Insurance for Tire Retreading Companies
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What Insurance Do Tire Retreading Companies Need?
Business Interruption Insurance protects your small business if impacted by a covered risk. It'll cover the costs in replacing lost income and paying for additional expenditures. Also known as Business Interruption Coverage, this policy is usually part of your BOP (Business Owners Policy).
Professional Liability Insurance (or E&O Insurance), protects your small business from claims of mistakes, negligence or malpractice made when providing your services that caused sobody financial loss. PLI covers your legal defense costs, damages and settlements.
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.
General Liability Insurance protects your small business against claims of third-party bodily injury and property damage, reputational harm and advertising injury. It covers medical bills, repair costs & legal fees.
Frequently Asked Questions
Why does your Tire Retreading business need insurance?
In this industry, companies are involved in tire retreads, rebuilding, and recapping.
Your tire retreading business needs insurance as it protects it from the many known and unknown risks that your business could face. It covers your business from costly lawsuits, medical expenses, and any other expenses by paying for these in full. Your business assets and even your personal assets are protected when you have the right insurance.
What risks does your Tire Retreading business face?
Below are some common risks a tire retreading business could face:
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The tire that you've retread for a customer has been responsible for an accident in which the customer was involved. Your customer is suing your business and wants you to pay for the damages including for their medical expenses.
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Your tire retreading equipment suddenly malfunctions and your business production has suddenly been put on halt. The income that you would have earned is much smaller that day as a result.
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A fire starts in your warehouse and causes all of your merchandise to be burned to ashes and makes your equipment unusable.
How much does insurance for a Tire Retreading business cost?
There is no fixed cost of insurance for a tire retreading business as the cost is defined by the number of employees you have, the size of your business, and many other factors. If you want to find out the cost of your insurance fast, apply online and we'll send you your free insurance quote.