Operating an auto dealership involves several types of risk. As a result, you need to protect your dealership with several important coverages. Policies like floor plan insurance are crucial for your inventory. General liability coverage offers protection for accidents that may occur on the premise. Similarly, property and theft insurance protect repair shops. Make sure to work with Springfield insurance experts to determine the right insurance coverage for your dealership.
How Springfield Insurance Pros Can Help With Coverage
Floor Plan Insurance
Your dealership needs a large inventory of vehicles to meet the buying preferences of your customers. This inventory, called your floor plan, requires a huge financial investment. Floor plan insurance provides coverage for vehicles damaged due to weather events, theft, vandalism, or collisions. Also important to note that if you take out a loan to purchase your floor plan inventory, your bank may require you to have floor plan insurance in place.
Garage Liability Coverage
A busy auto dealership may have a large amount of traffic in and around its location. Hundreds of potential car buyers may test drive cars each month. You have a constant flow of trucks bringing in additional cars for your inventory while customers and prospects are also driving their own cars in and out of your lot. This large amount of traffic may result in an accident from time to time. A garage liability policy can protect your dealership from legal issues related to an accident which might involve injury or property damage. The Department of Motor Vehicles for your state may require this coverage for each dealership, so be sure to double check for your business location.
Repair Shop Coverage Through Springfield Insurance
Your dealership may generate revenue through a repair center in addition to all of the vehicle sales. Many car owners use their auto dealer’s shop for car maintenance. Therefore, your shop should carry insurance to cover any injuries or property damage that may occur at the shop location. Don't forget that your repair staff may move dozens of cars in and out of your shop each day. Your mechanics will have car doors and hoods open and may also work beneath cars that are on lifts. All of this activity creates some risks that should be properly accounted for in your policy.
To provide complete repair services, your shop may house expensive machinery and equipment. Your shop doors are open during business hours so that you can move cars in and out. This poses another situation where your equipment can be exposed to possible theft, as well as weather damage. Springfield Insurance experts can help you find a business property policy to protect your assets against damage or theft.
Avoid Risks by Fully Protecting Your Business
Managing an auto dealership involves many forms of risk. There are a bunch of moving parts that you must account for in order to maintain the full protection that your business deserves. Since you already have your hands full with all these important tasks, reach out to a Springfield Insurance expert who can match your dealership with the right insurance coverage.