Accident Prevention: The Cost of Workplace Injuries
Valent Group » Auto Dealers
by Valent Group
2y ago
We all know that safety is important, but do you realize just how costly a workplace injury can be? When all is said and done, injuries can cost business owners hundreds of thousands of dollars. The extra expense to pay for injuries has a powerfully negative effect to a company’s bottom line. Why is profitability also an important issue to you? The only way that a company can stay in business is to operate at a profit, and that ability can be threatened by a serious workplace injury. The Real Cost of Workplace Injuries It may be surprising to hear that most companies do not have a high profit ..read more
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FMCSA Opens Training Provider Registry for Entry-level Driver Trainers
Valent Group » Auto Dealers
by Valent Group
2y ago
On June 29, 2021, the Federal Motor Carrier Safety Administration (FMCSA) opened its Training Provider Registry (TPR) for entry-level driver training provider registration. The Registry opened February 7, 2022 and became effective. Training providers listed on the TPR will be the only entities authorized to provide the training required by ELDT regulations. ELDT must complete the new minimum Federal requirements before being permitted to take CDL skills or knowledge tests. The requirements apply to individuals seeking to obtain a Class A or Class B CDL for the first time, upgrade from a Clas ..read more
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What is reinsurance and how does it affect my dealership’s insurance policies?
Valent Group » Auto Dealers
by Valent Group
2y ago
Reinsurance is a term that many insurance buyers have heard but few really understand. Understanding this concept – how it works and why it can affect your dealership’s coverage and premium – is critical.   Treaty Reinsurance:  The first type of reinsurance is called treaty reinsurance. Put simply, an insurance carrier negotiates a “treaty” with the reinsurance company to cover any limit that exceeds their risk threshold. As an example, an insurance company would like to limit its exposure to any loss over $500K. They’ll negotiate with the reinsurance carrier to cover any loss that i ..read more
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Auto Dealers Webinar: Negligent Entrustment
Valent Group » Auto Dealers
by Valent Group
2y ago
Negligent Entrustment Automobile accidents are a growing and expensive liability for dealerships, mainly due to distracted driving and a legal concept called negligent entrustment. Many garage liability policies do not offer coverage for incidents of negligent entrustment and business auto policies may not provide enough coverage. Juries often award the plaintiff punitive damages in excess of any compensatory damages resulting from negligent entrustment.   Watch the Webinar Join our speakers Attorney Jeff Ingram and Valent Group’s Tim Rogers as they discuss negligent entrustme ..read more
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Webinar: Negligent Entrustment: Why Who Drives Your Cars Matters
Valent Group » Auto Dealers
by Valent Group
2y ago
Upcoming Webinar Negligent Entrustment: Why Who Drives Your Cars Matters Automobile accidents are an expensive liability for companies—especially dealerships—that rely on the use of vehicles for their business. That risk has increased in recent years, mainly due to distracted driving and a legal concept called negligent entrustment. Many garage liability policies do not offer coverage for incidents of negligent entrustment. Although business auto policies do not exclude negligent entrustment, coverage may not be sufficient if an employee is involved in a harmful accident. Juries often awar ..read more
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Enterprise Risk Management for Auto Dealerships
Valent Group » Auto Dealers
by Valent Group
2y ago
The risks an auto dealership faces are wide, varied and complex. When it comes to managing these risks you can’t wait for something to happen before you develop a response. Enterprise risk management (ERM) is an integrated approach to understanding and managing an organization’s risks. Through ERM you can establish a plan that reduces risk and responds to incidents as they arise. There is not one specific way to apply ERM to a business. It exists more as an overriding concept that allows for multiple approaches to the same end. For auto dealerships the approach to ERM can be broken down into f ..read more
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Business Contingency Planning + Tips for Rising Vehicle Theft
Valent Group » Auto Dealers
by Valent Group
2y ago
How Complete Is Your Business Contingency Plan? A business contingency plan enables businesses to stay functional in adverse conditions, such as major technical issues, natural disasters, or other unexpected occurrences. These plans are often thought of as emergency action plans or disaster recovery plans, but business contingency plans go well beyond natural disasters. A well-constructed plan can mean the difference between staying in business and closing the doors, regardless of the disruption. Business contingency plans minimize business interruptions and financial loss, enabling you to qui ..read more
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Dealer Team Welcomes 40-Year Veteran and Industry Expert Chip Sellas
Valent Group » Auto Dealers
by Maggie Hill
2y ago
We are excited to welcome Chip Sellas to our Mobile team as marketing account executive in the Property & Casualty practice. Chip joins our dealership specialists in serving auto and equipment dealers in the Mobile Bay Area and across the Southeast.   About Chip Chip comes to Valent with over 40 years of experience in the insurance industry, both in the direct underwriter and independent agency arenas. He has specifically focused on the auto dealership industry for 25 years, with much of that time spent at Sentry Insurance, one of the top direct underwriters for auto dealers. Prior to ..read more
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Negligent Entrustment: Who Drives Company Vehicles and Demos Matters
Valent Group » Auto Dealers
by Maggie Hill
2y ago
By: Mat Pope and Paul Elliott Automobile accidents are an expensive liability for companies that rely on the use of vehicles for their business. That risk has increased in recent years, mainly due to distracted driving and a legal concept called negligent entrustment Many garage liability policies do not offer coverage for incidents of negligent entrustment. Although business auto policies do not exclude negligent entrustment, coverage may not be sufficient if an employee is involved in a harmful accident. Juries often award the plaintiff punitive damages in excess of any compensatory damages ..read more
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D&O Policy: No Longer Optional Coverage for Auto Dealers
Valent Group » Auto Dealers
by Maggie Hill
2y ago
When is the last time you checked your Directors and Officers (D&O) policy? Chances are high that you either don’t have D&O coverage in place, or if you do, it’s a scaled back version. While you may be relying on your discrimination policy within your EPLI coverage for similar protections, today’s litigious environment requires that dealers put a strong D&O policy in place to protect their executives. Let us explain. In the past, D&O policies mattered little for auto dealers. This may influence why, even today, two of the three major direct dealer underwriters still have yet to ..read more
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