Every small business in Virginia needs small business insurance. Accidents can happen at any time, and you and your business need to be protected from such unfortunate events.
For auto repair shops, the risks are more unique, and more likely. Customers entrust their personal property with you, you probably have multiple employees working with you, and dangerous weather can hit at any time.
Because of your unique situation and business, auto repair shop owners should have insurance, but what kind? Here we’ll list some of the types of insurance you should consider getting and why they’re important to keep your business safe.
Garage Liability Insurance
Similar to business liability, garage liability insurance is designed to cover an auto repair shop from costs that come from various accidents. These include lawsuits, medical costs, and property damage costs.
Garage liability differs from business liability since an auto repair shop is at higher risk for more severe accidents. This policy provides specific protections for auto repair related accidents and costs.
Garage Keeper Insurance
Where garage liability protects your business, garage keeper insurance protects the vehicles left by your customers. These policies usually cover repair costs for a vehicle damaged or stolen on your lot.
These policies are flexible where you can add endorsements to cover a wider net of damages. These can include costs for items left in a stolen car, or offering full protection to pay for all damages regardless of legal liability.
Commercial/Business Auto Insurance
As an auto repair shop, you’ll most likely take cars out for test drives, or move them around your lot. If an accident occurs while driving a customer’s car, commercial auto insurance will cover the damages.
Commercial auto insurance, also known as business auto insurance, protects you and your employees from third-party property damage costs caused by accidents. This can also cover accidents that occur while your employees are driving to get parts or supplies.
Other Insurance Policies
Here are some other policies that are not exclusive to auto repair shops, but are still worth looking into.
- Worker’s compensation insurance: Provides income and for your employees injured on the job.
- Business interruption/loss of income insurance: Helps to keep your business running if the building has to close due to unforeseen circumstances.
- Business property insurance: Protects your shop from natural disasters and accidents like fires, storms, vandalism, etc.
- Property and equipment insurance: Covers the cost of repairing or replacing broken tools.
The Next Steps
Your auto repair shop is important, and as a small business, it deserves the same level of protection. At Sanford Insurance, we work with small business owners to form a plan that works for their unique needs.
Learn more about how we protect auto repair shops from all kinds of accidents.