Garage Insurance | Garage Insurance Policies in Minnesota
Every Minnesota auto dealers or auto body repair shop need to have a Garage Insurance to protect themselves from workshop accidents and injuries.
Garage insurance is a commercial policy designed to address the needs of auto dealers or auto repair shops.
Some of the more common kinds of garage insurance are:
Body Shop Insurance
Repair Shop Insurance
Tow Truck Insurance
Transmission Shop Insurance
Muffler Shop Insurance
Radiator Services Insurance
Garage insurance is a very important part if any garage owner’s insurance program. It is usually broken down into several distinct categories which may include:
- Garage Liability Insurance: It is the insurance that auto dealers use to protect themselves from workshop accidents and injuries. This coverage provides the repair shop or the repair shop owner liability protection for their premises as well as liability protection for the work performed at the repair shop.
- Crime and Theft Coverage: Due to the high/frequent in a flow of money into the auto shop, crime/theft insurance is necessary for protection against embezzlement, stealing of auto parts and even bank deposit robbery.
- Commercial Property and General Liability: The commercial property/general liability insurance protects the companies from a lawsuit by third parties. For example, it covers accidents that occur to a customer in the business premises, customer’s dissatisfaction with the company’s service. They may also add protection for fire. Property insurance would repair or replace damaged properties.
- Garage Keepers Insurance: It provides coverage to the auto repair shop for comprehensive damages to customer vehicles left in the care of the garage. This coverage is not included in the standard garage liability policy. It protects customers’ vehicles from damage while in your possession. It doesn’t cover damage that occurs from faulty workmanship or parts or insufficient warranties.
- Equipment and Tool Coverage: Whenever an owned, borrowed, rented or leased tool or equipment is lost or damaged. This coverage ensures a replacement or repair.
- Equipment Breakdown Coverage: Equipment breakdown coverage ensures reimbursement when there is financial loss due to the breakdown of equipment suddenly and accidentally. The coverage is for loss due to a mechanical or electrical breakdown of any type of equipment. This coverage applies to the cost to repair or replace the broken equipment.
- Workers Compensation Coverage: It provides medical benefits and wage replacement for workers when they get injured in the course of employment.
- Business Interruption Coverage: If for some reason, (fire, tornado or any disaster etc,) your business has to be suspended; Business Interruption Insurance helps protect you from lost earnings in the occurrence of any of these events. This means that if you lose income as a result of the interruption, you can typically recoup those losses minus the expenses you would have paid anyway. It also helps you pay any extra expenses to keep your business running because of the loss.
- Non-owned and Hired Automobile Coverage: It covers bodily injuries or property damage caused by a vehicle you hired or caused by non-owned vehicles (vehicles owned by others, including your employees).
- Non-owned Automobile Coverage: It provides insurance against injuries or accident when your employees have to occasionally drive his/her own vehicle for business purposes. It assumes that the vehicle is “not owned” or registered in your name.
- Hired Automobile Coverage: It provides insurance against accidents or injuries when your employee is driving a rented or borrowed vehicle for business purposes.
