Dealership Insurance provided by Thomas Insurance Agency .
Between managing inventory, maintaining workplace safety and delivering superior customer service, running your business can be demanding. You need solutions that can keep up with your growing business needs, freeing you to focus on your customers' needs.
Automobile Dealer Garage Insurance
Nearly every state in the country requires motor vehicle dealers to carry dealer insurance. Many states will require you to show proof that you have a dealer insurance policy before you are issued a dealer license. You will probably be required to obtain what is called a “Dealer Garage Insurance Policy”. A dealer garage insurance policy will protect you as you drive your vehicles back and forth from the auctions. It will also protect your customers while they are test driving your vehicles and will protect you if someone breaks their leg on your lot. It is called a garage policy since it protects your “garage” and all surrounding areas. You may have a policy on another business that you own but you must have a dealer garage insurance policy that covers customers driving your demos.
Some states only require you to hold a basic liability dealer garage insurance policy and some states will require that you carry a certain minimum amount of comprehensive coverage. Be sure to check with your state dealer license bureau to make sure you are carrying your state minimum requirements.
Who is Auto Dealer Insurance for?
- Motor Vehicle Dealerships
- Trailer Dealerships
- Truck Dealerships
What types of insurance does an auto dealer need?
We’ll work with you to learn about your business and help you identify the coverages that make sense for your situation. To begin, we encourage auto dealers to consider the following coverages:
- General liability
- Auto liability
- Umbrella liability
- Products coverage
- Dealers’ errors and omissions (E&O)
- Employment practices liability
- Pollution coverage
- Building insurance
- Business income loss coverage
- Crime coverage
- Employee theft coverage
- Cyber liability coverage
- Workers’ compensation
How Much Does Insurance for Auto Dealers Cost?
Business insurance for auto and truck dealerships is designed to protect your business, employees and inventory. The cost for commercial auto dealer insurance will depend upon the size of your dealership and the state you are located in, the specific risks you are exposed to and the coverage amounts and deductibles you choose. Often, by bundling different auto dealer insurance coverage types, you can save on costs.
We can help review your risks and provide auto dealer insurance program costs for coverage that would best protect your business. Talk to us today to know more.