Garage insurance protects businesses with garage facilities from all kinds of risks, such as injuries, property damage, and human mistakes. Without this insurance, a small business’ reputation can be seriously tarnished and hard-earned money will go not to profits, but to payouts.
Garage liability insurance mostly applies to towing businesses and service stations that help protect customers’ cars and trucks while they are serviced or held. For instance, if a customer’s vehicle is damaged due to the business’ negligence, the vehicle would be covered under a garage insurance policy.
Some of the more common kinds of garage insurance are:
- Body Shop Insurance
- Repair Shop Insurance
- Tow Truck Insurance
- Transmission Shop Insurance
Garage Insurance Features
Garage liability coverage is another insurance type available to small businesses. It provides liability coverage for any accidents that may happen as a result of your day-to-day garage operations. These accidents may result in bodily injury, personal injury or property damage.
A business owners’ policy (BOP) is an option small businesses have when looking into garage-related insurance. It is perfect for individuals who need a bit more than the basic liability because business owners’ policy (BOP) offers protection for incidents like identity theft coverage and loss of income.
Workers’ compensation insurance covers medical costs, rehabilitation expenses and any lost wages an employee might experience after getting ill or injured on the job. It also provides financial support to the family of any garage employee who dies from a job-related injury or illness.
With all that garage insurance has to offer, many small auto-related businesses make the choice to purchase this valuable protection. You can do it, too. Give Mid America Specialty Markets a call. We will give you a quote and tell you more about what this insurance can do for you and your small business. Get in touch with us today!
Risk Exposures for the Garage Owner
Insurance is all about risk and exposure. Risk is the potential for loss that the owner of an auto repair garage faces each and every day while conducting their normal auto repair operations. This may include the risk to damaging a customers car while in the repair shops care custody and control or the liability risk incurred when one of the mechanics fails to fully tighten the lug nuts on the wheel of a customers car leading to an accident where the wheel comes off the car while driving. Risk is around everything we do.
Exposure is the measure of potential risk in a given category. For example your auto repair garage has a procedure where when one mechanic removes and reinstalls the wheel on a customers car, another mechanic always checks that the lug nuts are tight before the car is turned over to the customer. This procedure reduces the exposure to risk that the wheel may come off the customers car.
It is essential that proper identification of risk and the exposure your business has to any certain aspect of risk should be a part of your business insurance plan. Call on our commercial team for help with risk identification and coverage placement for your business!