What Garage Liability Insurance Is All About:
Your business may need a garage to safely store objects, that need to be worked on or simply kept safe. Many businesses need garages for vehicles, bikes, lawnmowers, leaf blowers and many other kinds of equipment and machinery. The equipment and machinery may be owned by clients which you are keeping safe until they have been inspected or repaired. You may also be storing company equipment or machinery to keep it safe until needed.
Protecting both your client’s and your equipment and machinery inside a Business Garage against theft and damages is important. Additionally, insurance for your Business Garage protects any employees repairing equipment or machinery as well as clients on the premises. By investing in this insurance, you have coverage for everything that goes on inside a Business Garage.
Read on to understand if this insurance is right for your business.
What Is Garage Liability Insurance?
Garage Liability Insurance is coverage for the different types of unwanted outcomes that can arise as a result of a business repairing equipment or machinery. Additionally, this insurance protects anyone on the premises as well as protects equipment and machinery in the event of theft or damages. When operating equipment or machinery, chances are at some point an employee will injure themselves. Similarly, there is the likelihood that theft will occur or damages will occur to property. Regardless of the unwanted outcome, this insurance will protect your business, your employees and your clients against bodily injury and damages to property.
Depending on the industry your business operates within, the types of Business Garage protections you need will vary. If you are simply storing equipment or machinery, your policy will differ from a different business policy that is protecting ongoing repairs within a Business Garage. Whatever your needs, this insurance can help you rest easy.
Do I Need Garage Liability Insurance?
Business garages often store important machinery or equipment that may be expensive and difficult to repair or replace. Protecting this equipment or machinery against theft, damages and replacements is a critical decision when considering the risks associated with not having insurance. Instead of worrying about unwanted outcomes, investing in insurance can provide you with peace of mind. Not only is covering your own bases important but also the property of clients who have entrusted you to protect your property until it is ready to be returned to them.
This insurance will come in handy if you:
- Want to protect yourself and your business garage against theft
- Want to protect yourself and your business garage against damages
- Want to protect yourself and your business garage against replacements
- Want to protect your employees against bodily injury
- Want to protect your clients against bodily injury
- Want to protect yourself and your business against financial risk
- Want to ensure your business assets are protected for now and for the future
- Want coverage for anything that can go wrong when you have a business garage
Still not sure what you need?
CoverWallet's Insurance Checklist , you'll find a list of insurance types needed for your specific business or industry.
What Does Garage Liability Insurance Cover?
At a High Level…
Business Garage insurance can provide your business with protection in the event that anything goes wrong inside your Business Garage. In doing so, you can rest assured in the knowledge that you have protected both yourself and your business against unwanted outcomes.
Getting Into the Details…
While every Garage Liability Insurance policy is different and varies depending on the repairs or storage services you provide to clients, each includes extra protection to help you rest easy. There are several types of Business Garage protections you can choose depending on the type of coverage you need such as:
|Type of Coverage||Description||Example|
|Business Owners Insurance||Protection for property against damages and theft as well as employees against bodily injury in a Business Garage.||If an employee hurts themselves while repairing equipment or machinery for a client, your business will be protected against the costs associated with medical or surgical treatment.|
|Workers’ Compensation Insurance||Protection for businesses which covers the costs of wages while an employee is off work due to hurting themselves on the job.||If an employee hurts themselves while repairing equipment or machinery for a client and needs to take time off work, they will be covered for any lost wages.|
|Commercial Auto Insurance||If you own a Business Garage which repairs or stores auto vehicles, you will be protected for the costs associated with damages or theft to property.||If someone breaks into your Business Garage and steals a stored vehicle, you will be covered for the costs associated with replacing it for yourself or your client.|
You'll Want This Insurance If...
- You are a business owner and want to protect yourself and your business against unwanted outcomes
- You want to ensure that you have a course of action in the event that a client’s or your property is damaged or stolen
- You have staff operating equipment or machinery and want protection for the costs associated with an employee hurting themselves and needing medical or surgical treatment
- You have staff operating equipment or machinery and want protection for the costs associated with an employee hurting themselves, needing time off and needing workers’ compensation to recover lost wages
- You understand that owning a business involves risk and want to manage it
- You have a general liability policy that provides only basic coverage and want additional protection for the diverse risks associated with owning a Business Garage
- You want to protect the financial future of your business
What Does Garage Liability Insurance Not Cover?
If your policy covers an amount less than the total value of the financial losses associated with repairs, theft, bodily injury or workers’ compensation, the remaining amount will not be covered.
What Are the “Limits” on a Garage Liability Insurance Policy?
A Business Garage policy covers specific types of protections in addition to what your general liability policy covers. Each of these protections will have coverage upwards of a given amount. If your policy provides coverage upwards of $1 million, then this will be the limit. As the types of coverage needed for Business Garage insurance vary greatly, each will have a different amount. If you choose a policy that does not cover the full value, then you will be protected upwards of a given amount.
How Much Does Garage Liability Insurance Cost?
The costs associated with Business Garage insurance vary in accordance with the specific policy you have chosen. Each policy is created based on the industry your business operates within, the types of equipment or machinery you repair or store as well as whether or not employees are working within the garage itself. While any business owner can invest in Business Garage insurance, your specific needs will vary depending on these different aspects.
Overall, the cost will be contingent upon the type of the insurance policy you choose and how much protection it affords. You may choose a policy that includes one, several or all of the aforementioned protections, each of which have their costs. Regardless of the protections, you invest in; there is the likelihood that you will find yourself paying a premium which is a small percentage of that amount.