As an automotive service and repair company, your job is to help keep your customers’ cars on the road. Your customers can tell you, it only takes a second for the unexpected to happen. Before you know it, your business could be the one in need of a repair. This article discusses the vital insurance policies needed to help run your automotive business as efficiently as your service.
Liability Insurance
Liability insurance is intended to protect an individual or a business from any damages that you could be sued or held responsible for, such as injuries to a worker, car, or business’ property. Operating heavy machinery increases the risk of damaging customer property, which is why liability insurance can be so important.
In addition to Liability Insurance, Garagekeepers insurance can provide protection to your clients’ cars while you’re in possession of their property during or after hours. This insurance will pay for the unexpected damages done on your business’s property.
Business Property Insurance
Business property insurance protects your business from the costs of any sudden damages. This could be fire, earthquake, hurricane, and other acts of god. Your business property policy covers property exposed to the elements, such as outdoor signs, furniture, fencing, and inventory.
It is always good for any business that could encounter a sudden disaster. For example, when repairing fire damage to your building, you can face unexpected costs because of changes to building codes. Business property insurance will help cover the additional cost of complying with new laws and ordinances.
Business Interruption Insurance
Business Interruption Insurance offers protection to your business in the event of a fire, earthquake, hurricane, or other disasters causing your business to shut down. If a tragedy does happen to your business, you’ll still need to pay bills, employees, and maybe rent.
This policy covers the revenues you would have earned; the costs of moving to a temporary location, and extra expenses so that your business can keep afloat. When it comes to protecting your business’ stability during a crisis, Business interruption insurance is an important part of your insurance portfolio.
Commercial Vehicle Insurance
If an accident occurs outside of your business property while test driving a car, insurance will help pay for the damages. Non-owned auto coverage can help if an employee causes an accident in a car on company property, even if the company does not own the vehicle. Commercial vehicle insurance is important to have to reduce risk and improve operations for your business.
Equipment Insurance
The special tools that are used by your auto body shop can be covered by insurance too. Equipment insurance will protect your mechanical and electrical equipment in case of a power surge, mechanical breakdown, burnt out equipment, or if an employee has accidentally caused the equipment to fail. Don’t let equipment failure keep you from doing your job.
Business Owners Policy (BOP)
A BOP combines protection for all major property and liability risks in one package. This includes property Insurance, business interruption insurance, and liability protection; all key policies that your auto body shop needs.
Any number of events can threaten your day-to-day operations. TJ Woods provides insurance options that enable you to get the insurance you want for your business—helping to minimize every day risks. Contact one of our expert agents today!
