Three of us are thinking of setting up a car dealership. We've planned to deal with user cars in Florida. Do we get any coverage for used car dealers?
Total Comments: 9
Posted: Mon May 24, 2010 11:36 am Post Subject:
Certainly you do! You need to contact a few agents and get some quotes..
Posted: Mon May 24, 2010 03:27 pm Post Subject:
Yes, you probably want a Business Owners Policy, which I think can include Garage Keepers coverage.
Posted: Tue May 25, 2010 09:16 am Post Subject:
Are you talking of any specific policy? Or is it the most generalized form of business insurance that you want us to apply for? Will it cost more for including garage keepers coverage?
Posted: Tue May 25, 2010 04:58 pm Post Subject:
You need to contact a local agent and discuss with them. I'm not an agent. Business Owners Policies (BOPs) are tailored to small business owners and are pretty much custom made for the person's need. The insured can pick and choose what coverage they need for their risk. So I am taking about a specific policy, a BOP... but every company has different things they will do with them. This is why an agent is needed.
Garage coverage would cost more but it's something that you should probably look at. Basically it covers the dealership when they are in possession and driving other people's cars. If you are going to avoid doing this, then you probably don't need it. But again, this is why you need to sit down with a local agent and discuss.
Posted: Wed May 26, 2010 05:45 am Post Subject:
You may look for online coverage agencies too. Before you start looking for an agency make sure that you determine the true worth of coverage that you need. Once done, you'd also need to compare carriers regarding prices and all.
Posted: Wed May 26, 2010 03:45 pm Post Subject:
@Luviancole
There are several different types of policies designed to cover a business, including a used car lot. A couple have been mentioned here in this post though that I thought I would take just a moment to clarify.
A business owner’s policy (BOP) is designed for a small business owner; however, BOPs, are not designed to cover auto dealers, repair or service stations, parking lots, or garages.
Another coverage mentioned earlier in this post is Garage keepers coverage. Garage keepers, which can be included in a Garage policy, is designed to cover the damage to customer’s vehicles while you are in care, custody or control of their car. A Garage Policy can include garage liability and garage keepers insurance. Garage liability coverage is designed to cover liability arising out of garage operations.
I would like to mention though, there are other exposures you may want to consider as well, such as workers compensation to cover employees injuries.
Posted: Thu May 27, 2010 05:47 am Post Subject:
It's good to know such important facts about BOPs and garage insurance. Garage liability coverage seems to be a great option to cover mishaps within garages. Thanks for such valuable information.
Posted: Fri May 28, 2010 05:46 am Post Subject:
The industry group that you're in might just be able to guide you regarding this. Ask your colleagues for carrier recommendations. Also keep an eye on the state guidelines in this regard.
Posted: Sun May 30, 2010 11:33 am Post Subject: BOP Policies
Some companies are now offering garage keepers on their BOP policies in order to attract small businesses so ask your agent about that.
Posted: Mon May 24, 2010 11:36 am Post Subject:
Certainly you do! You need to contact a few agents and get some quotes..
Posted: Mon May 24, 2010 03:27 pm Post Subject:
Yes, you probably want a Business Owners Policy, which I think can include Garage Keepers coverage.
Posted: Tue May 25, 2010 09:16 am Post Subject:
Are you talking of any specific policy? Or is it the most generalized form of business insurance that you want us to apply for? Will it cost more for including garage keepers coverage?
Posted: Tue May 25, 2010 04:58 pm Post Subject:
You need to contact a local agent and discuss with them. I'm not an agent. Business Owners Policies (BOPs) are tailored to small business owners and are pretty much custom made for the person's need. The insured can pick and choose what coverage they need for their risk. So I am taking about a specific policy, a BOP... but every company has different things they will do with them. This is why an agent is needed.
Garage coverage would cost more but it's something that you should probably look at. Basically it covers the dealership when they are in possession and driving other people's cars. If you are going to avoid doing this, then you probably don't need it. But again, this is why you need to sit down with a local agent and discuss.
Posted: Wed May 26, 2010 05:45 am Post Subject:
You may look for online coverage agencies too. Before you start looking for an agency make sure that you determine the true worth of coverage that you need. Once done, you'd also need to compare carriers regarding prices and all.
Posted: Wed May 26, 2010 03:45 pm Post Subject:
@Luviancole
There are several different types of policies designed to cover a business, including a used car lot. A couple have been mentioned here in this post though that I thought I would take just a moment to clarify.
A business owner’s policy (BOP) is designed for a small business owner; however, BOPs, are not designed to cover auto dealers, repair or service stations, parking lots, or garages.
Another coverage mentioned earlier in this post is Garage keepers coverage. Garage keepers, which can be included in a Garage policy, is designed to cover the damage to customer’s vehicles while you are in care, custody or control of their car. A Garage Policy can include garage liability and garage keepers insurance. Garage liability coverage is designed to cover liability arising out of garage operations.
I would like to mention though, there are other exposures you may want to consider as well, such as workers compensation to cover employees injuries.
Posted: Thu May 27, 2010 05:47 am Post Subject:
It's good to know such important facts about BOPs and garage insurance. Garage liability coverage seems to be a great option to cover mishaps within garages. Thanks for such valuable information.
Posted: Fri May 28, 2010 05:46 am Post Subject:
The industry group that you're in might just be able to guide you regarding this. Ask your colleagues for carrier recommendations. Also keep an eye on the state guidelines in this regard.
Posted: Sun May 30, 2010 11:33 am Post Subject: BOP Policies
Some companies are now offering garage keepers on their BOP policies in order to attract small businesses so ask your agent about that.
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