An auto dealership owner must protect against liabilities unique to their business. These liabilities often require specific types of insurance in addition to the basics any company must carry. Here are two of the additional coverages provided by used auto dealer insurance programs that dealerships may need.
Garage Liability Insurance
Most businesses must carry general liability insurance, which covers only some of the liabilities a dealership faces. Garage liability insurance is an umbrella policy that provides an extra layer of protection that fills gaps in used auto dealers’ general liability coverage. It covers on-site customer injuries and may also cover things like employee discrimination lawsuits or third-party property damage.
Garage Keeper’s Insurance
Used auto dealers who service customer vehicles on-site might need garage keeper’s insurance. This insurance covers any physical damage that may occur to a customer’s vehicle while in the dealership’s care. Damage could include fire, vandalism or extreme weather. It would also cover the theft of a customer’s vehicle.
Auto dealers must protect against some different types of liability and property loss that standard business insurance does not cover. Many insurance companies offer used auto dealer insurance programs that bundle all the different coverages a used auto dealership needs.