Auto Repair Shop Insurance
Auto Repair Shop Insurance Information
Customers entrust their vehicles to auto repair shops to not only fix their cars, but also to keep their cars safe while they are in the shop's control. Auto repair shops also face many other risks such as slips and falls, worker illness or injury, faulty workmanship or parts, fire, bad weather, vandalism, employee theft or crime, and business interruption.
Types of Insurance For an Auto Repair Shop
An auto repair shop needs a variety of business insurance policies to protect it from all of these risks. Having a robust auto repair shop insurance portfolio will keep your auto repair center running smoothly. Here are just a few of the insurance options that auto repair show owners can pick from to help minimize their financial risk from lawsuits, failed equipment and property losses.
- Business property insurance: Offers financial protection in the event that the auto repair center's property (either its building structure or contents) is ruined or damaged in an insurable event such as a fire or theft.
- Business auto insurance: Protects your employee, your customers' car and your business in case an accident occurs when test driving a vehicle to make sure it is working correctly. Also provides protection in case your employee needs to run out and pick up a part for a car, get supplies, or go on a lunch run and gets into an accident.
- Garage liability insurance: Covers an auto repair shop against lawsuits and medical costs that can occur from the injury of someone on your premises. Garage liability insurance provides several forms of liability insurance more specifically designed for the needs of garage and auto repair shop owners.
- Garage Keepers insurance: Provides protection for your customers' cars while they are at the auto repair shop.
- Equipment Breakdown: Covers the cost of repair for special equipment that has broken down in case of power surges, mechanical breakdown, burned out motors, or if your employee accidentally does something that causes the equipment to fail. It is worthwhile to note that if the breakdown occurs due to lack of proper maintenance, the claim may not be covered.
- Workers' Compensation: Pays for medical expenses and some lost wages should an employee be injured on the job.
- Business Continuation: Provides ongoing income in the event that your business is forced to shut down. Alternatively, it could pay for some of the expenses of temporary relocation of your auto repair shop.
- Crime Insurance: Protects your business from the costs of theft, dishonesty, and fraudulent acts committed by a single or group of employees
Auto repair shops may also be able to secure all-in-one coverage, which is a comprehensive policy that is tailored to the many facets of risks that an auto repair shop faces.
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