Your repair shop is exposed to so many dangers so that any time, you could lose something valuable either through destruction or through theft. Therefore, it is important to cushion your business against such losses, which may hurt you, and your business. The only way to cushion your business against such in eventualities is through an auto repair insurance coverage. However, not every insurance company would be fit for your needs; that is why you have to be careful to choose one whose policies would ensure that you are compensated. (Image Credit: Ryan Doka/Pixabay)
The following article brings to your attention the types of policy covers that you need for your auto repair shop.
Garage liability insurance
First of all, in case someone is injured in your premises, you have a responsibility to compensate them. Thus having this kind of policy, you are covered from lawsuits and medical costs emanating from such. Unlike any other business, auto shop environment is prone to serious injuries and thus special liability policies are quite necessary to provide the necessary protection for your company.
Garage keepers insurance
After you are protected against lawsuits, you also have customers’ vehicles on your premises. That being said, there are several options of protection that you can take advantage of. Limited insurance policy will compensate your customers in case their vehicles incur damage while in your auto shop compound. Additionally, you can also go for full protection.
Business auto insurance
Every other time, your employees will have to test drive to ensure that your car the customers’ cars are working properly. Moreover, you will need to purchase a commercial auto insurance policy that protects the employee. Plus the client’s car and your premises from damage in case of an accident. This also covers the employee in the event that they run into an accident as they go shopping for a spare part or any other occurrence in the line of duty.
The interruption insurance
Any time you could have an unexpected occurrence that could lead to huge losses and damages in your business. The loss of income insurance cushions you from such interruptions. This policy will ensure that if your business is destroyed, you can still pay your bills, the wages and salaries, mortgages, suppliers and any other expense outlined in the policy document. In other cases, you may need to look for another site for your business, interruption insurance will help you pay for such and therefore your business is kept afloat even in the worst occurrences.
Workers compensation insurance
In some states like California, the law requires that you have the compensation insurance for your employees. This takes care of the medical bills in case of job-related accidents. It also provides benefits to the victim, helps replace lost wages and pays for rehabilitation costs.
Business property insurance
Your California auto service repair shop insurance is not free from damages caused by fire, earthquakes, theft accidents and such. There are the furniture, inventory, fences and the building. The business property insurance will ensure that you are compensated in case of loss or damage of any of the above.
Before you sign the dotted lines of that policy document, it is critical that you check through it. Do this to ensure that you have the right coverage according to your business needs. Finally, choose an insurance company that will give you the best coverage and whose compensation plan is clear.