for employment-related charges such as harassment, wrongful termination, discrimination, breach of contract, retaliation and other work-related issues.
Errors and omissions insurance (E&O)—E&O offers coverage for work not done correctly, including errors or critical steps missed when providing a servicethat could cause harm to your customers.
Business income—Business income insuranceensures your dealership can continue doing business as usual after an unexpected event. It covers income loss, payroll and other business expenses while your dealership is rebuilt.
Workers’compensation—Workers’ compensation covers medical expenses and lost wages due to work-related injury or illness. With this coverage, employers are protected from lawsuits relating to negligence.
Garage keepersliability—This coverage pays for damage claims while vehicles are under your care, custody, possessionor control. Coverage includes fire damage, theft, vandalism, extreme weatherand collision damages within your dealership.
Garage liability—This coverageoffers coverage for bodily injury and property damage caused by an accident that occurred within your dealership. Garage liability combinesgeneral liability, commercial auto and legal liability into one policy.
How Much Does Auto Dealership Insurance Cost?
The cost of commercial insurance for auto dealerships depends on the dealership’s unique needs. At Germani Insurance Services, our agents will work with you to understand your dealership’s specific needs so you can get the appropriate insurance coverage.
How We Can Help
Germani Insurance Services will work with you to reduce your risk and protect your financial future. Call us today at 310-733-2390 to get started on the insurance you need for your auto dealership.