Benefits for Automobile Dealerships that Offer Pro-TEC Tool Equipment Insurance Coverage for Their Employees

Like any business, it is important for automobile dealerships to differentiate themselves as an employer in order to attract new mechanics, as well as retain current technicians. Offering Pro-TEC insurance for employees is one great employee benefit that can help automobile dealerships attract top talent. Not only is offering Pro-TEC a great way to attract top talent, but it can also help a dealership protect its profitability. Claims under a Pro-TEC policy are not included in the loss ratio of a dealership’s existing commercial insurance plans, thus not contributing to increased premiums due to adverse experience from tool losses.

What is Pro-TEC Insurance?
Pro-TEC insurance is a generally inexpensive product that provides mechanics with a wide range of coverage for their tools. This range of coverage includes stolen items and damage from floods, earthquakes, or other natural disasters.

On average, a dealership technician invests 10 to 50 thousand dollars of their own money on equipment. Pro-TEC insurance could provide a policy in which each separate mechanic is covered for up to $50,000 in home, transit, or at work for just a $500 annual premium.

How It Works
If a dealership has 10 mechanics, Pro-TEC insurance for all 10 employees would cost a total of $5,000 in annual premiums, with each mechanic having up to $50,000 in coverage. If the same dealership was to offer a $500,000 blanket coverage for all of their mechanics, it may cost them in excess of $10,000 in annual premiums. Not only would this blanket coverage be at a much higher cost, but it would also likely offer a more limited coverage.

Since most dealerships offer blanket coverage that only provides one limit to cover all mechanics, offering employees Pro-TEC insurance can differentiate a dealership and make it more desirable for hard-working employees. To review your current coverage or discuss if Pro-TEC insurance is right for your employees, give us a call at 203.729.5261.