vp:
We were able to get it through Universal Underwriters very inexpensively as an add-on to our regular policy. We only had to calculate the total value annually. We did not pass the cost onto the technicians but we did tell them about it and brought it up whenever there was a discussion about a certain shop paying more per flat rate hour. There were shops in our area that had break-ins and did not have any coverage. They would get in through a window and steal a truck with as many boxes as they could load up. Can you imagine telling your people that they are just out of luck? It is very difficult for an individual to obtain this coverage. There has to be a break-in and a police report.
We also increased our business interruption insurance policy to cover the technicians pay in the event of a fire etc that would shut down the service department for over a week. My theory was that if a fire shut down the shop for two or three months the mechanics and body men would go to work somewhere else unless we could pay them. I always considered these people to be one of our biggest assets and virtually irreplaceable as a group.
You should ask your dealer to be involved in the annual renewal of your insurance. You will get a real education.
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Frank Burrows
Automotive Business Solutions LLC
fburrows@absdata.com
Posted: Wed Nov 13, 2002 3:47 pm