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Learn more about this policy below, and request a quote from Absolute Surety today.
Insurance companies offer garage liability insurance as protection for auto dealers and motor vehicle repair shops against accidents and injuries that occur in the course of doing repair and maintenance work. It combines the premises protection of the typical commercial property and general liability policy with liability against losses associated with the work performed in garages. For example, garage liability insurance would pay medical expenses and damages incurred by a customer who slips on an oil-slick floor and falls.
The Minnesota Department of Public Safety requires motor vehicle dealers in the state to have general liability insurance that pays claims related to personal injury on a business’s premises. This insurance requirement is in addition to surety bond requirements.
The policyholder can add endorsements that cover certain types of losses. The most common is the garage keeper’s endorsement that insures the policyholder against damage to customers’ vehicles left on the business premises. This covers damage resulting from fire, severe weather, and collision, theft, or vandalism while a vehicle is in the policyholder’s custody. Other common endorsements include equipment and tool coverage, equipment breakdown coverage, business interruption coverage, and more.
Garage liability insurance can also be bundled with other coverages, such as workers compensation insurance or employee dishonesty coverage, as part of a business owners’ policy (BOP).
Garage liability insurance protects the policyholder by transferring the risk of having to pay claims to the insurance company. The policyholder pays insurance premiums so that any loss that the dealer or garage owner would be legally liable for paying is paid by the insurance company instead.
A basic garage liability insurance policy can cost as little as a few hundred dollars a year. Adding a garage keeper’s endorsement and other coverages can increase the cost to a couple of thousand dollars or more.
One factor affecting the premium cost for garage liability insurance is the deductible the policyholder elects. Choosing a higher deductible can lower the premium cost. Most insurance carriers offer policyholders the option of paying premiums monthly, quarterly, or annually. Many offer a discount for paying annually.
Look to Absolute Surety as your source for garage liability insurance as well as any surety bonds you need for your business.
