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Garage Liability Insurance Explained

Garage Liability Insurance Explained

If you own any kind of auto repair shop, you will need to carry something known as garage liability insurance. This is a particular kind of insurance that is designed to protect garage owners from the potential negligence or liability claims that might come up during the course of their work. Bear in mind that garage liability insurance is not the same thing as garage keeper’s insurance, although both are generally required to run any kind of auto service shop.

Garage liability insurance covers you specifically for claims that might be brought against you for injuries incurred on your premises or for completed work that might be found to be negligent or incorrectly done. It can also protect you from a variety of other issues. Garage liability will provide coverage for your premises and your operations, and it will also cover any vehicles that are owned by the company. It does not, however, cover your customer’s vehicles while they are in your care. That is a coverage that is provided under your garage keeper’s liability insurance.

The cost of garage liability insurance varies greatly depending on a number of important factors. The first of these is the size of your operation, the number of employees you have and how many customers come and go during a day. The second consideration will be how long you have been in business and how much experience you have in the field. Finally, the cost will depend on your history of claims; if you have used your garage liability insurance in the past to pay a claim, then you can expect to see higher rates as you will be viewed as a much higher risk by the insurance company writing your policy.

To get the best rate on garage liability insurance, you will need to shop around a bit. Companies who write a lot of this type of policy will generally have lower rates as they are spreading the risk quite a bit across many insured companies. If you already have an insurance company you work with they are a great place to start since they will often give extra consideration to existing clients. This doesn’t always translate to the best rate, however, so be sure to get more quotes. At least three quotes are generally recommended.

Garage liability insurance is something everyone who owns an auto repair or service shop of any kind should have. It protects not just the owner but the business itself. A major lawsuit without any insurance coverage can spell the end of the business as well as putting the owners into a financial disaster that will be very difficult to recover from. You should have a garage liability insurance policy in force from the day you open for business and make sure that it stays in force at all times.

Garage liability insurance may seem costly at first, but compared to the cost of a lawsuit or the loss of your business, it is a small price to pay. Seek out a policy immediately if you do not already have one.

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