As a garage repair shop owner, you know that your business is vulnerable to a variety of risks. From accidents and injuries to property damage and lawsuits, there are many things that can go wrong. That’s why it’s important to have adequate garage repair shop insurance in place to protect your business from the unexpected.
What types of garage repair shop insurance are available?
There are a variety of types of garage repair shop insurance available, including:
- General liability insurance: This type of insurance covers bodily injury and property damage to others. For example, if a customer slips and falls in your garage, general liability insurance can help pay for their medical expenses.
- Commercial property insurance: This type of insurance covers physical damage to your building, equipment, and inventory. For example, if a fire destroys your garage, commercial property insurance can help you rebuild.
- Garagekeepers liability insurance: This type of insurance covers physical damage to customer vehicles while they are in your care, custody, and control. For example, if a customer’s car is damaged in a fire while it is being repaired in your garage, garagekeepers liability insurance can help pay for the damages.
- Business auto insurance: This type of insurance covers vehicles that are owned or leased by your business. For example, if a company vehicle is involved in an accident, business auto insurance can help pay for the damages.
- Workers’ compensation insurance: This type of insurance covers medical expenses and lost wages for employees who are injured on the job. For example, if a mechanic is injured while working on a car, workers’ compensation insurance can help pay for their medical expenses and a portion of their lost wages.
How much garage repair shop insurance do I need?
The amount of garage repair shop insurance you need will vary depending on the size and scope of your business. However, it’s important to have enough coverage to protect your business from financial losses in the event of a covered event.
A good rule of thumb is to have at least $1 million in general liability insurance and $1 million in commercial property insurance. You may also want to consider purchasing garagekeepers liability insurance and business auto insurance, depending on your specific needs.
Garage repair shop insurance is an essential part of protecting your business from the unexpected. By having the right insurance in place, you can rest assured that your business will be financially protected in the event of a covered event. Call us today to discuss your insurance needs and how we can help you secure a prosperous future for your garage repair shop.