Why You Need Business Insurance For Your Auto Repair Shop
With so many people putting off the purchase of new cars, your automotive repair business is probably busier than ever these days. While lots of work is good for your bottom line, it can also have a disadvantage; super-busy mechanics are more likely to make mistakes that can cost you money. To make sure you're financially protected if an incident does occur, you want to have the right automotive repair shop insurance coverages.
Obtaining business insurance for your auto repair shop doesn't have to mean a big dent in your profits. When you shop around and compare automotive repair shop insurance policies and rates, you'll find that you can get business insurance for your auto repair shop at affordable pricing.
Choosing the Right Business Insurance for Auto Repair Shops
When you start your search for automotive repair shop insurance the choices that you have can seem almost intimidating. Taking an objective look at your business--analyzing what you do and how you do it--will help you determine what automotive repair shop insurance coverages you need and what policy amounts would be most appropriate for you.
The coverages you'll likely want in your business insurance for auto repair shops include:
- Business property and business liability coverages - These can often be found in a combined business owner's policy.
- Targeted coverages like garage liability or garage keepers coverage - These types of business insurance for auto repair shops policies are designed to cover the specific risks faced by repair shops. Garage liability, for example, offers financial protection if you do install a part improperly or forget to put oil back into an engine resulting in damage to property or injury to a person. Garage keepers coverage will pay if a car that you're working on in your shop is damaged while under your care.
- Tool coverages - You can purchase coverage that protects only the tools that are owned by you, or extended coverages that protect those owned by your mechanics as well.
- Workers compensation insurance - If you have employees, you're required by state law to purchase workers comp insurance.
Other available automotive repair shop insurance coverages include key person insurance, employment practices liability insurance (which will cover you if someone sues you claiming discrimination in your hiring practices) and pollution insurance (in case someone claims that something you have done has polluted nearby streams or land).
Finding Automotive Repair Shop Insurance
If you'd like to do some insurance comparisons shopping but simply don't have the time to call multiple agents, don't give up. Just point your browser to netQuote.com, answer a few questions about your business and relax. Netquote.com will send you competitive quotes from several of the insurance companies in your area--companies that want your insurance business. Netquote.com makes it easy to get the insurance that your business needs, at a reasonable price--and you can do it at a time and a place that works best for you.
See how much you could save today on your insurance. Get your free business insurance quotes today!
Editor's Note: This is an updated version of a story originally published on December 31, 2013.