08 Jun How to Shop Workers Comp Insurance for Auto Dealerships
As the owner of an auto dealership, you’ve mastered the “how to” steps for many different aspects of your business. How to market, how to manage, how to sell, how to close a deal- you are successful in these areas and could successfully teach them to any number of students. These areas of expertise have likely been developed with years of practice- but what about those subject matters that are important to your business’ function, but aren’t subjects in which you’re entirely familiar? Is worker’s compensation insurance one of those areas? Continue reading as we discuss how to shop for worker’s compensation insurance for your auto dealership.
Begin your insurance shopping experience by finding potential suppliers of an insurance policy. As most states will require businesses of all types to carry some form of worker’s compensation insurance, there are many local, regional, and national private insurance agencies who have risen to meet this need and can provide you with the policy you will need. If, for some unforeseen reason, a private insurer cannot be found to provide you with an acceptable worker’s compensation policy for your auto dealership, most states must provide you with a “last resort” policy of some sort.
A second step in finding the right type of with a list of questions. If you’re a new owner of an auto dealership, it is important to understand all the details of worker’s compensation insurance to ensure a smooth start to your operation. Through your insurance agent or your state’s division of worker’s of worker’s compensation, learn the important details of who needs to be covered under a policy and how much coverage you are required to carry. If you’re already an experienced business owner, you likely know the ins and outs of the worker’s compensation insurance requirements; but if you’re attempting to start a business in a new industry or a new state, be sure to find out if there are any different requirements in types or amounts of coverage.
Finally, once you have compiled a list of potential agents and have your questions, solicit a quote from each agent and do some comparison shopping. Each agency has the potential to offer you a different premium, depending on a number of factors such as their underwriter and the actuarial tables they use to assess risk. Additionally, you may find that one or two companies offer a lower premium, but don’t offer the same quality of benefits of a more expensive policy. Through comparison shopping, you will be able to look at the “big picture” of the worker’s compensation insurance market and find a policy that best meets the needs of your business and your employees.
Once you know how to shop for worker’s compensation insurance for your auto dealership, the process becomes less formidable and easier to navigate. Begin the process today by contacting an insurance agent near you. The sooner you start the process and find the right insurance policy for you, the sooner you can begin operating your auto dealership and begin serving your community.
All information is general in nature and is intended to provide guidance only. It is up to you to request specific coverage options, the agency and agent do not bear this responsibility. Always read the policy if there is a questions about coverage or a claim. If any information herein should conflict with your actual policy’s specific language, the policy language will be controlling.
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