Used car dealerships can be lucrative businesses that remain fairly reliable over time: after all, there’s always a need for used cars. But the constant stream of vehicles coming and going, along with particularities of your particular dealership, will inevitably produce some used car dealer risks that should be property managed — and insured — to protect the safety and fiscal well-being of your dealership, and your clients.
What Risks Do Used Car Dealers Face?
Used car dealers face a number of overlapping risks that invariably shift depending on the specific nature of the dealership. Risks include the following, and more:
- Risk of automobile accidents on the premises, or during test drives, particularly due to the high volume of cars coming and going
- Risk of injury to workers or clients, due to high traffic or other factors
- Risk of theft
- Risk of property damage, which may be compounded if your dealership also offers vehicle repairs
- Liability risks arising from the sale, storage, or repair of used vehicles
An experienced insurer can help design a policy that takes your situation into account, and offers coverage commensurate with the unique risks of your business. A comprehensive policy will help ensure safety on the lot, and that you are financially protected if an unexpected incident does occur.
There are many different angles to take into consideration when it comes to finding the best insurance coverage for your business. Though standard plans can cover general risks related to your industry, you will often need to dive deeper in order to ensure all possible threats are addressed with your policy. Leaving gaps in coverage can lead to major setbacks for your company, so it is best to address any special needs you may have with your insurance options in advance. For some, fiduciary liability insurance is an option worth looking into.
The Basic Point of Fiduciary Liability
While reading the details in a fiduciary liability insurance handbook will offer more comprehensive information surrounding this option, there are a few general points you can take away. Essentially, this is a type of insurance that shields your business from certain claims related to mismanagement and specific legal liabilities. Usually, the points covered by this plan are not included in a traditional liability policy. If you feel your company could benefit from added protections, this is a good fit for you. Other options worth considering can include:
- Policy overage for directors and officers
- Liability coverage in the event of errors and omissions
- Appropriate options for commercial vehicles
The Best Plan Options
Gaining perspective on your insurance options is the best way to guarantee you are selecting a policy that actually covers all of your biggest risks. Review options like fiduciary liability in order to see if this is a good choice for your company’s needs.
Running a business in a niche industry can often bring a number of unique challenges to your door. When your company specializes in automotive services like painting, detailing, and bodywork, then you cannot expect a traditional insurance policy to cover the risks you’re likely to face. This means you need to go above and beyond to find coverage that actually protects you when you run into common setbacks of your industry. Review these tips to learn more.
Review the Basic Policy Options
When reviewing your options with auto paint & body shop insurance programs, you want to think about the issues you are most likely to encounter. More often than not, business owners in this field have to deal with customers who make claims about damage to their vehicles and other problems that come about when a business temporarily holds the possession of a consumer. To ensure you are not held responsible for accidents or issues beyond your control, you need policies with ample protection. Other areas to focus on include:
- Coverage for directors and officers
- Liability options for errors and omissions
- Appropriate workers’ compensation coverage
Find the Best Protection
If you want to truly protect your business in the face of the unknown, proper insurance is the best place to begin. Review the basics of your industry to gain more perspective on the coverage points you should be hitting with your policy.
For many first-time homebuyers, the home purchasing process can seem long and complex. If you’re hoping to buy your first home soon, there are a few critical keeps you should keep in mind as you start your home search.
Calculate Your Home-Buying Budget Carefully and Account for Multiple Expenses
The first step in your homebuying process should be setting a detailed budget and planning for upcoming expenses. Purchasing a home may involve more costs than you think, so knowing what to expect can help you start saving. Be sure to put away enough money to cover:
- The down payment
- The closing costs
- Private mortgage insurance
- Homeowners’ insurance costs
- Homeowner association fees
- Moving expenses
Shop All Your Options With the Help of a Realtor
Rather than making an offer on the first home you visit, take some time to shop all your options with the assistance of a qualified realtor. You may want to:
- Find a buyer’s agent who knows the area and can recommend neighborhoods and homes to you
- Explore multiple options, including existing homes, land to build your own home on and fixer-uppers
- Avoid rushing into making offers until you feel comfortable with the process
Before rushing into a home purchase, all first-time homebuyers should make sure they understand a few key aspects of the process. This simple guide can help you prepare for your first home purchase.