Slip and falls, mobile home product liability, transportation and set-up related property damage and bodily injury, wind and hail damage to inventory, and employee injuries.
Yes, you do, as long as you get these subcontractors to provide you with proof of insurance and name you as an additional insured on their insurance policy. You should also use a written Performance Agreement with every sub-contractor. And remember, that you are ultimately responsible for your sub-contractor’s negligence in most cases.
The rate varies significantly with the primary rate factor being geography. These property insurance rates are higher in the Gulf Coast, Atlantic Coast and plains states. They are lower in New England and much of the Mountain west. The average national annual rate is about 1% of the wholesale value of your inventory.
General liability is the most important. It protects you when your negligence leads to bodily injury or property damage suffered by others. If you have inventory, you need inventory (open lot/ builder’s risk) coverage. If you have vehicles, you need commercial auto coverage. If you own no vehicles, you need hired/non-owned auto liability coverage. If you have employees, you need workers compensation insurance. All dealers should carry loss of business income coverage, too.
