If you own a garage, having adequate insurance could be the deciding factor in whether you stay in business. Accidents happen and things don’t always go right. Errors, injuries, or property damage could lead to a lawsuit and a financially disastrous judgment against your enterprise.
Types Of Garage Insurance
Most auto trade businesses need some type of garage insurance to help protect against loss. This includes towing companies, body shops, auto repair shops, muffler shops, radiator shops, and transmission shops. Garage insurance may include general liability, a business owner’s policy, workers’ compensation, garagekeepers legal liability, and business interruption insurance.
General Liability
This is a fundamental part of garage insurance coverage that can provide coverage against financial liabilities resulting from accidents, building damage, and other causes.
Business Owner’s Policy
A BOP provides coverage in addition to basic liability, including loss of income, property, and identity theft.
Workers’ Compensation
Workers’ comp insurance covers medical expenses and a portion of lost wages for employees with work-related injuries or illnesses.
Garagekeepers Legal Liability
Service stations and towing businesses may need this coverage to help protect vehicles that are being worked on or held.
Business Interruption Insurance
This coverage helps you pay your bills, stay in business, and pay for a temporary business site if an unexpected event interrupts your operations.
The cost of garage insurance depends on various factors, including the type of business, the quantity and value of property and equipment, the number of employees, and the business location. At Holden Insurance Agency, Inc. in Superior, Wisconsin, we know insurance. Our agent can help you design a garage insurance strategy to meet your business insurance needs.
