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 203.439.2815.