Product Liability insurance covers your business if you need to recall one of your products. It covers your costs for retrieving the defective product from the manufacturer or seller to prevent any further bodily injury or property damage.
Commercial Auto Insurance covers your cars, trucks, and vans used in your business. It covers the costs from vehicle damage in collisions, theft, vandalism and weather damage. It also covers medical expenses for to injured parties.
Business Owners Policy (BOP) protects you from business liability and property damage at a lower cost. BOP covers claims resulting from fire, theft & disasters. BOP also covers claims of bodily injury or property damage during your business operations.
Business crime insurance, also known as commercial crime insurance, protects against organization-related crime and the resulting losses for your small business. When someone defrauds, embezzles, forges documents, or commits theft, you're covered for the losses.
Workers Compensation covers your employees' medical costs and lost wages while recovering from a work-related injury or illness. The employee gives up the right to sue your company in return for receiving cash and benefits from Workers Compensation. In some states it’s mandatory for businesses!
Equipment Breakdown Insurance protects your equipment from breakdowns caused by motor burnout, power surges, boiler malfunction, and operating error. It covers you for the costs to replace or repair your damaged equipment, and other related expenses.
What are Auto Parts Stores?
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.
What risks could Tire Shops and Auto Supply Stores face?
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.
Why should I buy General Liability Insurance for my Auto Parts Store?
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.
Do I need Workers Compensation for my Auto Parts Store?
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.