Motorcycle Parts and Accessories Dealer Insurance

Finding the Best Motorcycle Parts and Accessories Dealer Insurance

A guide to finding coverage for your unique needs

Find motorcycle Parts and Accessories Dealer Insurance

Business insurance helps small businesses protect their assets when they face a property loss or a lawsuit. If your business is a motorcycle parts and accessories dealer, you face some unique risks that can be addressed with a customized business insurance program.

An independent insurance agent can help you get the motorcycle parts and accessories dealer insurance that you need to protect your livelihood.

Why Do You Need Motorcycle Parts and Accessories Dealer Insurance?

You need motorcycle parts and accessories dealer insurance that protects your business from numerous risks, including the following.

  • Third party injuries or property damage that occur on your premises
  • Third party injuries or property damage that occur as a result of a product that you have sold
  • Damage to your building, inventory, and other commercial property due to some catastrophic or unexpected event (e.g., a fire, smoke damage, a severe weather event, vandalism, etc.)
  • Loss of income due to a catastrophic or unexpected event (e.g., you must temporarily close to repair your shop and replace damaged or destroyed inventory)
  • Employee theft of cash or inventory
  • Employee lawsuits related to discrimination or other claims
  • Cyber breaches
  • Fire damage to landlord’s property

A comprehensive package of motorcycle parts and accessories dealer insurance policies can help you cover your business when you’re faced with these types of property or liability claims.

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What Does Motorcycle Parts and Accessories Dealer Insurance Cover?

You’ll need several types of basic business insurance in order to protect your business. A comprehensive motorcycle parts and accessories dealer insurance program will likely include the following.

  • Commercial general liability (CGL) insurance: Protects you from costs related to bodily injury or property damage that you or your employees cause to third parties. CGL policies also cover your defense costs, court costs, and court-ordered judgments that you must pay if you’re sued.
  • Commercial property insurance: This is essential for proprietors who own their buildings or whose business handles a large volume of expensive inventory. Commercial property insurance protects you if a fire, vandalism, smoke, theft, or another type of unexpected event damages your property. It provides coverage for lost inventory, office equipment, computers, and more.
  • Business interruption coverage: Protects your earnings if your business is unable to operate because of damage caused by some type of disruption (e.g., fire, hail, wind, equipment breakdown). This coverage is usually quite affordable and will be invaluable if you are forced to close your doors for a period of time in order to make repairs and replace damaged property. It pays for rent, employee salaries, lost income, relocation fees, and more.

An independent insurance agent can help you customize these policies for your unique business.

What Is a Business Owners Policy?

You may want to consider a business owners policy (BOP) if you qualify for one. BOPs are designed for small businesses and include liability, property, and business interruption insurance in one affordable package policy.

If you qualify for a BOP, it can provide all three types of coverage for a more affordable price than if you purchase each policy individually.

Why Do You Need Commercial Vehicle Insurance?

Do you deliver motorcycle parts and accessories to your customers? If so, you need commercial auto insurance.

Commercial vehicle insurance covers your company’s vehicles and drivers (cars, SUVs, vans and trucks) that are damaged or injured in a collision or some other type of event. If you or your employees drive personal vehicles for business purposes, you need non-owned or hired auto liability coverage to protect your company if an employee is an accident while driving for your business.

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What Is Product Liability Insurance?

The products that you sell can be dangerous to other vehicles, pedestrians, bystanders, and all kinds of personal property. If a part that you sell is faulty and leads to injury or death of a motorcycle driver, passenger, or bystander, your business could be financially responsible.

Any company that participated in bringing the faulty product to market, including the retailer, can be included in a lawsuit and held liable for damages to the user. Product liability insurance covers a business’s financial responsibility for losses or injuries to a user, buyer, or bystander caused by a defect or malfunction of a product. In some instances, product liability insurance may also cover the manufacturer or seller of the product for defective design and failing to warn a buyer of a particular danger.

Your CGL policy or BOP might cover some product liability claims, but that coverage may be limited and insufficient for your needs. Your independent insurance agent can help you determine if you need additional product liability coverage.

What Is Employee Theft and Crime Coverage?

Employee theft and crime coverage can protect your businesses from the costs of theft, dishonesty, and fraudulent acts committed by an individual employee or a group of employees. While it may be difficult for you to imagine, employees all too often steal property, money, and securities owned by their employers.

Employee dishonesty coverage can be purchased as a standalone policy or as an endorsement on other business insurance policies. A basic standalone employee theft and crime policy provides coverage for forgery, alteration, theft, unauthorized electronic funds transfers, credit card fraud, computer fraud, money order fraud, and counterfeit fraud. You can also add endorsements for additional coverage.

What Other Motorcycle Parts and Accessories Dealer Insurance Policies Do You Need?

In addition to the coverage described above, you may want to consider some of the following types of insurance coverage for your business.

Whether or not you need these types of coverage depends upon your specific business needs. A local agent can help you decide which policies are best for you.

How Much Does Motorcycle Parts and Accessories Dealer Insurance Cost?

The cost of your motorcycle parts and accessories dealer insurance is hard to predict. Your costs are based on factors that make your business unique, such as the location, size, and number of employees that you have.

In general, the types and amounts of coverage that you need to adequately protect your business will determine your business insurance costs.

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Benefits of an Independent Agent

An independent insurance agent who has experience working with motorcycle parts and accessories dealers and other similar businesses can help you decide the types and amounts of coverage that you need for your business. The choices you make will determine your cost of coverage.

Independent agents can work with numerous, reputable insurance companies who specialize in your type of business. Together you can review a variety of proposals and choose the best mix of coverage that meets your needs and budget.

What’s more, your agent will be there for you when claim time comes. They know the ins and outs of the process and will make sure your claim is handled appropriately.

Find and Compare Quotes for Motorcycle Parts and Accessories Dealer Insurance

Instead of getting an online quote, find an independent insurance agent now, and get one-on-one consultation and affordable options for the best coverage for your unique needs.

Your agent will work with you free of charge to get quotes from multiple insurance companies so you can make the best choice.

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TrustedChoice.com Article | Reviewed by Paul Martin

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