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Essential coverages for your auto parts store
When you also have equipment or operate from a store
All Basic plan benefits and:
Get protected against employment-related issues
All Standard plan benefits and:
*plus Workers Compensation
An auto parts store should have coverage for potential customer and employee injuries, loss of property, and much more. If you're making deliveries a commercial auto insurance policy is necessary as well. Review the coverages below and find what makes sense for your business.
Business Owners Policy (BOP) insurance combines several policies in one. The insurance costs less than buying General Liability and Commercial Property separately. BOP combines the benefits of General Liability from protecting your business against lawsuits and Commercial Property insurance from protecting your property against fire, theft and certain weather events.
Workers' Compensation is a state-mandated auto parts store insurance. It covers your employees' medical bills, healthcare, pharmaceutical and rehabilitation costs from work-related injuries or sickness. The insurance will also provide a portion of the salary while they are out of work. They, in turn, relinquish the right to sue in these cases.
You can't monitor your business 100% of the time. Crime Insurance is a type of auto parts store insurance that protects your business form the losses resulting to internal and external criminal acts like robbery, forgery, extortion and computer fraud.
You can't always expect that the products you sell are in perfect working order. When a product is destroyed under normal working conditions and causes injury or damage to property or to the owner, you'll be glad to have this auto parts store insurance. Product Liability will pay for the legal and court costs if the products you sold have caused any harm to the customer.
Every automotive parts store relies on tools and equipment to keep the business going. When equipment experiences a mechanical or electrical breakdown, the cost to repair or replace the equipment can be large. Equipment Breakdown insurance protects your business against the many short-term and long-term consequences of a broken equipment.
Businesses have higher liability issues and coverage that a personal auto insurance won't be able to cover. So, include Commercial Auto in your auto parts store insurance. Commercial Auto insurance also covers vehicles used specifically for your business like tow trucks and delivery vans.
Establishments in this industry focus on selling parts and accessories for motor vehicles. Stores include car and truck supply, automotive stereo, used parts dealers and tire dealers. Many establishments in this industry join their services with established repair shops.
Auto stores and tire shops can face accidents like customers tripping and falling in the store or parking lot. Damage to your inventory due to a catastrophe like a fire or natural disaster. Loss of income from a catastrophic event. Theft, cyber breaches, employee lawsuits are just a few of the many risks a tire shop and an auto supply store faces.
Aside from coverage for injuries a customer could sustain while shopping at your store, General Liability also has a line of coverage for Products and Completed Operations. This can help to protect you if a customer claims injury from a product you sell. It should be the manufacturers responsibility, but the retailer can often be included in accusations and an insurance policy will pay the cost of defense.
If you have employees then you very likely need Workers' Compensation for your auto parts store. Workers' Compensation is mandatory in most states once you start hiring full-time employees.
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