As the owner of a used car lot, you carry a wide variety of risks. Not only do you hold responsibility for your inventory, which is the vehicles, but you also have responsibility for your employees and the property. When seeking out insurance coverage, you need a policy that will cover these potential risks. Used car dealer insurance can bundle all the coverage you need into one convenient policy.
Any business needs general liability coverage. This protects your business against accidents that occur on your property such as a slip and fall. It can also provide protection against claims of libel, slander and copyright infringements.
Since your business deals with vehicles, you will need coverage on those automobiles while they are in your possession. Potential buyers will want to take the car out for a test drive and if anything happens while on that drive, you need your merchandise to be protected from damages.
Used car dealer insurance can also include worker’s compensation and employment practices liability. As a business owner, it is necessary to have these coverages to protect the rights of both yourself as the employer and your employees.
When you purchase a policy for your used car dealership, you are investing in the future of your business. Insurance can protect your business from financial destruction in the event of unforeseen accidents.