As a garage or repair shop owner, you have hundreds of cars pass through your shop every week in need of some sort of repair or standard maintenance. That still puts a number of assets in your hands and leaves you subject to lawsuits should anything go wrong with a repair in any way.
It’s why you need insurance for auto repair shops, to make sure you are covered against liability that could come against you. Insurance for Auto Repair Shops protects you from many different instances. Today, we will review what you get with this kind of coverage.
Before you can learn about the coverage an auto repair shop needs, you should know the many instances that can put the business at risk. This could be anything from slip and fall injuries, illnesses, and employee theft, to using faulty parts in a repair, damage sustained outside of the scheduled work or maintenance like fire, weather damage or theft, any damages sustained during repairs, or business interruption.
There are different types of insurance that you should have to protect against these instances and which all fall under insurance for auto repair shops.
Business Property Insurance – There is always the risk that any business, not just an auto shop, can sustain damage due to unforeseen circumstances like fire, theft or vandalism. Business property insurance covers any stolen or lost inventory, damage to office equipment and computers and much more. It also includes business income or business interruption insurance coverage that can cover rent, employee salaries, and additional expenses in the event that the shop has to be temporarily closed.
Commercial General Liability Insurance (CGL) – Garages deal with many cars and trucks and there is always the risk of damage being sustained at any time. A CGL insurance policy is the coverage against liability costs that are relative to these events such as accidents, property damage and other mishaps that can happen on the site of repairs. Garage liability insurance for auto repair shops is often recommended too so you remain protected against what may go wrong during repairs.
Theft and Crime Coverage – With customers trusting you and your business with their property, you need to be able to have that same trust in your staff. Still, you should have employee theft and crime coverage in the event that anything is stolen or any dishonest acts take place on your property such as items being stolen from someone else’s vehicle during repairs. This coverage protects against these instances from a single employee or a group of employees.
Business Auto Insurance – At an auto repair shop, you don’t just fix other vehicles, you have your own too. These vehicles need to be insured so you can cover anything that may happen to them like physical damage. This includes tow trucks and service vehicles you may have in addition to any company cars that are used for business purposes. You should also invest in non-owned auto insurance for private passenger vehicles owned by employees and used in connection with your business that are not owned, leased, hired, rented, or borrowed by your business and hired auto for vehicles other than private passenger owned by employees.
With XINSURANCE, get the repair shop insurance you need to be covered against these business risks so you can continue to focus on the jobs you have within your shop and work knowing you have insurance protection.
XINSURANCE works to create customizable coverage plans that work best for you. So contact them today to get the process started and see how they can help you get the coverage you deserve right from the start.
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