For garage owners, garage liability insurance is the most fundamental type of protection. This kind of insurance shields the company from lawsuits alleging that its operations have resulted in property damage and personal injury. For instance, garage liability insurance would pay for medical costs and any court costs if a customer were to slip and fall in the garage.
To safeguard their material assets, garage owners may also require property insurance in addition to liability insurance. Building, equipment, tool, and inventory damage may be covered by property insurance. Theft, fire, and other sorts of damage are also covered by this kind of insurance.
You need a motor carrier coverage form if your garage moves cars or provides towing services. Liability protection is offered by this kind of insurance for harm done to other moving vehicles. It also offers protection from harm to the moving vehicles.
Driving an uninsured vehicle on public roads is prohibited if you intend to sell the vehicle. To move the vehicle to a private location for inspection and sale, you might be able to get a short-term permit.
Your insurance coverage will often cover the costs of any injuries or property damage if someone else is driving your car and has an accident. You can be liable for any losses that your insurance does not cover, though, if the person driving your car is not mentioned on your policy.
In conclusion, running a garage as a business might be risky. Get the appropriate insurance coverage for your needs to safeguard your investment. Among the alternatives offered to garage owners are motor carrier coverage form, property insurance, and garage liability insurance. To prevent financial loss, always make sure you’re following the law and have the necessary insurance coverage.