Why Dealers Need The Auto Dealership Insurance NJ Reps Recommend

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.

Not all car lots have the same set of challenges. It's important to discuss the kind of operation you run with your agent to set up the particular coverage that is right for you. It's especially important for dealers who sell used cars to have title errors and omissions coverage for instance. Insurers can meet with you at your business and assess any safety risks they find on your lot to avoid unnecessary claims.

It is an unfortunate fact with today's technology that businesses get hacked. There seems to be a new case in the news all the time. In order to protect you and your customers from serious data breaches, you need coverage for any information about customers and their personal data that you keep stored electronically. These types of crimes have seen a dramatic rise in the past few years and probably won't slow down in the near future.

When you have people working for you, you need to ensure yourself against any accusations of wrongdoing they might make against you. This is called employee practices liability. Employees sometimes claim they have been harassed or discriminated against although you have done nothing wrong. If you have to let an employee go for cause, they can decide to sue you for firing them unfairly. As long as you have EPLI, you have protection.

Employee errors and omissions coverage is important to have in case one of your sales people makes an error when filling out lease or sale contracts. You will be vulnerable to being sued if an employee gives incorrect mileage or accident history on a vehicle to a customer. You also need E&O protection if you plan to offer automobile insurance to the buyers of your cars.

Business income coverage will protect in case your lot and inventory are damaged due to circumstances beyond your control. You never know when a weather event will hit your area and send trees and debris flying. Hurricanes and tornadoes have put owners without adequate insurance out of business, both temporarily and permanently.

Good sales people are usually looking for benefits beyond their commissions. In order to attract the best employees, you need to be able to offer them 401-K plans and life insurance benefits. Your agent can help with that and explain how to bundle the various policies into one comprehensive package that is both affordable and effective.