What Types of Dealers Need Surety Bonds & How To Get the Best Rate
Surety bonds are not just for the local new or used car dealership. As we’ll list below, there are many different types of ‘dealerships’ in this space and all of them will benefit from this protection.
How to Choose the Right Commercial Dealership Insurance Provider - 8 Tips to Get it Right
Shopping for commercial automotive insurance can be a daunting and sometimes confusing task if your dealership is new and this is the first time considering this coverage. It’s important to understand all the nuances of choosing the right insurance provider and to weigh your choice carefully.
How GPS Tracking Can Unlock Dealership Commercial Insurance Savings While Protecting Your Inventory
In the competitive world of commercial dealership insurance, finding ways to reduce premium costs is paramount. One often-overlooked avenue for potential savings is the implementation of GPS tracking devices on all dealer-owned vehicles.
Be Ready When Shopping for Commercial Dealership Insurance - 5 Pieces of Information You Need to Provide to Get the Best Deal
Dealers may think comparing commercial business insurance is easy but the reality is that it’s more complex and involved than just picking up the phone and telling some random company you ‘need coverage’.
Hurricane Season is here…is Your Dealership Ready with Business Interruption Insurance?
There are a host of issues not related to weather that can impact your dealerships’ ability to function daily. The financial impact can be catastrophic depending on the event.
Surety Bonds for Car Dealerships - What Are They & Why It’s Important
Think of surety bonds as your dealership operation’s big safety net. At its core, surety bonds are a three-party agreement that provides financial assurance and protection to customers, vendors/suppliers, and the government if your store fails to meet certain obligations.
What is NOT covered in your Errors & Omissions Policy
We recently took a close look at why automotive dealerships need to have an Errors & Omissions (E&O) policy in addition to the other basic coverages we’ve examined. It’s important to foster a sense of trust with your customers and the community at large and E&O can preserve that trust when honest mistakes are made.
Does Your Dealership Need Errors & Omissions Insurance?
Whether you’re a new dealership about to open or an established store that is looking for a better deal on your standard commercial insurance coverages, it can be overwhelming to figure out exactly which coverages are best for your unique situation.
The differences between Workers Compensation insurance and General Liability Insurance (and why it’s important to have both as a dealer)
New dealership owners have a mountain of priorities to tackle when opening their business and being ready for any financial and/or legal challenges that could come their way. Proper commercial insurance is one of the most important things to address.
7 Common Factors That Impact What You Pay for Commercial Dealership Insurance
To new dealership owners that are about to embark on the exciting (or…not so exciting) world of commercial dealership insurance research, listen up. There are several factors that will help determine the cost of coverage…everything from the types of cars you sell, your location, and even how many prior claims you have made (if you are looking to replace existing coverage).
16 Questions to Ask if Your Dealership is Considering an In-House insurance Agency
Today’s dealerships are being squeezed from the front and back of profit margins and owners who are looking to the future for sustained growth are looking beyond just the standard income streams.
General Liability Insurance - Why Dealerships Can’t Be Without It
When you think about the risks associated with running a car dealership, the first few things that may come to mind are theft or damage to your inventory. But there is a much broader range of potential risks that can have serious consequences for your business.
Why Offering an Insurance Quote in F&I Protects Dealer Profits
Nothing should get in the way of F&I managers from getting their opportunity to sell their menu of products…but there is one thing that can - insurance agents.
Why Your Dealership Needs Cyber Insurance
Cybercrimes have been rising in recent years and with the increased reliance on fully digital transactions in dealerships, it’s important to have a tactical plan in place to avoid major breaches. But beyond that, a dealer must have proper insurance against such attacks.
5 Reasons Why Offering an Insurance Quote During the Car Deal Makes Sense
More dealerships are looking for new ways to add profit in 2023 and one stream of income that has become hot is having an auto insurance agency in-house.
Why Garage Keepers Insurance for Dealerships Is So Important
When your dealership has a customer’s car åΩin for service, you are Ωnow responsible for one of their most important possessions. Anything that happens to the car, whether it’s the fault of the technician or something completely out of their control, it’s critical to have the insurance coverage to handle a damage claim or risk a lawsuit.
How the Push of a Button can Literally Save Your Dealership(s) Thousands of Dollars Each Year
As a new car franchise dealer or an independent car dealer, there are certain best practices that you need to follow to ensure the success and sustainability of your business. One of these best practices is to shop your commercial insurance at least every two years. This is important because the insurance industry is constantly changing, and you need to ensure that you are getting the best coverage at the best price. Plus the last thing you need is any surprises when and if you ever have to file a claim.
Understanding Dealers Open Lot Insurance and Why It’s So Important
Dealerships, new and used, are open to different levels of risk and it’s important to understand what kinds of coverages are available and why they are needed. And since every dealership has a lot full of cars, understanding the importance of Dealer Open Lot Insurance Coverage is a must.
6 Things to Consider When Shopping for Commercial Dealership Insurance
Commercial insurance is not often the first thing the owner of a dealership thinks of when getting ready to open. Sourcing inventory, hiring staff for sales, finance, and back office, and building out a good marketing campaign all seem to come first but the reality is that without quality insurance for the dealership itself, everything else can be put at risk immediately.
Overcoming the Invisible Objection
Customers may not know how much they can save on insurance premiums if they don’t have access to the right resources.
Insurance Companies Make Billions Off Car Dealers Each Year: How Can Dealers Keep That “Food” On Their Own Plates?
When a dealer sells a car, they have to report that sale to the DMV and, in many states, (according to a New York dealer friend of mine), the dealer has only four days to let the state know.
Bull is Here, Bear is Coming. Are You Prepared?
Bear is coming because bear is always coming, and we all know it. Historical evidence shows us that market adjustments are always just one step off the unsuspecting cliff.