Cost of auto service and repair shop insurance
Generally depends on the location, size of business, sales, and experience.
What type of Insurance is needed
A business owners policy (BOP) provides a complete insurance package that covers property insurance, general liability, business income and garage keepers insurance.
Commercial property insurance– Protects the commercial property in case of a loss due to fire or burst pipe.
Liability insurance– covers you in case a customer falls at your premises and gets injured.
Business Income- protects your business income lost due to a covered event, while repairs are going on.
Garage Keepers insurance – protects you from damage caused to your customers vehicles while under your care.
It depends on the location of your business. For a company that owns the building they operate out of, this coverage is vital in protecting the establishment and avoiding any unforeseen circumstances. However, if your business is renting their location, you must inquire about the complex owners’ property coverage. Knowing what the policies cover will help identify weaknesses and establish your own unique auto repair shop insurance policy.
When it comes to auto repair shop insurance, vehicle coverage is essential. This coverage starts with protecting any vehicles that can be identified as company vehicles, as most businesses utilize these automobiles to pick up parts and aid in customers’ transportation. The second form of vehicle coverage that is important is covering your customer’s vehicles in the event of an accident while your associates are driving.
Liability coverage is typically related to third-party claims that are often unforeseen by the company investing in the insurance policy. Suppose a customer is injured on-site or an associate is involved in an accident while driving a company vehicle. In that case, this policy can help with the likely result of lawsuits and protect the safety of others. To ensure your auto repair shop starts with identifying the specific areas, you will need coverage.
Other Insurance policies that are necessary include
- Workers Compensation
- Business auto insurance