Garage insurance coverage can cover a number of areas, including liability, property damage, and medical costs. It can protect your business from costly litigation and cover the costs of repairs. In addition, it can protect your business from financial losses arising from third-party injuries. These incidents can include the injury of customers, employees, or other third parties.
Garage insurance is available for different types of businesses and premiums vary according to the individual owner’s situation. Insurance companies consider factors such as the number of employees, driving records, location of the shop, and security measures on-site. These factors affect the premium, as do the payout limits and deductibles. In general, higher deductibles mean lower premiums.
Garage liability insurance covers accidents in which bodily injury or property damage results from the operation of the garage. This coverage is typically added to a general liability policy. It’s beneficial for car dealerships and other businesses that repair cars. However, it’s important to remember that liability insurance is not a substitute for general liability coverage.
While garage liability insurance provides advanced coverage for business owners, it is still not comprehensive. It doesn’t cover the cost of medical bills for injured customers. Instead, the policy covers those expenses up to the policy limit. In addition, garage liability insurance isn’t enough to cover damage caused to a business’s commercial property. To avoid this situation, a business should also consider purchasing commercial property insurance.
Garage liability insurance is important to understand the extent of your exposure to legal liability. It protects your business from financial disaster and provides an additional layer of protection against damages to vehicles owned by your customers. It also pays for damages to customer vehicles caused by severe weather conditions or unknown third parties. If you’re responsible for an accident and don’t have enough insurance coverage, you could end up with a huge liability bill.
A garage liability insurance policy is necessary for any business that deals with cars. If you’re a car dealer or a mechanic, you’ll want to take out liability insurance to cover any accidents that happen. This is especially true if you offer valet services or sell cars. Whether you’re a mechanic or a garage owner, garage insurance coverage can provide peace of mind and protect your business.
Garage insurance coverage also protects businesses from theft, fire, and other damages. Losing money can cripple any small business. This coverage is available as an add-on to the Business Owner Policy or a CPP. Some auto repair garage insurance policies exclude crime coverage. In addition to liability coverage, there are also options for fidelity coverage.