Selling cars can be a challenging business. There is plenty of liability associated with it. Many lots have closed down, and owners have faced financial ruin, because they were inadequately insured. The kind of auto dealership insurance NJ reps recommend will protect both your personal and your business investment.
Adequate coverage is necessary in order to minimize the potential for risk. Showrooms, service departments, and inventory must be protected. You also have to consider the safety of your employees and protect yourself from employee misconduct. Test driving vehicles before making a final purchase decision is something most buyers expect to do. You need adequate coverage in order to provide for their safety, and the safety of the test vehicle.
Not all car lots have the same set of challenges. It's important to discuss the kind of operation you run with your agent to set up the particular coverage that is right for you. It's especially important for dealers who sell used cars to have title errors and omissions coverage for instance. Insurers can meet with you at your business and assess any safety risks they find on your lot to avoid unnecessary claims.
Hackers are always finding new ways to compromise the information businesses gather about their customers. This problem has exploded in the last few years and shows no signs of slowing down. It's imperative that your customers feel comfortable giving you their personal credit and financial information. In the unfortunate event that your business is targeted by hackers, you must have coverage to pay for any remedy it takes to rectify the situation.
If you have employees, you need to protect yourself in case they accuse you or your company of wrongdoing. This kind of coverage is known as employee practices liability. An employee can claim discrimination or harassment even though you haven't done anything. A disgruntled employee might sue you because you fired him or her for cause. With EPLI, you will be protected.
Employee errors and omissions coverage is important to have in case one of your sales people makes an error when filling out lease or sale contracts. You will be vulnerable to being sued if an employee gives incorrect mileage or accident history on a vehicle to a customer. You also need E&O protection if you plan to offer automobile insurance to the buyers of your cars.
Serious weather events can happen at any time, and your property can be materially damaged as a result of a storm, hurricane, or tornado. Unless your buildings and inventory are adequately insured you may face the closure of your business, either temporarily or permanently. You also have to consider the possibility of fire damaging your property or someone deliberately coming onto your lot and damaging the inventory.
Good sales people are usually looking for benefits beyond their commissions. In order to attract the best employees, you need to be able to offer them 401-K plans and life insurance benefits. Your agent can help with that and explain how to bundle the various policies into one comprehensive package that is both affordable and effective.
Adequate coverage is necessary in order to minimize the potential for risk. Showrooms, service departments, and inventory must be protected. You also have to consider the safety of your employees and protect yourself from employee misconduct. Test driving vehicles before making a final purchase decision is something most buyers expect to do. You need adequate coverage in order to provide for their safety, and the safety of the test vehicle.
Not all car lots have the same set of challenges. It's important to discuss the kind of operation you run with your agent to set up the particular coverage that is right for you. It's especially important for dealers who sell used cars to have title errors and omissions coverage for instance. Insurers can meet with you at your business and assess any safety risks they find on your lot to avoid unnecessary claims.
Hackers are always finding new ways to compromise the information businesses gather about their customers. This problem has exploded in the last few years and shows no signs of slowing down. It's imperative that your customers feel comfortable giving you their personal credit and financial information. In the unfortunate event that your business is targeted by hackers, you must have coverage to pay for any remedy it takes to rectify the situation.
If you have employees, you need to protect yourself in case they accuse you or your company of wrongdoing. This kind of coverage is known as employee practices liability. An employee can claim discrimination or harassment even though you haven't done anything. A disgruntled employee might sue you because you fired him or her for cause. With EPLI, you will be protected.
Employee errors and omissions coverage is important to have in case one of your sales people makes an error when filling out lease or sale contracts. You will be vulnerable to being sued if an employee gives incorrect mileage or accident history on a vehicle to a customer. You also need E&O protection if you plan to offer automobile insurance to the buyers of your cars.
Serious weather events can happen at any time, and your property can be materially damaged as a result of a storm, hurricane, or tornado. Unless your buildings and inventory are adequately insured you may face the closure of your business, either temporarily or permanently. You also have to consider the possibility of fire damaging your property or someone deliberately coming onto your lot and damaging the inventory.
Good sales people are usually looking for benefits beyond their commissions. In order to attract the best employees, you need to be able to offer them 401-K plans and life insurance benefits. Your agent can help with that and explain how to bundle the various policies into one comprehensive package that is both affordable and effective.
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Find details about the benefits of comparing auto dealership insurance NJ quotes online and more info about a reliable insurance company at http://www.tasinsuranceagency.com/dealership-insurance today.
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