Your Garage Business Must Have The Proper Garage Liability Insurance Policy In Place
If you own or operate an auto repair shop, garage, or towing company, your customers depend on you to protect their vehicles while in your possession. They fully expect that you will keep their property safe and sound. That being stated, accidents can happen at any time, even in the garage itself, or during transport. That is the reason why you need to ensure that you are covered with the proper insurance policy. Garage liability insurance will not only protect your customers property, it will also protect your business in case of an unfortunate emergency.
The good news is that Zawada Insurance Agency is here to do away with the hassle and time consuming task of searching for the best coverage on your own. Our team of business insurance experts will walk you through a customized selection of the top insurance policies that are available on the market. It is important that you fully understand exactly why you need the right amount of coverage and how it can affect your business if you do not. The following information will help you understand why your garage business must have the proper garage liability insurance policy in place.
Garage Liability Insurance Explained
A standard garage liability insurance policy covers both bodily injury, and property damage when an accident happens at your place of business, or during business related activities such as towing or transporting vehicles. Garage liability insurance is typically needed for companies such as automobile dealerships, repair shops, and towing or transport specialists to name a few. The policy provides coverage for third party injuries, property damage that is caused by equipment owned by the business, and even liability claims such as employee dishonesty and discrimination.
What Else Does Garage Liability Insurance Cover
The garage liability insurance policy also covers products that are manufactured and or sold by the shop that ends up causing damage to a customer’s vehicle. In addition, if a customer slips or falls while visiting your shop, the policy covers attorney fees and other legal defense related expenses if they decide to sue you. The garage liability insurance also helps pay for medical bills that the customer suffered due to the injury. If a vehicle owned by your business causes a collision with another vehicle or structure that damages the third party’s property, the policy covers that as well.
Garage Liability Insurance Should Provide You With Peace Of Mind
The garage liability insurance policy should provide you with peace of mind and allow you to sleep peacefully at night. However, the key to fully protecting your business is having the proper amount of insurance in place. For example, if you choose a garage liability insurance policy that covers up to $100,000 and an accident happens at your garage that causes $200,000 in damages, the business is typically responsible to pay the difference.
That could very well mean you are responsible for paying $100,000 out of pocket. Now imagine if your policy covers up to $100,000 in damages and your business causes $1,000,000 in damages. Can you afford to pay $900,0000 out of pocket? Most small business owners simply cannot afford to pay that sum. In fact, it could crush your businesses.
In conclusion, a garage liability insurance policy is a necessary tool that all auto repair shops, garages, and towing companies should have in place. However, the key is having the proper amount of coverage. It can actually make the difference of staying in business for the long term, or having an unexpected accident ruin the company that you have worked so hard to build. Give us a call today to learn more.