THURSDAY, MARCH 24, 2016
 While all businesses face risks, auto body shops, towing companies and other businesses that temporarily take possession of customers' vehicles have quite a large responsibility. If anything happens to damage a customer's vehicle while it's at a body shop, that customer can sue to recover damages. To ensure that your auto servicing business is financially capable of protecting these vehicles, you should consider garage keepers insurance.
If a customer's vehicle is damaged, destroyed or stolen due to a covered event while in temporary possession of your shop, garage keepers insurance can help pay the damages. Essentially, it's form of liability coverage for businesses within the auto industry. Every good business owner understands the importance of protecting company assets — like computers and equipment — but you must also consider the value of property that isn't owned by the company.
For instance, what would happen if a thief broke into your shop and stole a few cars overnight? Chances are, you'd be responsible for covering your customers' losses. And such a large financial blow to your business may have dire consequences. But garage keepers insurance can come to the rescue in similar situations.
In many cases, garage keepers insurance coverage can be added to your existing business insurance policy for extended protection. Be sure to consider the average number of vehicles that are typically stored at your facility. You'll need enough coverage to protect them all in case of a total loss. On top of considering your coverage limit, you'll also have to choose a deductible. This rate is often paid per-vehicle, which means you'll have to pay the sum — or instance, $500 — for each vehicle you file a claim on.
For more information about how garage keepers insurance can benefit your auto business, contact our agency today!
We'll help you find the right policy. Call Colgrove Financial, LLC at (480) 830-2595 for more information on Arizona garage keepers insurance.
Posted 2:00 PM Tags: auto body shop, garage keepers insurance, mechanic, business insurance, liability, protection, coverage, arizona, insurance, arizona insurance, colgrove financial
1 Comments
Trade Credit Risk Insurance said...
Good Define of garage keepers insurance by this post... Thanks
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SATURDAY, APRIL 30 2016 3:28 AM
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