Three Fraud Risks Faced by Auto Dealerships

Auto Dealerships

The many moving pieces of auto dealerships put them in a vulnerable position for fraud. The increased risks they face make auto dealership liability insurance a must-have. These three fraud risks should be addressed by the company’s risk management strategy.

EFT Volume

Auto dealerships transfer a lot of money using electronic funds transfer. These instant money transfers happen multiple times every day as people buy and sell their vehicles. Even a wrong keystroke could cause the money to move into the wrong account. Most of these errors are irreversible putting the dealership at risk.

Internal Controls

An effective risk management strategy includes internal controls to provide checks and balances throughout the company. These controls can sometimes be overlooked or forgotten in the busyness of the day. However, it is crucial that staff realize the necessity of following the internal controls in place to minimize fraud.

Multiplied Risk

Most auto dealerships consist of a variety of parts from new cars to service bays. Each piece adds risk to the company. As seen on, you need to protect everything in the business from inventory to service areas to the showroom floor.

These are only three fraud risks auto dealerships face. Each risk increases auto dealership liability. The right insurance portfolio addresses these risks and works with your risk management strategy to protect the business.

What Happens When an Employee Wreaks the Company Car?

worldwide insurance

When an individual has a car accident, the person’s personal auto insurance policy kicks in. However, if that same person is driving the company vehicle, who pays? Worldwide insurance has both hired and non owned insurance and commercial auto insurance. The differences between the policies are important.

Personal Auto

If an employee is off the clock and driving their own vehicle, their auto insurance covers them. They can be in a fender bender and their insurance covers those liabilities. However, it may not cover if they are running a business errand.

Hired Non-Owned

The trickiest auto liability to keep track of is when an employee drives the business client’s vehicle. The client’s commercial auto policy doesn’t click in because the employee technically still works for the staffing company. Hired and non owned auto insurance steps in to fill these liability gaps.

Commercial Auto

An employee who drives the staffing company’s vehicle, the staffing firm’s commercial liability policy should be used. The insurance protects the firm’s financial assets when the employee damages the vehicle or injuries a person in an auto accident.

Worldwide insurance offers insurance geared for the staffing industry. Make sure you and your employees are covered in the event of a vehicle accident with the right policies. Car accidents happen suddenly, make sure you have the right coverage.

Auto Insurance for Staffing Firms

hired non owned auto

Like many companies out there, your staffing firm may unique insurance needs regarding automobiles. For example, you may utilize cars that are owned by employees for business purposes. In other cases you might own, lease, rent, hire, or borrow cars. Whatever your circumstances are you should make sure you have the right insurance coverage, such as hired non owned auto.

Why You Need Insurance

Using cars for business purposes is a common occurrence. What many people don’t think about is the inherent risks involved. Even if you only use cars sparingly it’s smart to have coverage on hand just in case an accident happens. Here are some common situations where you might need to use a car:

  • You send your employee to grab lunch.
  • You get a client picked up by a limo.
  • You get a rental car on a business trip.
  • Your employee goes to get office supplies.

Coverage Basics

Before you invest in coverage you might want to know what it entails. This policy protects your business when it is liable for damages related to an employee driving a rented or personal vehicle for the purpose of conducting business. Hired non owned auto insurance covers liability claims, defense costs, and actions taken by your staff.

You might also need auto insurance for vehicles that are owned by your business. Assess your needs and get the necessary plans to make sure you’re properly protected.

How to Choose an Insurance Company for Your in Transit Goods

In Transit Insurance

Because it includes a broad range of liabilities, finding the right insurance for your in transit goods can be difficult. From road hazards to theft, each trip has a different series of risks. Finding an insurance company that offers a variety of policies tailored to the transportation industry can help make sure you get the exact coverage you need.

Cargo insurance, warehouse insurance and packers’ legal liability insurance are just three types of insurance policies that your business may benefit from having. Each policy can have different advantages and levels of coverage against such things as physical loss and natural disasters. Having these types of insurance from a specialty insurance company can protect your goods and profits.

Finding the right specialty insurance company to handle your transportation needs can be simplified by choosing a company that understands the many potential risks that goods in transit face. Knowing that the insurance company you choose hires experienced professionals who are knowledgeable in specialty transportation insurance can help give you peace of mind that your goods will be completely covered under whatever circumstances they may face.

Successfully finding the right company for your goods in transit insurance can depend on the level of customer service you are given. An insurance company should treat you with respect and you should be able to easily reach a live representative. When customer service is important to the company you choose, you can have better assurance that your business is valued your goods are safe.

Insure Your Classic Car

Antique classic car insurance

When it comes to anything antique, condition is always important. This is especially true for cars. Of course, if you want to keep something in good condition, you’ll need adequate protection. For vehicles, while they might not be driven as often as your everyday transportation, they still do have to get some use. Whenever you have a car on the road or have any risk of a breakdown, it’s important to be protected. Antique classic car insurance isn’t something that you can pass up. It’s an obligation that the owner has and even so, it’s better for your car in the long run.

