Where to Begin when Shopping for Garage Insurance
The very best place to begin with any marketing effort is to identify the potential insurers for a Dealership of your scope, size and location.
The next part is to map out your specific coverage needs. Both of these areas may require outside expertise and advice.
The garage insurance marketplace can include both national and regional carriers depending on the location of the Dealership(s). To secure the most competitive offerings, it’s essential to understand and utilize the entire marketplace.
Developing the proper coverage platform to protect your Dealership can be equally challenging. It is important to create a solid RFP (Request For Proposal) to standardize the coverage needed. From there, you can change limits and deductibles to meet your budget and protect you against any litigation trends prevalent in your geographic area. You’ll want to update this document every year as your situation and insurance needs change.
Because insurance is complicated and dealing with it once a year is challenging, we would suggest creating a Risk Management Team to assist you with your efforts.
Watch for the next Info Blast…Developing your Risk Management Team!