The Type of Insurances Garages Need to Protect Their Business

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Businesses come in all shapes and sizes, but one thing they all have in common is the need for insurance. No business can afford to run the risk of being without it, and garages are no exception. Garages face a unique set of risks that require specialised coverage and if you’re a motor trader then you will understand this more than most.

Here are some examples of the business insurance that every garage should look to have:

Motor Trader Insurance

Motor trader insurance is a type of business insurance that combines many different types of insurance policies into one. This type of policy can be helpful for garages because it provides coverage for a wide range of potential risks. It can help protect the business if something happens to the property, if someone is injured on the premises, or if the business is interrupted due to an accident or other event.

Vehicles that are temporarily in the possession of the garage can be covered, whether the garage is selling them, repairing them, valeting them, washing them, or in the process of returning them to a customer.

Property insurance

Property insurance will cover the physical structure of the garage, as well as any tools, equipment, and inventory. In the event of a fire, theft, or natural disaster, property insurance can help cover the cost of repairs or replacement. This will just be minus the excess on the policy.

Liability insurance

The purpose of liability insurance is to protect the business when someone is injured on the premises or if the business is sued. If a customer slips and falls in the garage, or if a car is damaged while under the care of the garage, liability insurance can help cover the cost of medical bills or repairs.

Employer’s Liability

Employees are required by law to have the protection that an employer’s liability policy will provide. This will be in place in case an accident at work should cause injury. The certificate will need to be prominently displayed to show that the insurance has been purchased and is up to date. Employer’s liability insurance can be purchased individually, with public liability insurance, or as a part of motor trader insurance.

Public Liability

Public liability insurance is a type of business insurance that provides coverage should you end up being sued by a third party, as in a member of the public, for negligence. This type of policy can help protect you from expensive legal fees and damages. Garages should consider purchasing public liability insurance to protect themselves from the potential for legal action. This could ruin a business and send them into bankruptcy when the significant funds required to settle a claim simply do not exist.

Business interruption insurance

This covers lost income if the business has to temporarily close due to a covered event, such as a fire. This can help keep the business afloat during the downtime and help cover the costs of alternative business arrangements, like renting a temporary space.

Product Liability Insurance

If your garage sells or repairs motor vehicles, you need product liability insurance. This type of insurance protects businesses from damages caused by products that they sell.

Vehicle Insurance

Breakdown trucks are an important part of the garages business. They are used to repair vehicles on the spot, so when they break down, the business can lose a lot of money. This is why garages need to have breakdown truck insurance. This type of insurance will help cover the cost of repairing or replacing the truck, as well as any lost business due to the truck being out of service.

Vehicles can, of course, also be covered under motor trader insurance.

No business can shield itself entirely from risk, and garages are no exception. By understanding the types of risks they face and the available insurance coverage, garages can protect their business from financial devastation.

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