The insurance needs of businesses are varied. A used car dealership will need vastly different coverage than a floral shop. Here are a few used car dealer insurance policies you may want to consider getting.
- Auto Liability: If a customer gets in an accident while test driving, this policy will protect you from financial loss due to a lawsuit.
- Dealers Open Lot: Most car dealerships have an open lot, which leaves your product vulnerable. This policy covers any physical damage done to vehicles your business owns.
- Errors and Omission: This professional liability insurance protects your business and employees from claims of negligence or inadequate work. In the case of used car dealer insurance, it will protect businesses from getting sued by customers who were financially harmed due to a lease they signed.
- False Pretense: If you let a customer test drive a car, and he or she does not bring it back, this policy will help you recover your losses.
These coverages will be very beneficial for a used car dealership. You may want to consider also getting other typical business policies, like employment practices liability, workers’ compensation, business interruption and general liability.
Work With an Agent
When you have to get used car dealer insurance, make sure you work with an insurance agent. He or she will be able to help you pick out the coverage that best fits your needs.