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The Insurance Industry’s Response to COVID-19 and the Impacts on Dealerships

The Insurance Industry’s Response to COVID-19 and the Impacts it has on your Dealership The global impacts of Coronavirus, COVID-19, are far-and-wide. Organizations are being forced to make significant changes to their business models and supply chains overnight. Business travel has been restricted and many service industry businesses have taken steps to have their employees …

When to Shop for Dealership Insurance

Last-Minute Insurance Shopping We all know the consequences of ‘’last-minute shopping’’…we always end up paying too much! Shopping on the Eve of Christmas, Valentine’s Day, or any other Special Occasion rarely produces the best gift and never the lowest cost. Insurance is no different. In fact, with insurance, waiting until the “last-minute” often costs much, …

Dealership Insurance

Dealership Insurance – Looking Back at 2019

A reflection on the insurance industry in 2019 from President of DealerRisk Services, Steven P. Gibson. As we near the close of 2019, there are some industry trends of note: Markets in Disarray Inventory Market Umbrella Market Premiums on the Rise Commercial Auto/Garage Property First, let’s address the premium increases as this market segment is …

Cyber Awareness in 2019

Reviewing your Cyber Coverage October is National Cyber Security Awareness month, making it a good time to review your internal controls and your coverage.  You DO have Cyber coverage…Right? It amazes me as we travel the country speaking with Dealers how many have not yet purchased Cyber coverage.  Dealers have a tendency to want their …

Know Your Vendors

Over the past 2 months we have reported several claims regarding insufficient insurance coverage carried by Vendors/Subcontractors.  In two instances, the claims involved companies contracted to transport vehicles for the Dealerships.  Car Haulers???  Yes! Dealers are normally in tune with the dangers of underinsured contractors regarding building and/or grounds maintenance.  They even scrutinize Certificates of …