NEW JERSEY AUTO REPAIR SHOP INSURANCE
An auto repair shop provides a wide range of services including vehicle maintenance, repair of electrical parts, body repair works and other small services such as scratch removal and dent removal. Most auto repair shop depends on electricians and mechanics to repair their customer’s vehicle that need just basic fixing or heavy-duty revamp. Some auto repair shops specialize in services for certain type of vehicle or repair job like taking care of the breaks, tire or transmission. If you are currently operating an auto repair shop, you very well know that you are exposed to a fair share of risk dealing with other people’s vehicle.
These threats include any theft of a customer’s vehicle, liability from potential damage, working risk of an employee with heavy-duty spare parts and dangerous tools and equipment. This undeniably brings every auto repair shop under an immediate need to get Auto Repair Shop Insurance.
Auto Repair Shop Insurance Quote
WHAT ARE THE DIFFERENT TYPES OF AUTO SHOP INSURANCE?
Liability Insurance – This falls under general liability insurance which covers three main areas for an auto repair shop: complete operations, premises liability and productivity. Each of these insurance has different range of coverage along with liabilities that come up after the work has been completed or any accidents that happen on the premises. For instance, any damage on the vehicle body operating on the premises of the repair shop will be covered under the premises liability insurance. Also, the floor of any auto repair shop can be slippery considering the amount of liquids and oils spilled around. This poses the risk of a customer slipping and hurting himself on the floor. This is where general liability insurance comes handy.
Garage Liability – Most of your repair work will not be over in a single day, which means that you need to hold back the customer’s vehicle in your garage. When a customer’s vehicle is under your possession, anything can happen to it. It can be vandalized or even stolen and you could be held liable for loss or any damages. With Auto Garage Insurance you do not have to worry anymore, as it protects you from such unexpected expenses.
Premises Insurance – If your shop or office takes any damage, it can directly affect your income, not to mention the loss of equipment and tools that are important to your business. The replacement of these tools and equipment along with any repairs can cost you a huge sum of money. Premises insurance covers any such damages including loss due to natural calamities, bad weather condition, vandalism, fire or theft.
Crime Insurance – Unfortunately, auto repair shops are under serious threat to a number of crimes ranging from vandalism, theft, dishonest employee practices and other loss of money. As an owner, you have to be responsible for your customer’s vehicles when they are under your possession, which makes it extremely important to get crime insurance. For instance, if a customer’s car stereo was stolen, it would be covered under the insurance.
Workers Compensation – When an employee gets hurt or injured while working in your premises, this insurance policy covers all expenses. Since workers deal with different number of dangerous tools and equipment, they are under a serious threat of getting hurt accidentally and if you do not have an insurance policy for that, you could be held responsible as an owner. This insurance covers any medical expenses and income protection that your employee might need.
Equipment Breakage – It goes without saying that all tools and equipment used in a repair shop will encounter breakage at one time or the other. When this happens it becomes an immediate emergency to replace it quickly in order to get your operations up and running. However, this replacement can cost you a lot of money, which under insurance, can be covered. This way, you do not have to worry about the expenses of replacing or repairing any equipment, but can carry your business without any interruptions.
Business Disruption – Also known as business interruption insurance, it is the most important coverage policy for any auto repair shop because it covers any property damage or repair that can bring a serious loss to the business. Anytime your business undergoes some serious operational disruption, insurance coverage can cover up any expenses to get your operations back on track.
Business Auto Insurance – If you have a vehicle that is being used for business operations, make sure that you get it covered under the business auto insurance. It covers any kind of expenses owing to repair damages on the vehicle without letting you spend a penny on it.
Getting your auto repair shop insured properly is the wisest way to make sure that you save on your pocket and ensure that there would be no circumstances for your business to stop.