You never know when something might happen. Depending on your choice of plan, insurance can really help you ease out of an emergency situation with grace. Some coverage will take care of your car entirely in the case of an accident, while others will help you with the repair and the parts needed to bring it back to its full potential. Most people work hard to get their hands on a classic car. Antique classic car insurance helps protect you and your asset. All of that hard work should never be wasted. Even in the case of a breakdown or an emergency, insurance can keep you from losing everything or getting too deep into a financial mess.

What Happens to Your NJ Insurance After DUI?

So you messed up. You got busted driving under the influence. Poor choice, but what’s done is done, and it’s time to start rebuilding. Among the myriad other implications, you now have to face insuring yourself. In NJ, insurance after DUI will mean a rate increase at minimum. The good news is that there are ways to lower that cost in New Jersey.

Time heals all wounds, even the ones on your driving record. Getting older – without further driving infractions – is the best medicine for your car insurance ailment. As your record begins to show some distance from the incident, and starts to reflect a history of a driver that’s seen the error of their ways, your insurance producers will ease up on you and your rates will go down. Your NJ insurance after DUI will show the impact of your mistake for three to seven years, and you can expect rates to return to normal after about three. Expedite your return to normal rates by seeking out an agent that represents several producers. They’ll be able to offer you multiple rates in order to get you the best deal.

Finding good NJ insurance after DUI is hard. But allowing a good record to overshadow the poor decision of your past and putting in the research to find a good agent will allow you to carry on without too much impact on your wallet.

A Policy for Every Driver

Every driver needs insurance. At the same time, every driver is unique. They all have different types of cars, move in different driving environments, and carry different kinds of passengers. This means that there is no one size fits all insurance policy that every client seeking protection can use. Luckily, there are a lot of providers that allow you to customize your own package of insurance. There are many options out there for anyone seeking auto insurance in Urbana, Illinois, no matter their driving habits.

Clients of quality insurance providers can build the insurance coverage they need with all kinds of policies. As well as being convenient, this helps save money by including only the protection that is needed. Create a foundation with more general coverage for things like fire and vandalism. Prepare yourself for an incident with policies like medical coverage to take care of any expenses that are incurred by injury from a collision. Include property damage liability in your package to protect both yourself and any others you may cause damage to. There is even underinsured motorist coverage to give you extra protection in case the other driver involved is not well prepared.

Whatever your car concerns may be, there is a policy to address these worries. Having good coverage is vital to staying safe on the road. Sit down with a provider who understands that every driver is different, and start building the perfect insurance package.

Top Questions to Ask When Shopping for the Best Classic Car Insurance

For classic car owners, a vehicle is more than a means of transportation. It’s a preservation of history. Many owners spend great amounts of time, money and care to maintain the beauty of yesteryear for generations to come. Likewise, owners should also take care in finding the best classic car insurance. Here are a few questions to ask when shopping for collectible car coverage:

Does the Policy Cover the Agreed Value of Your Classic Car?

Some collectible automobile owners combine their primary driving vehicle and classic car under the same policy. While that may seem like a convenient way to get adequate coverage, however, in the event of a total loss, you’ll want a policy that covers the agreed value of your classic car. That means it would cover the total cost of replacing your car, including any investment made toward restoring the automobile.

Does the Policy Include Mileage Allowance or Seasonal Driving Restrictions?

Probably the one thing that tops the joy of owning a classic car is the thrill of driving it. Classic car insurance policies in general include a 5,000 miles annual driving allowance. However, you may want a policy that doesn’t impose a driving cap or offers a credit for the winter months when youUre likely not driving your car.

You want a policy that you’re in love with as much as with your classic car. These questions can help you find the best classic car insurance for your needs.

Three Factors That Affect Your Auto Insurance Premium

Many people feel that auto insurance rates are simply something beyond their control. Fortunately, with a better understanding of the factors that affect your auto insurance premium, you will recognize that you have more control over the total cost than you initially realized.


Here are three factors that affect your auto insurance in Orlando FL premium:


1. Specific Coverage and Deductibles


The type of coverage and deductible you select for your auto insurance policy greatly affects how much you will pay each month. To help reduce costs, find out what coverage is required by law in your state and then select a policy with only those types of coverage. You can also choose a higher deductible which typically results in a lower monthly premium.


2. Vehicle Selection


Most people know that specific vehicles cost more to insure. Insurance companies use data collected from customer claims and vehicle safety ratings to determine which vehicles are simply safer to drive. Some vehicles are also more susceptible to theft and make them more expensive to insure. Do some research to find out how your vehicle compares in terms of safety and theft.


3. Driving Record


Your driving record also affects how much your monthly auto insurance in Orlando FL premium will be. Drivers who have a history of causing accidents pay more each month than drivers with a clean record. Help keep your auto insurance costs down by driving safe and alert at all times.


Now that you know three basic factors that affect auto insurance in Orlando FL premiums, take charge of your expenses. Choose a policy that meets the basic coverage requirements, select a vehicle that is safe and less likely to be stolen, and maintain a safe driving record.