Running an auto repair shop is not for the faint of heart. In contrast to the average white-collar venue, your establishment can be a dangerous place in which numerous dangers lie in wait to potentially harm your customers as well as your employees. Unless you carry sufficient insurance as protection, the costs that might accrue from even one of many potential misfortunes could put you out of business.
That’s why for anyone running an auto repair enterprise, a standard business owner’s policy, or BOP, will go only so far. To round out your portfolio, you will need to add such specialized forms of insurance as:
- Garage liability. While it is somewhat like a general business liability policy, garage liability will protect your auto repair establishment against lawsuits stemming from injuries sustained on the premises by any person who visits your shop. Due to the special dangers posed by auto repair machinery and equipment, physical damage can be especially severe.
- Business auto insurance. Whether you are trying to diagnose a problem or ensure that a car you’ve repaired at your shop is up and running correctly, either you or one of your mechanics will probably wind up driving the vehicle. If this activity results in an accident, business auto insurance will have your back. It will also protect you against any misfortune that might befall an employee while driving one of your company’s vehicles on a work-related errand.
- Garage keepers insurance. Many of your auto repair jobs will take more than one day to complete. During that time, your customer’s vehicles will be spending their nights in your garage, and during this time, their welfare will be your responsibility. If anyone should steal them, harm them or relieve them of their contents, their owners will expect you to make things right. Garage keepers insurance exists for just this purpose and can be had in varying levels of protection.
- Business interruption insurance. If a natural disaster or unexpected accident should force you to close your shop, your source of income could slow to a trickle and might even stop entirely. These events are often impossible to predict, and unless you’ve had the foresight to insure yourself against them, they could speed you down the rocky road to bankruptcy. In addition to covering you for the value of the actual loss you have sustained, business interruption insurance will make up for losses in net income during the time it takes to restore your shop and get your business up and running once again.
- Business or commercial property insurance. There are numerous types of destruction from which no brick-and-mortar venue will ever be immune. Your buildings, furniture, fencing and inventory can easily succumb to the ravages of earthquake, fire, flood, storm, theft and vandalism. When heavy losses are the result, business property insurance can save the day. The flexible options offered by many insurers allow you to tailor this sort of coverage to meet the risks that are unique to your auto repair shop.
- Property and equipment insurance. Despite its many benefits, business or commercial property insurance won’t cover you for all eventualities. You will also need to insure your auto repair shop’s special equipment against such things as mechanical breakdowns, power surges, motor burnouts and damage due to accident or employee mishandling. Many such policies will also cover the cost of equipment inspections as required by law in your locality.
- Workers’ compensation. Due to the numerous dangers that exist, this standard form of business insurance may be even more vital for anyone who owns and runs an auto repair shop. In fact, unless you do business in Texas, worker’s compensation is required by law. This insurance does more than simply cover the medical and rehabilitation costs of any employee who suffers injury on the job. It also makes up for lost wages and can protect you against lawsuits that the injured worker might choose to file against you and your business.
Finding the Right Insurance for Your Auto Repair Shop
Despite having something in common with others of its type, your auto repair business is unique. That’s why you need to carry auto repair shop insurance that’s tailored to you and you alone. At All Kinds of Insurance, we take the time to learn your specific needs, then use our comprehensive knowledge of various reputable insurers to find you the coverage that suits your business best. Don’t leave your auto repair shop in a vulnerable position. Call All Kinds of Insurance today at 702.