Used Auto Dealership Insurance in Colorado

If you own or operate an auto dealership in Colorado, you know how important it is to protect your business from the many risks and liabilities that come with selling and servicing vehicles. Whether it's damage to your inventory, customer complaints, employee injuries, or legal disputes, you need a comprehensive insurance plan that covers all aspects of your dealership operations.

At a minimum, auto dealerships in Colorado should carry liability insurance to cover any accidents or damage caused by their business. This can include coverage for property damage, bodily injury, and medical payments. It may also be important to carry general liability or product liability insurance in case of any customer complaints or injuries related to products you sell.



Another type of insurance that is important for auto dealerships in Colorado is property insurance. This policy will cover any damage to the dealership's physical property, such as buildings and other structures. It can also provide additional protection for your inventory of cars, tools, equipment, and other items.

Here at 3R Insurance Agency, we understand the complex needs of auto dealerships and have tailored our insurance solutions to meet them. We offer comprehensive coverage options that can be customized to fit your specific dealership needs. Whether you need liability coverage, property protection, or more specialized options, we have the perfect policy for you.

Our 5-step process for auto dealerships insurance in Colorado makes sure that you are protected from any and all risks associated with your business. Here’s how it works:

1. We begin by gaining an understanding of your business, its risks, and any potential liabilities.
2. We discuss your insurance options with you so that you can make an informed decision on the coverage that best meets your needs.
3. We generate accurate quotes for the coverage you're looking for and provide flexible payment plans to make sure you get the protection you need.
4. We review the details of your coverage with you and make sure that all policy details are clear before signing a contract.
5. Finally, we provide ongoing customer support to ensure that your insurance remains up-to-date and adequate for your business needs.

For all your Colorado auto dealerships insurance needs, trust the experts at 3R Insurance Agency. Give us a call or fill out our online contact form today to learn more.

 

We look forward to helping you protect your business from any and all risks!

Auto dealership insurance in Colorado is essential for any business selling, repairing, servicing, or otherwise dealing with automobiles. This includes:

• Car dealerships
• Used car dealerships
• Motorcycle and Powersports dealerships
• Automotive repair shops
• Parts suppliers
• Body shops
• Auto detailing and car wash businesses
• Tire retailers
• Auto leasing companies
• Fleet services businesses
• Rental car companies
• Tow truck operators
• Automotive service providers
• Mobile Mechanics
• Vehicle storage facilities.

Since each business has its special risks and liabilities, it is important to make sure your insurance plan is tailored specifically to meet the needs of your auto dealership.

The types of insurance coverage you need may vary depending on the type of business you operate. Some common coverages for auto dealerships in Colorado include:

Commercial Property Coverage 

Commercial property coverage for auto dealerships in Colorado can help you recover from damages caused by fire, theft, vandalism, hail, windstorms, and other perils. It can also cover your business income, extra expenses, and valuable papers and records if your dealership is temporarily closed or disrupted by a covered loss.

Commercial property coverage for auto dealerships in Colorado is not a one-size-fits-all solution. You need a policy that reflects your business's unique features and challenges, such as the type and value of your vehicles, the location and size of your lot, the security measures you have in place, and the potential liability exposures you face. 

You also need a policy that offers flexible options and endorsements to customize your coverage and enhance your protection. For example, you may want to add coverage for signs, fences, outdoor property, employee tools, garage keepers' liability, or dealers' open lot.

Contents Coverage

Contents coverage for auto dealerships in Colorado helps you recover from the loss of inventory, tools, records, furniture, and other property used in the day-to-day operation of your business. This coverage can also help protect you from losses caused by employee theft, shoplifting, and other perils. You may also be able to add coverage for valuable items such as computers, business equipment, and customer files.

General Liability Insurance

Colorado auto dealerships can ensure future security with general liability insurance. This valuable coverage helps guard against third-party assertions of injury to a person's body, damage to property, and disgrace due to advertisement claims.

Not only is it effective in safeguarding assets, but general liability insurance can come in handy if there is a need to cover compensation for medical expenses or legal costs associated with an accident or other situation where you might be found liable.

Commercial Auto Insurance

If your dealership owns, leases, or operates any vehicles for business use, you need commercial auto insurance. This coverage helps protect against financial losses from accidents, damage to vehicles, and liability for bodily injury or property damage arising from using a covered business vehicle.

In addition to standard liability coverage, commercial auto insurance can protect against physical damage to vehicles, medical expenses arising from an accident, and uninsured/underinsured motorists.

Garage Keepers Legal Liability Coverage

Garage keepers' Legal Liability coverage for auto dealerships in Colorado can help protect you from damages caused to customer vehicles while they are parked on your lot or stored in your garage. This coverage can also provide financial protection for legal fees and court costs if you are sued over a car-related loss.

Workers Compensation Insurance

Worker's compensation insurance provides coverage for on-the-job injuries, illnesses, and deaths for your auto dealership employees. This important business coverage helps you stay compliant with federal and state laws while helping to ensure that your employees have access to financial assistance should they suffer a work-related injury or illness.

Motor Vehicle Dealers Bond

To obtain a license to operate in Colorado, all motor vehicle dealers must have an active $50,000 Motor Vehicle Dealers Bond. This bond is meant to ensure that dealerships abide by Colorado laws and regulations related to the sale of motor vehicles and that customers are protected from any fraudulent activities.

Cyber Liability Insurance

Every hour, 97 people are at risk of being affected by cybercrime. Cyber liability insurance for auto dealerships in Colorado can provide coverage for losses resulting from a hacking attack or data breach, as well as help cover legal fees and other costs associated with restoring systems, securing customer information, and notifying customers of the breach.

The amount of insurance coverage needed for your Colorado auto dealership will depend on the size and scope of your business operations. We recommend asking yourself the following questions to determine the amount of coverage you need:

• What are my current business liabilities?
• Does my business have any tangible assets that need to be protected?
• Does my business have any employees who can benefit from Workers’ Compensation Insurance?
• Do I need coverage for customer vehicles parked on my lot?
• What type of cyber security measures do I have in place to protect against data breaches and hacking?
• Do I need coverage for advertising injuries or copyright infringement?
• How much am I willing to spend on a Motor Vehicle Dealers Bond?
• Does my state require me to carry additional insurance coverage?

A comprehensive cover that's tailored to your business will go a long way in helping keep your dealership protected. Speak to a qualified insurance agent today to get the right coverage for your Colorado auto dealership.

The auto dealers’ insurance cost in Colorado will depend on your business's size, location, and scope. Insurance premiums can also vary based on the type of coverage you select and how much coverage you need.

While it may be tempting to try to save money by choosing the minimum amount of coverage, this could leave your business vulnerable in the event of an accident or lawsuit. We recommend working with a qualified insurance agent to determine the right coverage for your business.



Additionally, make sure to review your coverage regularly, as your needs may change over time.

At 3R Insurance Agency, we understand the unique needs of Colorado auto dealers and can help you get the right coverage for your business. 

We are waiting to provide you with free auto dealers' insurance quotes from top-rated insurers and help you select the best policy for your business.



Call us today to get started!