Tire Shop Business Insurance (No Used Tire Shops)
Tire shops are loud, dirty and full of activity every day. They’re also lucrative. Everyone who drives a vehicle needs tire maintenance, repair and replacement regularly. You have invested a lot of time planning this business, finding the best location, hiring quality employees and getting it all going. Don’t risk the time, hard work and money you have already put into it by skimping on important business insurance. It is the long term asset that your business can’t afford to be without.
General Liability Insurance
General liability protects your company when accidents happen. It’s particularly useful if a customer gets hurt while they’re on your business premises. It can protect you from liability when a customer’s property is damaged as well. Additionally, it can help with repairs and expenses when natural disasters strike so that you’re not left trying to pay for it all on your own.
Business Owners Policy (Bop)
A business owners insurance policy (BOP) is ideal for small tire shops like yours. It can be custom tailored to provide the right types of coverage based on the way you operate your business. A BOP includes general liability and gives you several different property protection options.
- Equipment Breakdown – If your air compressor breaks down or the tire balancing machine goes on the fritz, your company will suffer. Not only will you have to fork over cash to fix or replace them but you’ll lose business in the meantime. A BOP can take care of the equipment repairs and replacement so that you can get back to business with the least amount of hardship.
- Buildings and Contents – Your tire shop is the heart of your business. If the roof is damaged in a storm you’ll have to get it repaired before you can continue operations. The office furniture, computers or other inside equipment may have been damaged when rain came in, and those will need to be fixed or replaced too. A BOP can protect your buildings and the physical assets inside.
- Business Income and Extra Expense – Some disasters force you to close up the shop until repairs can be made. A BOP can provide for the lost income during these times and helps you with extra expenses that may arise.
- Products and Completed Operations (Included in General Liability) – If you sell products to your customers that cause them harm in some way, your tire shop can be held legally liable.
- Electronic Data – Electronic customer data, service warranties, supplier information and specialized software can be damaged a number of different ways. A BOP can protect you from those losses and help with recovery and replacement costs.
- Newly Acquired or Constructed Buildings – When you expand your tire shop business, a BOP can protect the new buildings and structures.
- Valuable Papers Protection – Do you keep service contracts and warranties in physical paper form? How expensive and time consuming will it be for you to replace those if they’re destroyed in a fire?
- Employee Dishonesty Coverage – Your employees have regular access to expensive tools, equipment, and possibly cash payments from customers. Loss due to employee theft can cause financial hardship for your tire shop if you’re not protected with your BOP.
If you or one of your tire repair specialists makes a mistake, customers can suffer dramatically. Their property may be damaged or they may lose their life. Professional liability insurance, or errors and omissions, helps protect you from legal liability and settlements that arise due to error related damages.
By law your employees must be protected with workers comp insurance. Accidents and injuries happen in tire shops, regardless of how high your safety ratings are. Works comp takes care of expenses related to medical bills that arise from those injuries.