Auto Repair Shop Insurance Information
Auto repair shops encounter many risks that are inherent to their operations. The team at Keats Insurance Agencies can help these businesses build a comprehensive insurance portfolio that provides coverage for these exposures. Contact us today to learn more.
What Types of Insurance Do Repair Shops and Mechanics Need?
Auto repair shops and mechanics should consider policies that cover the perils and liabilities their operations face. Depending on the circumstances, some types of insurance may be required by law (e.g., workers’ compensation insurance), industry standards or clients. Regardless of whether policies are mandated, securing broad insurance coverage can provide essential financial assistance after covered events.
What Does Insurance for Auto Repair Shops Cover?
Many types of insurance are available to auto repair shops. Examples include the following:
- Commercial property insurance—This may provide repair or replacement costs for your business’s property (e.g., your building and its furnishings) if it is stolen or damaged by covered perils (e.g., fires and hail). Coverage may also be available for equipment and tools.
- Business interruption insurance— This may provide payments for your ongoing expenses (e.g., your mortgage/rent, wages and utilities) if a covered event (e.g., windstorm) forces you to temporarily stop your operations.
- Commercial auto insurance—This provides coverage for your auto repair shop–owned vehicles if they are damaged or stolen.
- Garage liability insurance—This covers property damage and injuries to third parties that arise from your auto repair shop’s operations. This insurance is designed for businesses in the automotive industry.
- Garagekeepers liability insurance—This may provide financial protection for your customers’ vehicles if they are damaged by a covered event while under your auto repair shop’s care.
- Workers’ compensation insurance—This would cover medical expenses, disability benefits or provide wage replacement if an employee suffers a work-related injury or illness.
- Cyber liability insurance—This may provide coverage after a data breech or cyber attack.
Each auto repair shop’s risk profile is unique and other coverages may be available, such as the following:
- Equipment breakdown insurance
- Hired and non-owned auto insurance
- Commercial crime insurance
- Environmental liability insurance
- Commercial umbrella insurance
- Inland marine insurance
Your agent can discuss which policies may best suit your needs and provide details on options, limits and exclusions.
The experienced professionals at Keats Insurance Agencies are ready to help you build an optimal insurance portfolio. Contact us today for more information or to get started with a quote.