Protection from financial loss is paramount, no matter the industry. Insurance is a form of protection that business cannot be without, especially car dealerships. Car dealer insurance is of the utmost importance when protecting inventory and being able to quickly recover financial loss as a result of theft, wreckage, or vandalism. It also plays an important role in liability on behalf of the dealer to the employees and patrons of the business. –Car Dealer Insurance
Just as individual owners must insure their automobiles, so must a dealership. This law is in place to protect all involved. A dealership does, however, have the choice of whom to entrust to handle the insurance for their business.
As with any insurance company for any other purpose, it is important to evaluate coverages and expense when pursuing car dealer insurance to reasonably obtain the most effective protection for the best price. It is imperative to be educated on the companies vying for business, and investigate the reputability and professionalism of the company, as well as the overall satisfaction of other clients of the insurer. One path to aid the prospective purchaser of insurance would be to ask for a list of references. Knowing what other dealerships the company insures allows for good inquisition of the company’s practices and value of service.
Dealers invest thousands, many times hundreds of thousands of dollars, in inventory, personnel, real estate, and maintenance. All of which could be lost in a moment’s notice without the proper protection. Car dealer insurance is available from a multitude of sources and should be well planned out with a reputable company to guarantee longevity and security for the thriving dealership.