A BOP policy combines commercial property insurance, commercial liability insurance, garagekeepers and business income insurance into one package. Commercial property insurance protects your physical building and location along with its contents should you experience a covered event, such as a fire, burst pipe, or weather phenomena that causes your business damages.
A liability policy protects your auto business when a customer slips and falls on your premises or your workers or the products and services that you sell cause damage to customers, other people, or property. Garage keepers protects you from damages done to your customers vehicles while they are you in care, custody and control. With a business income policy, your business is protected from income loss due to a covered event. For example, if a tornado hits your shop, then you are protected from loss income while reasonable repairs are made.
This auto service repair shop insurance is one of the most affordable means to cover your business and affords a minimal amount of protection against potential pitfalls. However, you can invariably bundle other policy types with a BOP policy to get a more comprehensive layer of protection to shield your business from financial loss and the fallout of any claims against you. Some of the most common addendums to BOP policies and rider policies that are sold to garage and auto repair shops include:
Garagekeepers liability insurance. This type of coverage enhances the commercial property liability coverage that you carry. It ensures complete coverage for your shop and covers damages arising from the operation of your garage. It is an essential policy for most garage owners.
Garagekeeper's insurance. Keeping customers' autos on site means carrying garage keeper's insurance. This policy protects your customers' vehicles from damage during the course of being storage in your facility. Your business may need this coverage in order to operate in your state, but either way, it is a valuable coverage to own.
Medical payments coverage. If someone is injured on your premises, whether you own or lease your garage, this type of insurance pays for any medical expenses related to the injury.
Commercial auto insurance coverage. For any vehicles that your business uses in a business capacity, you need to carry auto insurance rated for commercial use. This includes service vehicles that you deploy to help stranded motorists as well as any vehicle used for strictly business purposes.
Equipment breakdown protection. Guard against the financial loss that follows a mechanical breakdown, power surge, operator error or burn out with this type of coverage.
Employee dishonesty policies. If an employee steals from you, then you can recover damages under this policy. This is a must-have policy type in most shops.
Employment practices policies. Choose an employment practices liability policy to protect your business from financial damages due to harassment, discrimination or wrongful firing.