An auto dealership is a unique type of business in that it facilitates the trade of expensive pieces of machinery, which are constantly at risk of being damaged. The busier your auto dealership is, the more likely you are to encounter sudden expenses such as repair costs and replacement of stolen goods. It is crucial for auto dealership owners to seek out comprehensive insurance policies that will compensate for these losses and ensure their business continues to meet all financial obligations.
At Avenew, our consultants work with auto dealership owners to help them find the coverage or reinsurance they need to protect their business and offer peace of mind. From tax write-offs to reduced out-of-pocket expenses, a custom business insurance plan serves a number of benefits for auto dealerships.
If you own an auto dealership, it is important to plan ahead by investing in the right insurance policy. Continue reading to discover a few reasons why business owners rely on auto dealership insurance for increased profitability and protection of assets.
Reimbursement for damages
Unlike other business models, running an auto dealership means that your products are constantly being used by prospective customers. Often, buyers will request to take several vehicles out for test drives before making a purchase. This puts your stock at serious risk of damage. Without the right coverage, it can be difficult to turn a profit in the event of a major collision. Auto dealership insurance offers business owners peace of mind, protecting their selection of vehicles against damages that may occur during test drives.
Protection of property
Not only does auto dealership insurance cover your vehicles, but it also protects your business against problems such as natural disasters, vandalism, and other damages. Insuring your commercial property is just as important as seeking coverage for your products.
Improved customer experience
Seeking out reinsurance gives auto dealerships the financial flexibility to offer customers more comprehensive insurance policies. This is an excellent selling point that will encourage clients to opt for your auto dealership over other local businesses. Additionally, providing coverage for your stock of vehicles is reassuring for clients who wish to test drive these vehicles. Ultimately, investing in the right coverage legitimizes and enhances your auto dealership’s reputation. All of these factors contribute to an optimal customer experience.
Coverage for employees
If you operate a large-scale auto dealership with a team of employees, it is essential to have an insurance policy that compensates for on-site injuries. This is especially important in a professional environment where staff members are operating heavy machinery on a daily basis. An auto dealership insurance policy will provide worker’s compensation if your employees are hurt on the job. This increases job satisfaction and financially protects business owners.
Reduce the cost of major claims
Upholding an agreement as an auto insurance provider can be challenging when multiple claims come in at one time. This is where reinsurance becomes extremely useful as an extra measure. Auto dealership owners can afford to meet their obligations as insurers and cover the cost of claims by passing off a portion of the financial responsibility to an auto dealership insurance provider.
With proof of comprehensive insurance coverage, auto dealerships can enjoy a number of tax benefits. Among these are long-term tax deferral, and reduced or eliminated taxes and fees. These savings often account for the total cost of auto dealership insurance, making it an obvious solution for increased profitability.
Our team at Avenew is here to source out the coverage you need to safeguard your vehicles, employees, and your business as a whole. Contact us today to learn more about our top-rated program.