Those who have an enterprise in the automotive industry, whether a dealership, auto shop, or collision center, must ensure they have several insurances to protect against risks. The types of risks that could pose significant risks include loss of valuable inventory, personal injury claims, the heavy losses associated with cybercrimes that expose private customer information, property insurance, vehicle accidents, and property protection.
Insurance Coverage for Dealerships, Mechanic Shops, and Collision Centers
The types of insurance that these enterprises need to have in place include:
- Garage insurance: Auto shops must be protected from several specific risks, including injuries, property damage to vehicles, damage during a test drive, or to a vehicle stored at the property, and many other risks.
- General liability insurance: General liability insurance protects dealerships, mechanic shops, and collision centers from the financial losses associated with injuries to others who are not your employees, to damage an employee causes to the property of a customer, as well as lawsuits related to advertising, slander, libel, invasion of privacy, and others risk.
- Commercial auto insurance: Commercial auto insurance covers your enterprise against personal injury lawsuits, collisions, and can be customized to suit your dealership, auto shop, body shop, or collision center with additional endorsements to protect employees should an accident occur.
- Workers’ compensation insurance: You are required under state law to carry worker’s compensation insurance. This insurance protects your company against lawsuits filed by mechanics, sales personnel, administrative staff, and other employees who are injured while performing the duties of employment.
- Commercial umbrella insurance: Losses that exceed the coverage of your liability insurance can be covered by commercial umbrella insurance.
Contact our local agents for information regarding insurance for auto dealerships, mechanic shops, and collision centers.