Businesses that sell cars have special challenges. Unless they are adequately insured, they can face the kind of lawsuits that close business doors and put the owners in financial jeopardy. The right auto dealership insurance NJ agents offer will keep you in business and reduce your business and personal liability.
Good coverage is necessary to minimize your exposure to risk and protect you personally. Your showroom, inventory, and service department are all huge investments that need protection. You also have to think about protections for your staff and the ways you can limit your liability if faced with employee misconduct. Test driving cars is accepted practice for potential purchasers. You must have coverage that protects the customer as well as the vehicle while it's on the road.
Different dealers have different challenges. You should meet with your agent to discuss your particular situation and what coverage makes sense for you. A title errors and omissions policy is something all used car dealers need for instance. Insurers can come onto your lot to assess potential safety risks that might develop into unnecessary claims.
Modern technology is great for business, but it has also created a sophisticated hacking industry. Hackers seem to be able to stay one step ahead of the law and can create havoc for businesses. Instead of waiting until after something happens, you have to anticipate a data breach. That way you will be covered if you and your customers are the victims of a hacker. This is a crime that has seen a dramatic increase with no permanent solution in sight.
If you have employees, you need to protect yourself in case they accuse you or your company of wrongdoing. This kind of coverage is known as employee practices liability. An employee can claim discrimination or harassment even though you haven't done anything. A disgruntled employee might sue you because you fired him or her for cause. With EPLI, you will be protected.
Errors and omissions protection is critical in this business. You never know when an employee may make a mistake filling out purchase or lease documents. If you sell used cars, you are always vulnerable to a lawsuit over misrepresentation of mileage or accident history. You need protection for this. You should have an errors and omissions policy if you offer customers auto insurance.
If you have business income protection you will be covered if the inventory on your lot, your showroom, or any other buildings on the lot suffer damage do to unforeseen circumstances. You can only do so much to protect these assets from hurricanes, tornadoes, wind, flood, and fire. You need coverage to keep you in business.
The best sales people and administrative staff go where they are offered the best deals. This usually involves more than a good salary. You need to be able to offer them life insurance policies and the option of contributing to a 401-K. Your agent can help you with the best way to bundle all your policies into an effective and reasonable package.
Good coverage is necessary to minimize your exposure to risk and protect you personally. Your showroom, inventory, and service department are all huge investments that need protection. You also have to think about protections for your staff and the ways you can limit your liability if faced with employee misconduct. Test driving cars is accepted practice for potential purchasers. You must have coverage that protects the customer as well as the vehicle while it's on the road.
Different dealers have different challenges. You should meet with your agent to discuss your particular situation and what coverage makes sense for you. A title errors and omissions policy is something all used car dealers need for instance. Insurers can come onto your lot to assess potential safety risks that might develop into unnecessary claims.
Modern technology is great for business, but it has also created a sophisticated hacking industry. Hackers seem to be able to stay one step ahead of the law and can create havoc for businesses. Instead of waiting until after something happens, you have to anticipate a data breach. That way you will be covered if you and your customers are the victims of a hacker. This is a crime that has seen a dramatic increase with no permanent solution in sight.
If you have employees, you need to protect yourself in case they accuse you or your company of wrongdoing. This kind of coverage is known as employee practices liability. An employee can claim discrimination or harassment even though you haven't done anything. A disgruntled employee might sue you because you fired him or her for cause. With EPLI, you will be protected.
Errors and omissions protection is critical in this business. You never know when an employee may make a mistake filling out purchase or lease documents. If you sell used cars, you are always vulnerable to a lawsuit over misrepresentation of mileage or accident history. You need protection for this. You should have an errors and omissions policy if you offer customers auto insurance.
If you have business income protection you will be covered if the inventory on your lot, your showroom, or any other buildings on the lot suffer damage do to unforeseen circumstances. You can only do so much to protect these assets from hurricanes, tornadoes, wind, flood, and fire. You need coverage to keep you in business.
The best sales people and administrative staff go where they are offered the best deals. This usually involves more than a good salary. You need to be able to offer them life insurance policies and the option of contributing to a 401-K. Your agent can help you with the best way to bundle all your policies into an effective and reasonable package.
About the Author:
Find details about the benefits of comparing auto dealership insurance NJ quotes online and more info about a reliable insurance company at http://www.tasinsuranceagency.com/dealership-insurance today.