Motorcycle Repair Shop Insurance
Motorcycle repair is a very specialized business. However, as the owner of a motorcycle repair shop, you have liabilities as do all other types of business owners which are to protect your customers and business against losses. To protect the shop and yourself, you must purchase some type of small business insurance. This will cover your expenses in the case of several different scenarios. For instance, if someone is hurt in your shop, you are liable for their medical care and your insurance will help you to pay for it.
General Liability Insurance
The basic coverage that you get for your business is general liability insurance. This portion of your commercial business insurance covers you for some of the more general occurrences. These are things that could happen to just about any business, such as third part injuries, damaged personal property, faulty products that cause harm, premises damage due to natural disasters, and theft or vandalism. Exactly what is covered is dependent upon your insurance company and your policy, but general liability typically includes the following:
General Liability Insurance Includes:
- Premises Liability – A repair shop can be a dangerous place. Having equipment, tools, and machines in the shop can be a disaster waiting to happen. No matter how careful you are, accidents are likely to occur in this environment. The premises liability portion of your business insurance will cover you in the case that a customer is injured on your grounds. It will also cover the cost of damages to personal property of others in your care.
- Products Liability – If you sell products to your customers, such as motorcycle replacement parts, this coverage in your commercial insurance will protect you against damages. If a product is faulty, causes harm, or leads to a law suit, you will be covered.
- Completed Operations – You may find that after completing service on a motorcycle, that a problem is discovered. If a customer comes to you with a complaint after the fact, completed operations coverage in your small business insurance will protect you from costs and legal battles.
Garage Keepers Liability
Because a motorcycle repair shop has specific needs not common to other businesses, you will need an additional garage keepers liability policy. This portion of your business insurance provides protection for damage caused to a customer’s bike. There are many ways in which a motorcycle could be accidentally damaged in your shop, so this coverage is essential.
As a business owner, you may want to conveniently package your commercial insurance needs into one policy. This is called a business owners policy, or BOP, and includes general liability as well as any coverage that is specific to your needs. For instance, you may want to add coverage for additional buildings that you own, coverage for electronic data, valuable papers, employee dishonesty coverage, or interruption of business coverage. There are many options and your insurance company can help you select the appropriate coverage for your business.
With employees working in your repair shop, you will need your commercial business insurance to include workers compensation. It is required in most states and covers the costs associated with an employee who is injured or becomes ill on the job. If, for instance, an employee is injured while making a repair, this will cover their medical expenses and lost income during the recuperation period.