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Auto service providers require various types of insurance policies in place to protect the well-being of the business and its financial standing against claims and lawsuits.
Whether you're running a gas station or own a new and used parts warehouse, you need to cover your business against risks that could make you financially and legally vulnerable.
What Insurance Policies Are Relevant for Auto Services?
Auto services cover a broad area of the insurance market and there is not one single policy that covers all types of risks. It is important to understand what type of risk you might be facing and accordingly pick an appropriate policy for your business.
What Auto Service Businesses Can Benefit From Insurance?
When it comes to insurance policies concerning auto service providers, below are various types of businesses in the auto service industry that can benefit from such insurance policies.
Auto Dealers
Auto dealer insurance: when dealing with the selling of vehicles - be it selling cars to the general public or trucks to large commercial cargo companies, you need to keep your business protected at all costs.
Whether one of your vehicles is damaged due to poor weather conditions or a customer slips and breaks a bone on your premises, unfortunate events do happen, and you must be prepared to deal with them.
This is why, at a minimum, you should take out a few policies such as general liability, commercial auto, and worker's compensation insurance to keep your business protected.
Automotive Supply Stores
Automotive supply store insurance: auto supply stores provide a variety of services and products to those in the automotive industry. This may include the sale of both new and used car parts, as well as the provision of automotive repair services.
As a minimum, you want to have general liability insurance and in the case you conduct actual repair services on-site, it is recommended that you also get errors and omissions insurance.
Those two will not only protect your business from any customer claims and property damage but will keep your business covered in case the customer is unhappy with the work done and decides to prosecute you.
Gas StationService & Convenience Stores
Gas station insurance: gas stations with convenience stores are a little bit more complicated than just running a gas station or a grocery store. They not only deal with the selling of flammable goods but also consumables.
As a result, the risk exposure is much greater, meaning businesses that operate such sites must take the necessary precaution through comprehensive insurance coverage.
As a baseline, gas stations with convenience stores should have general liability insurance, worker's compensation insurance, and commercial property insurance.
What are the Benefits of Insuring Your Auto Service Business?
There are many reasons why it's important to insure your auto services business. One of the most important reasons is that an insurance policy can help free you from any financial liability resulting from any legal claims that might be made against you.
It can also help protect your business assets, such as your property and equipment. In general, having insurance can also help you recover quickly if something happens to your business and save you a ton of headaches.
Besides, if one of your staff gets involved in an accident for example, when you have workers' compensation insurance, both you and they will be fully protected no matter the type of accident at hand.