New & Used Auto Dealer Insurance in Vermont
What Is New & Used Auto Dealer Insurance?
Automotive dealerships require substantial resources to operate, and those resources should be protected whenever possible. New & used auto dealer insurance can help dealerships in Vermont protect themselves from many property and liability risks that they’re likely exposed to.
New & used auto dealer insurance policies are specialized commercial policies that have been built to meet the needs of automotive dealerships. Since dealerships normally are exposed to multiple potential risks, the policies typically come with several coverages that are bundled together.
What Vermont Businesses is Auto Dealership Insurance Right For?
Broadly speaking, the majority of automotive dealerships in Vermont should have auto dealership insurance. The businesses that ought to carry a policy generally include both new and used automotive dealers, for both types of dealerships are commonly exposed to similar risks. Additionally, dealerships typically should have a policy regardless of whether they sell standard passenger vehicles, commercial vehicles, or even recreational vehicles like RVs.
What Protections Does Auto Dealership Insurance Make Available?
There are a number of property and liability coverages that an auto dealership insurance policy might come with. Some of these may be standard protections within a policy, while others might be optional features.
Property coverages tend to protect assets that an auto dealership owns. Some property coverages which a policy might have are:
- Commercial Property Insurance, which may insure owned buildings, equipment and supplies (often excluding vehicles in stock)
- Auto Dealership Physical Damage Insurance, which may insure vehicles that are in stock
- Equipment Breakdown Insurance, which may insure vital equipment against malfunction
- Business Income Insurance, which may insure against a prolonged revenue loss that’s caused by a covered incident
Liability coverages typically protect businesses in situations where another party could sue. Some liability coverages which a policy might have are:
- General Liability Insurance, which may protect against some basic accidents and defamation lawsuits
- Auto Liability Insurance, which may protect against vehicle accidents involving vehicles that are for sale or company-owned vehicles
- Garage Keepers Liability Insurance, which may protect against damage to customers’ vehicles that are at a dealership
- False Pretenses Insurance, which may protect against incidents involving a vehicle that was wrongly released under false pretenses
- Product Liability Insurance, which may protect against damage and injuries that sold products cause
- Auto Errors and Omissions Insurance, which may protect against errors that salespeople, technicians or finance personnel make
There are still more coverages that these policies might be able to provide. A specialized insurance agent who knows auto dealership policies can assist auto dealerships with selecting the coverages that make sense for them.
Are Bonds Available Through Auto Dealership Insurance Policies?
Bonds typically aren’t part of an auto dealership insurance policy, but the insurance companies that offer these policies frequently also underwrite bonds. Insurance agents who assist with these policies can likely also help dealerships with their bond requirements.
Is Workers Compensation Included in Auto Dealership Insurance Policies?
Most auto dealerships are also required by state law to carry worker compensation coverage since they have employees. This coverage usually protects businesses if a worker sustains a job-related injury or illness. The coverage will often help replace a portion fo the worker’s lost wages and pay their medical bills in the event of a covered incident.
Whether workers compensation coverage is purchased within an auto dealership policy depends on the particular policy, however. Some policies may include the coverage, but others may not. If the coverage isn’t included, it’s widely available through stand-alone policies that can be procured separately.
How Businesses Get New & Used Auto Dealer Insurance?
If you need assistance with new & used auto dealer insurance in Vermont, contact the professionals at T.S. Peck Insurance. Our team of independent insurance agents can help your dealership determine what coverages the business needs and then, compare quotes of policies that come with those coverages.