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Tips For Protecting Your PERS Business Against Liabilities

Alex Flitton
Jun 14, 2018 8:05:00 AM

Death has a unique influence over the minds of the grieving. It’s not uncommon for those passing through the stages of grief to lash out at anyone potentially responsible, PERS dealers included. That’s where business insurance comes into play. And that’s only one example of liabilities faced by small and large companies alike. No matter what, insurance is necessary and making sure that coverage is comprehensive is even more so.

What Kind of Coverages Should A PERS Dealer Have?

  1. Commercial General Liability
  2. Errors & Omissions (professional liability)
  3. Commercial Umbrella (Excess Liability)
  4. Workers Compensation (Required in all states except in NJ, TX and SD)
  5. Commercial Auto
  6. Business Personal Property
  7. Inland Marine
  8. Performance Bond
  9. EPLI
  10. Cyber Liability ( If you keep: social security numbers, credit card info, or health information 

Do I Need A Specific PERS Insurance Program?

Simply put, we believe you should have an insurance package that is created specifically for PERS companies. Why? Because gaps in coverage leave dealers exposed. Our friends at The Insurance Center have worked with dozens of dealers who had premiums that only cost $650 per year, but which only offered half the coverage they truly needed.

Another reason to get on a PERS-specific plan, is dealers who cross certain thresholds experience crippling rate percentages. This reduces the company’s profitability and makes insurance more costly than it is worth.

Perhaps most importantly, independent contractors are not typically covered on non-PERS-specific insurance packages. Although the plans typically cover the company, the drivers themselves are not covered, leaving them exposed to potential financial catastrophes.

Some Highlights From PERS-Specific Plans

  • Minimum premiums as low as $1600 annually
  • Large dealers get rate relief on a tiered rate schedule
  • Additional insureds blanket option
  • Independent contractors are now covered as employees
  • Offered in all states except Washington because of unique laws
  • Hired & non owned auto available
  • Care Custody and Control Coverage available
  • Legal defense costs outside limits of liability

When it comes to insurance, you get what you pay for. Like we’ve seen with countless dealers in times past, those who protect their business stay in business. It only takes one lawsuit, or car accident to disrupt the functionality of your company if you don’t have the proper coverage.

We recommend The Insurance Center because of their PERS-specific plans and industry expertise. But, it is up to you to make sure your company is properly protected.

Watch the webinar with the Insurance Center to learn more about getting the right insurance for your PERS business by clicking the button below. 

Click To Watch

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