As an insurance broker, you understand the importance of providing comprehensive coverage to your clients. When it comes to auto-related businesses such as repair shops, dealerships, and service stations, there are unique risks involved that require specialized insurance solutions.
One such solution is garage liability insurance. In this article, we will explore the top auto hazards faced by these businesses and how garage liability coverage can help mitigate associated risks.
Additionally, we will highlight how partnering with Cochrane & Company can provide you with the best insurance solutions to offer your clients.
About Garage Liability Insurance
Garage liability insurance is a specialty insurance that caters to those in the automotive industry. Those who require this type of insurance include:
- Parking lot operators
- Parking garage operators
- Automobile dealerships
- Tow-truck operators
- Service stations
- Customization and repair shops
Garage liability insurance is a type of umbrella policy. In addition to providing an extra level of protection on top of any existing general liability policies, it covers day-to-day operations for automotive industry businesses.
Similarly, garage keepers’ insurance is an optional, add-on insurance that protects a client if they or their employees cause physical damage to a customer’s vehicle while it’s in their care, control, and custody. It’s more than a standard garage liability policy, and it covers situations such as fire damaging a vehicle while it’s on the business’ site.
It’s important to educate your clients on the nuances between these types of insurance and advise them on what they need according to their specific situation.
Protection Against Property Damage
Having garage liability insurance is important for those in the automotive industry because they face significant hazards every day. Chief among these hazards is property damage. Accidents can happen, whether it’s a customer’s vehicle being damaged while in their care or a fire breaking out in the garage.
Garage liability insurance provides coverage for such property damage incidents. This insurance safeguards your clients’ businesses by compensating them for repairs or replacements needed for vehicles damaged due to negligence or accidents on their premises.
By offering garage liability insurance, you can ensure that your clients are protected against costly property damage claims, but there are other reasons to offer this type of insurance as well.
Garage Liability Coverage for Bodily Injury
Alongside property damage, bodily injury is the most significant hazard that auto-related businesses need to be prepared for. Customers or employees can be injured while on the premises, whether due to slips and falls, accidents during repairs, or other incidents.
Garage liability insurance includes coverage for bodily injury claims, offering financial protection to your clients in case of medical expenses, legal fees, and potential settlements.
By providing garage liability insurance, you can help your clients mitigate the risks associated with bodily injury incidents and maintain their financial stability.
Why Else Is Garage Liability Insurance Important?
Garage liability insurance protects against many potential liabilities for automotive businesses, such as premises liability, auto liability, accidents that happen during test drives, and third-party bodily injury/property damage.
There are, of course, exclusions — for example, actual work performed exclusions. In a situation where a mechanic performs an oil change for a customer and leaves the oil cap off by accident, the oil will leak, which leads to engine damage. The resulting property damage would be covered under the policy, but the oil, oil cap, and oil filter wouldn’t be. The mechanic would be out of pocket for the actual work performed.
It’s easy to see how even a single incident can mean significant damages, costs, and even lawsuits that have the power to ruin a business. That’s why proper insurance is critical to have.
Cochrane & Company: Your Insurance Solution
Garage liability insurance can be a complex topic to broach. Partnering with Cochrane & Company can provide you with the insurance solutions necessary to meet your clients’ particular garage liability needs.
With Cochrane’s expertise in the industry, you can access a range of comprehensive insurance products designed specifically for auto-related businesses.
Cochrane & Company understands the unique risks involved in this sector and works closely with brokers to offer tailored coverage options that address the specific needs of their clients.
By partnering with Cochrane, you gain a trusted ally that can help you provide the best insurance solutions to your clients in the garage liability space.
Offer Your Clients the Best Options for Garage Liability Coverage
Auto-related businesses face various hazards that require specialized insurance coverage. Garage liability insurance provides protection against property damage and bodily injury incidents.
By partnering with Cochrane & Company, you can offer your clients in the automotive sector comprehensive insurance solutions that address their unique needs. Cochrane’s expertise in the industry and tailored coverage options make them the ideal partner for insurance brokers looking to provide top-notch coverage to their clients.
Seize the opportunity to secure garage liability insurance for your clients. Partner with Cochrane & Company today and deliver the comprehensive protection they need for their auto-related businesses.
Contact Cochrane & Company to learn more about our insurance solutions and start offering garage liability coverage to your clients.