You should check the secondary market prices from time to time and update your spreadsheet if the prices make significant increases. If you are a dealer and travel from show to show with inventory in your car, it is very important to check your car owner's insurance and find out about theft liability. There have been horror stories of dealers' vehicles that were broken into, and the vehicles and entire inventory stolen. In these cases, the inventory was NOT covered since this is considered a business and not a personal property theft. These are the topics you need to clarify with your agent.
Policies can vary greatly.
Find out if you need to increase your business insurance policy or if you do not currently have private business insurance, find out about getting a policy in place. Use good common sense. Most homeowners have their personal and family heirlooms such as jewelry, silver, coins and other valuables insured, but they don't think to get their very valuable, and in some cases, irreplaceable Beanie collections insured. Getting an insurance policy in place now could save you a lot of grief down the road. Click here to give us your opinion.