Sterling Dealer Products has introduced the COVID-19 IMPACT OFFSET program. The product is designed to help RV, automotive and powersports dealerships mitigate the financial risk of employee compensation related to COVID-19.
The COVID-19 IMPACT OFFSET allows retailers a new way to set aside future employee compensation costs associated with COVID-19, as mandated by the CARES Act signed into law in 2020.
“The financial impact of COVID-19 on retail operations has been significant. We created this reinsurable product to help dealers manage their risk associated with their employee’s compensation,” said Scott Lear, president. “Our average client’s annual premium exceeds $1.4 million. That premium can cede into new or existing reinsurance positions, allowing the dealership to better control future employee liability.
“There are thousands of family-run dealerships in America. When one of their associates is sick or caring for a family member affected by COVID-19, that dealership will take care of the associate and their family – in many cases, far outpacing any requirements mandated by the Cares Act. That’s when the COVID-19 IMPACT OFFSET program helps.”
For additional information visit sterlingdealerproducts.com.