Auto dealerships sell new or used vehicles or both. While opening your own auto dealership is a money-making venture worth looking into, you should also take into consideration the different risks that come with operating one.
If you’re starting an auto dealership in Colorado, investing in auto dealership insurance is considered a smart business move that will prepare you for the unexpected. Since keeping your valuable inventory safe and making your customers happy already demand much of your time, you don’t want to add surprise expenses to the equation.
Keep Your Venture Well Protected
There are several types of policies that make perfect sense for auto dealerships. Our clients generally purchase basic coverage such as:
Commercial general liability insurance. This shields your auto dealership from financial ruin should you be sued for personal injury or property damage by a third party in the course of doing business within your premises or in another location.
Commercial property insurance. Fires, natural disasters, and thefts do occur. This type of coverage protects your commercial property, including its contents, from such perils by paying for the cost of repair or replacement.
Dealers errors and omissions coverage. This covers against expensive lawsuits when one of your staff makes negligent errors and omissions, e.g., entering wrong information in loan, insurance, or lease papers, or committing mistakes related to a vehicle’s history or parts used in repair.
Cyber liability insurance. This protects your business if hackers break into your system and steal confidential data such as client and employee information.
Workers’ compensation insurance. Mandatory in the state of Colorado, this saves you from the headache of spending out of pocket for your employees’ medical bills when they suffer from work-related injuries or illnesses.
However, you can elect to add more protection depending on your unique business requirements. Additional coverage includes:
Get the Coverage You Need from Colorado Agents
Protecting your expensive investment should be on top of your priority list. Whether you are planning to enter the auto dealership market in Colorado or already have an existing business, we will work with you to find a comprehensive package that fits your needs.
To know more about auto dealership insurance, call us at 719-329-4441 or reach out to us online.