Auto Repair Insurance
If you own an auto repair shop in Colorado, you are also exposed to risks unique to your type of business, just like other business owners. Whatever auto service you provide, whether it is repairing vehicle parts or changing oil, operating without protection could lead to costly litigation fees.
That’s why there is garage and auto repair shop insurance to keep your business afloat even during a trying time, i.e., an unfortunate disaster. A solid garage and auto repair shop insurance portfolio ensures your business runs without a hitch, giving you greater peace of mind.
Types of Coverage Relevant to Garages and Auto Repair Shops
An extensive range of insurance policies can safeguard your business against financial losses caused by accidents, natural disasters, and lawsuits. Here are some policies that you may need to consider:
- Garage liability insurance. Similar to business liability insurance, this covers injury or property damage to a third party while visiting your garage, workshop, or auto repair shop.
- Garage keepers insurance. This is designed to protect your customers’ vehicles against damage while being held in your shop.
- Commercial property insurance. This provides cover for damage or loss to your physical property and its contents caused by natural disasters, fires, or break-ins.
- Business interruption insurance. You could face significant income loss if you are forced to temporarily close your shop to repair damage or replace loss. Also called business income insurance, this reimburses lost income and operating expenses.
- Workers’ compensation insurance. The state of Colorado requires businesses to carry workers’ compensation insurance. This insures your employees against job-related illnesses and injuries and lost wages.
- Commercial auto insurance. Insuring your company’s vehicles will prevent you from dipping into your savings if one of the vehicles figures in an accident as this pays for third-party property damage and injury. You can add a rider in the form of hired and non-owned auto insurance if you rely on your employees to run office errands using their own vehicles.
- Property and equipment insurance. Mechanical breakdowns and power surges can destroy special equipment in your shop. This policy is designed for such perils.
Additional Protection to Avert Business Risks
There are other policies that you may want to bundle with the above policies to maintain smooth operations. These include:
- Employment practices liability insurance
- Group health and life insurance
- Portable tools and equipment insurance
- Business owners’ policy
- Cyber liability insurance
- Business continuation insurance
- Commercial crime insurance
Contact an Independent Insurance Agent Today
We work with several insurance firms that service your industry. If you’re based in Colorado, call us at 719-329-4441 so we can get the best combination of coverage that meets your specifications and budget.