When it comes to insuring a garage dealership for motorcycles or automobiles, there are several insurance coverages that you should consider. The specific insurance policies you need may vary depending on the size of your dealership, the types of vehicles you sell, and the risks associated with your specific operation. Here are some insurance coverages commonly associated with garage dealerships for motorcycles or automobiles:

  1. Garage Liability Insurance: This coverage protects against claims for bodily injury or property damage caused to third parties during your dealership operations. It typically covers medical expenses, legal fees, and settlements or judgments if you’re found liable. Garage liability insurance can also provide coverage for test drives and other dealership-related activities.
  2. Garage Keepers Insurance: Garage keepers insurance specifically covers damage to vehicles that are in your care, custody, or control. It provides coverage for damage caused by perils such as fire, theft, vandalism, or collisions while the vehicles are on your dealership premises or during test drives. This coverage is essential for dealerships that take responsibility for customers’ vehicles.
  3. Inventory Insurance: Inventory insurance protects the vehicles that are part of your dealership’s inventory. It covers damage or loss to the vehicles due to perils such as fire, theft, vandalism, or natural disasters. This coverage is particularly important to protect your valuable assets.
  4. Dealer Open Lot Insurance: Dealer open lot insurance provides coverage for the vehicles that are on your dealership lot or showroom. It protects against damage or loss caused by perils like fire, theft, vandalism, or natural disasters. This coverage is specifically designed for vehicles that are not yet sold or titled.
  5. Business Property Insurance: Business property insurance protects the physical assets of your dealership, including the building, showroom, office, equipment, and tools, from perils such as fire, theft, vandalism, or natural disasters. It can help cover the costs of repairing or replacing damaged property.
  6. Workers’ Compensation Insurance: If you have employees working in your dealership, workers’ compensation insurance is crucial. It provides coverage for medical expenses and lost wages if an employee is injured or becomes ill while working at your dealership.
  7. Business Interruption Insurance: This coverage can compensate for lost income, ongoing expenses, and additional costs if your dealership operations are temporarily interrupted due to a covered event, such as a fire, natural disaster, or equipment breakdown.