With so many different coverage plans out there, how do you know what is the best insurance for you, your PDR or SMART Repair business, and your employees? Whether you are just starting your business out of your garage or you’re about to hit the road for chasing hail, you’ll find that each of these insurance plans can provide valuable protection in a variety of ways.
Here’s an in-depth look at the different policies available for your business:
General Liability Insurance
Having a general liability policy is one of the most essential policies any business in the auto repair industry could have. It covers potential injuries customers may have, in addition to product liability and finished repairs.
Workers compensation is a type of insurance that protects your employees if they are injured at the workplace. Accidents do happen, so that’s why this is a bit of a “must-have” for your PDR business. With workers compensation, lost income, medical costs, and even recovery are covered under the policy.
Your employees or your customers could commit crimes, so it’s crucial your business is protected with crime insurance. A customer could be using a forged check for payment on a service or parts can be stolen. The possibilities are endless, so it’s highly encouraged to be protected for any possible crimes.
Business Property Insurance
Natural disasters are known for destroying everything in their path. What if your PDR business was in that path and got destroyed? Business property insurance covers items that were damaged and can’t be repaired. It also includes building repairs, for the most part.
Commercial Auto Insurance
A commercial auto policy should cover you for any vehicle you use for the business. This type of insurance can include a utility vehicle, such as an RV or a van that you use as a mobile workshop. These type of utility vehicles can be owned by a company or privately if you’re a hail chaser. Commercial auto insurance also covers any vehicle that is used for business purposes. If you get into an accident while driving an insured vehicle under this policy, the insurance will provide coverage for injuries to you and other drivers, in addition to property damage coverage.
Cyber Liability Insurance
Cybercrimes can include a wide variety of things, such as hacking into your system to steal customers private information and even the financial information of your business. It’s important to protect yourself, even online with cyber liability.
Ultimately, it’s up to you which policy you choose to protect your business. But never take any shortcuts for the well-being of your business, even if you think you’ll never need a particular type of coverage plan. As they say, “never say never.” It’s better to have insurance you don’t use than to need insurance you don’t have.