Almost 90 million cars are sold worldwide each year. This includes cars that are both new and used, and the potential for wealth generated by auto sales far exceeds many of the other unique goods that the United States sells. This makes auto dealers of every genre some of the most potentially successful businesses in the world. But with high sales traffic and potential at such great heights all around the world, quite a bit of risk management must be practice to ensure their sales go as planned.
Luckily, competent and small business-focused insurance brokers exist. Small Business Liability is exactly the specialized and caring service your company needs to gain a competitive advantage in a popular industry. To learn more about what auto sales insurance might do for you, read on!
Auto Sales and Retail Insurance
Risk management is practiced within every industry, but there are few like the auto industry that garner such demand for an effective insurance program that serves their needs and their needs alone. Their businesses require coverage for physical damage done to property or inventory at their auto dealerships, bodily injury coverage in case a customer gets into an auto accident while on a test drive, and coverage for other business needs.
General liability insurance and commercial auto insurance are insurance products that help auto sales companies keep their products, their customers, and themselves covered in the case of a liability claim. In the case of general liability, it is a type of insurance that covers damage done to third parties or clients. This includes bodily injury, medical expenses, personal injury or reputational damage, property damage, and more.
Unfortunately, general or commercial liability only covers customers or third parties, which means that employees and people directly involved with the business are exempt from its protections. However, additional policies can be bundled with liability insurance packages if something like commercial auto is also what you need to keep your business safe. Insurance packages can help cover your business income in the rare event of an shutdown. They can also protect your car dealership in the event of a large lawsuit, provide additional garage liability, and provide workers’ compensation and employee benefits. Working with a reliable insurance company to bundle your insurance needs together is the best way to provide coverage for all areas of your business, and saving thousands of dollars while doing it.
Why Get General Liability Insurance for my Car Dealership?
State and local laws differ when it comes to coverage laws, but most states require small businesses to obtain some form of general liability insurance before they are officially allowed to operate. However, even in cases when general liability is not legally required, it is preferable that your company has it. Otherwise, it could cause potential customers to find a more professionally viable dealer, which damages your ability to make sales – not to mention your reputation.
Accidents happen to the best of us in small business. Don’t let them ruin your reputation or your profitability. Call Small Business Liability today to get started with a knowledgeable, licensed insurance agent today. The best rates on insurance and free insurance quotes await you during your call.