When you first start thinking about auto repair shop insurance the usual coverages comes to mind. You will need property coverage if your property is damaged. You will need liability coverage in the event that someone is hurt on your property. You also need liability insurance for legal fees if someone should decide to sue you.
But there are other auto repair shop insurance coverages you may not have considered. If you have tools that are very expensive and they were lost or stolen, your property coverage may not adequately cover them and you will not get payment for the full value of the tools. There is an inland marine coverage for that. You can purchase coverage where you list the specific tools and their value. Then in the event they are lost or stolen you will get the full value of the tool. This will allow you to replace it without any additional out of pocket expense.
There is also inland marine coverage for your auto repair shop insurance that will cover any of your customers’ vehicles should they be vandalized or stolen while in your custody. You take every precaution to protect your customers’ property, but something things happen you have no control over.
Sit down with your insurance agent and go over all of the ramifications of your business. They will be able to advise you as to the best coverages for your business.