(And Other Frequently Asked Questions)
Garage insurance; what is it and what does it cover? If you work with commercial vehicles,
then you’ve probably stumbled upon garage insurance, and you probably have plenty of
questions about it. So, let’s talk about it! Here are your most frequently asked question about
garage insurance, answered.
What is Garage Insurance?
Garage insurance isn’t just one type of coverage; it’s a bundle of different policies designed to
protect auto trade businesses like towing companies, auto repair shops, and body shops. Think
of it as your first line of defense against costly dents and lawsuits.
What Does Garage Insurance Typically Include?
- General Liability Insurance: This is the cornerstone of your garage insurance policy. It
covers you if someone gets hurt at your business or if you cause property damage. - Business Owner’s Policy (BOP): A BOP steps up where general liability leaves off, adding
protection for things like loss of income, physical damage to your property, and even
identity theft. - Workers’ Compensation: If one of your employees gets injured on the job, workers’
comp has your back. It helps cover medical expenses and part of their lost wages,
making sure both you and your employee are taken care of. - Garagekeepers Legal Liability Insurance: This one’s crucial if you’re holding or working
on customer vehicles. Whether you’re running a service station or a towing business,
this coverage helps protect you if a customer’s vehicle gets damaged under your care. - Business Interruption Insurance: What if something totally out of left field shuts down
your business temporarily? That’s where business interruption insurance comes in. It
helps cover the bills and can even pay for a temporary location if your main office is out
of commission.
Why Do I Need All These Coverages?
Running a garage means dealing with heavy, expensive equipment and being responsible for
other people’s valuable assets. Each part of garage insurance covers a different potential
headache. Without it, you could be facing huge out-of-pocket costs if something goes wrong.
How Much Does Garage Insurance Cost?
The price tag on your garage insurance policy can vary. It depends on a bunch of factors like
what kind of business you have, the type of equipment you have, the number of people you
employ, and where your business is located. Since these factors can affect your risks and the
cost of covering them, it’s best to chat with an insurance agent who can tailor a policy to fit
your specific needs.
That’s where we can help! At Avalue Insurance, we’re a team of local insurance agents in
northern Colorado. We specialize in a variety of insurance types, including garage insurance.
Contact us today to learn more about garage insurance, and we’ll help you find the right policy
for you and your business!
