Does anyone have business insurance?

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Porschephile924

New member
In the off chance that something gets screwed up, are you guys insured? I'd like to know, as my business just opened, and I'm debating on getting insured...
 
Any buisness should be insured... detailing or not Its needed. If you do not have insurence you really shouldn't offer a service to the general public. Not only will clients ask if you are insured but if you damage anything and cannot afford to cover out of your pocket uninsured... guess who will be getting sued. When starting any buisness insurence should be the first thing you look into.
 
Yes you need to be insured against accidental damage to your customers cars and yes you also need to be insured to drive them. Additionally, the customers personal auto insurance does not cover you to be driving or moving their car in the course of doing business. I hate paying out the big bucks for something that I have never yet used in 12 years but it's nice to know that if something major ever does happen I am covered.
 
I don't have it currently because I was doing business out of my house and one IC said I didn't have enough experience, and the other required a shop inspection which I didn't want to get into in my own garage. Now that I have a shop I am going to look into it again, but I'm not sure if any carriers will give me a policy for a short amount of time.



On a sidenote, no one has ever asked me if I am insured.
 
magictouch24 said:
I don't have it currently because I was doing business out of my house and one IC said I didn't have enough experience, and the other required a shop inspection which I didn't want to get into in my own garage. Now that I have a shop I am going to look into it again, but I'm not sure if any carriers will give me a policy for a short amount of time.



On a sidenote, no one has ever asked me if I am insured.
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If you are lacking experience thats more of a reason to help support a customers dicision to try you since they might think that lack of exp can cause damage.
 
Mazz said:
If you are lacking experience thats more of a reason to help support a customers dicision to try you since they might think that lack of exp can cause damage.
Click to expand...



I'm not sure if I understand you correctly... are you saying a customer is more apt to come to me because I can cause more damage?



To clarify, I do not lack experience, it is just that this particular IC claimed I needed more - my theory is that the agent never got around to researching the policy for me (she rarely returned my calls and would tell me that she was still working on it when I did talk to her) and just told me that for the heck of it. Especially since I never told her about my experience in the first place...
 
I have what is called garage keepers insurance, I pay about $1100 a year. I'm insured when I pick up vehicles as well. In addition my business is set up as an LTL. This means that if someone gets law suit crazy, all they can get from me is what is attached to my business. No personal assets. This is a good thing.
 
none! they dont have "seasonal" insurance. basicly you pay the upfront cost, and your monthly bills untill you dont need it, then you cancel.
 
Definitely agree about insurance for your business and don't forget health insurance either. When you are self employed it is easy to take a pass on it. Being on ladders when cleaning large vehicles and regular sun exposure (especially for us mobile guys) means health insurance is as important as coverage for your business.
 
I recently purchased a garage keepers policy and i am pretty far from having my own shop. The base of operation is pretty much my home. I do a lot of mobile work but I have a couple of autobrokers that I do pick up and delivery. I got 50,000 coverage for physical damage per vehicle and 100,000 for general liability for $1500 a year. Beware, you'll probably have to pay a hefty down payment. Go through an independent insurance agent, it'll be your best bet. Good luck!
 
General Aggregate: 500,000

Personal Injury Limit: 500,000

Each Occurrence: 500,000

Damage to Premises: 100,000

Medical Expense Limit: 5,000

Business Property: 10,000



I can't touch planes, boats and had to pay $100 in case some terrorist wants to use my van as a mortar shell.



$1200 down and financed about $800.



I used an insurance broker and he searched across a few companies. He informed me that my rates should (could!) go down after about two cycles established.



HTH.
 
Guys, this is what I do for a living. I don't sell insurance, but I work for a company who uses independent agents to sell their products.



For those of you who have been in business for more than three years, shop again. Once you have experience and are claims free, most companies will start to compete for your business. Until you have proven INSURANCE experience (no claims), you are at the compaies mercy.



A garage keepers policy is what most of you would need. I would suggest finding a company that will put your business on a small business owners policy--a BOP (business owners policy)-type policy. You'll get all kinds of coverage and pay very little for it.



I don't work for this company, but Auto Owners Insurance Company specializes in garage-type operations. Might look into that.



If you ever need any assistance, or have questions, please PM me.



Shumax
 
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