You might wander what Garage Liability Insurance is for.
Garage Liability Insurance covers any vehicles in your care at your business.
These vehicles can be both franchised or non-franchised, and can be for an automobile, truck, motorcycle, recreational vehicle, 18-wheeler and its trailer with cargo.
However, it does not cover customers' cars left in your business's care in the parking lot or garage.
Garage Liability Insurance covers claims of damage to property regardless of fault or who was involved, and personal bodily injury of any person as long as it happens during business operations and is on business property.
There are two different insuring agreements with Garage Liability Insurance: Who is insured and limit of insurance and there are differences in each that are notable.
In the case of insuring customers' vehicles, you need Garage Keepers' Insurance.
They are usually sold together as a package so you are fully protected from any kind of accident or situation.
Even though they are usually sold together, you still have to sign separate contracts and may have to ask about one or the other if it is not automatically offered.
Who needs this kind of insurance? Gas Stations definitely need it.
Used Car Dealers have to carry several vehicles at a time, so they definitely need it.
Auto Repair and Body Shops because of the volume of traffic they face daily.
Car Washes, Parking and Valet Lots and Garages also benefit from this insurance.
Mobile Auto Repair or Detailing Shops because of the delicate nature of their work.
Tire Sales Dealers either used or new.
Used Motorcycle, Large Truck, and RV Sales also need this insurance, including the service of these vehicles.
Pretty much any business where you keep a lot of vehicles in a small area can benefit from Garage liability insurance.
What are the determining factors of my rates? Generally your rates are determined by several factors.
First, the type of business or operation you run can affect your rates.
The number of employees and/or employee payroll size can increase or decrease your rate.
The territory area you do business in can raise or lower your rates.
Acceptable Motor Vehicle Reports on all drivers can give you increased rates if you have a lot of employees who need to be on the insurance plan.
Safety of vehicles and how dangerous they can be.
The condition of holding space, security systems of premises, and requested limits of coverage all can affect your rates as well.
I hope this article explained Garage Liability Insurance and why your business needs it! Have a great day and stay safe on the road of life.
You never know where it may take you, so always be prepared.