If you keep yourself abreast of news and developments in the collision repair industry, you will undoubtedly see on a fairly regular basis reports of shop fires razing down entire businesses and more often than not taking along a few customers' cars. This nightmare scenario can happen to any collision repair shop as volatile chemicals, gases and electrical equipment are both present and necessary components of a repair shop. Apart from inculcating an atmosphere of safety above everything else, a shop owner also needs to make sure that his insurance coverage is adequate for the business.
It's understandable that we in the collision repair industry tend to worry more about business intake, unreasonable customers, relationships with suppliers and insurance companies and complying with ordinances and regulations. Since these are all everyday concerns, we tend to think of disasters or a fire razing our business down a possibility but not an immediate concern. The effects of a fire or severe weather damage are devastating. Even one that doesn't engulf the business has the potential of destroying customers' cars, injuring workers and disrupting the workflow. Having even a small disruption or shop fire can also give the impression that the shop is negligent to some extent, turning off potential customers.
Many companies offer tailor-made insurance coverage for collision repair shops. Apart from business property and general liability insurance, you can also take out additional insurance for weather damage, injury and damage to a customer's car. Since not all shops are exclusively devoted to collision repair, these companies also handle insurance coverage for air conditioning shops, auto glass replacement services, muffler, transmission and brake shops, radiator service, quick lube services and emission testing facilities.
Just like any consumer who shops around, collision repair shop owners would do well to ask their peers as well as do their due diligence when looking for an insurer for their business. Decide how much coverage you need. Every collision repair shop has different needs in terms of what type of insurance they need, and only you can decide which factors and circumstances are most important. This will determine the ideal makeup of your insurance policy. What you are looking for is a complete yet affordable insurance coverage that will help you settle damages and pay for other expenses that would seriously threaten your cashflow and your business. It's true that insurance coverage is an expense all business owners can do without. However, can you sleep well knowing that a single event can put you out of business and you will have no one to turn to when disaster happens?
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