Truck accessories stores specialize in selling, installing, and repairing truck caps and accessories for pickup trucks, Jeeps, and SUVs. If you own a truck accessories store, you might sell bedliners, floor liners, tonneau covers, coolers, trailers, hitches, tool boxes, bars and steps, and other custom truck accessories.
In addition, you might offer installation instructions or advice, or complete installation services.
Owners of truck accessories stores need business insurance to protect their assets from the risks associated with running the store, selling a wide variety of products, and providing installation services. Any kind of injury, error, or property damage can result in a costly claim or lawsuit.
An independent insurance agent can help you find appropriate truck accessories store insurance that is tailored to your needs
Why Do You Need Truck Accessories Store Insurance?
Truck accessories stores need business insurance to protect their assets from the following potential risks:
- Accidents, such as trips and falls in the store or parking lot
- Shopping carts or store fixtures causing injury or property damage in the store or parking lot
- Damage to your inventory due to some catastrophic or unexpected event (fire, smoke, extreme weather)
- Crime and vandalism
- Loss of income due to a catastrophic or unexpected event
- Equipment damage
- Employee theft of cash or inventory
- Selling faulty products, workmanship, or parts
- Employee lawsuits related to discrimination or other claims
- Employee injuries
- Cyber breaches
You may also be entrusted to keep customers’ trucks safe while you install accessories in their vehicles. If a truck is damaged during an installation, you’re responsible for paying for the damages, and what’s more, you could be sued.
You need a variety of business insurance policies to protect your business from these risks.
What Does Basic Truck Accessories Store Insurance Cover?
Truck accessories store owners should work closely with an independent insurance agent to determine their need for the following types of business insurance:
- Commercial property insurance: This protects you if a fire, vandalism, smoke, or a severe weather event damages your property. It provides coverage for damaged or destroyed inventory, office equipment, computers, and more.
- Most commercial property policies also include business interruption insurance. This important coverage replaces lost income after a covered loss (a fire, a storm) so you can continue to pay for rent, employee salaries, and other expenses if your store must close temporarily in order to rebuild.
- Commercial general liability (CGL) insurance: This provides protection for most basic liability issues that a truck accessories store could face. It protects you from the costs of lawsuits related to accidents, property damage, and a variety of other mishaps that could happen at any time (e.g., a customer slips and falls in your store, resulting in an injury).
You might want to consider purchasing a business owners policy, or BOP, which is a package policy designed for small businesses. It combines property, liability, and business interruption coverage in one affordable policy.
What is Garagekeepers Liability Insurance?
Garagekeepers liability insurance: This is specialty business insurance coverage designed for auto repair shops as well as service stations, auto body shops, detail shops, vehicle electrical and repair shops, auto glass installers, oil change and lube shops, emissions testing sites, and just about any other type of establishment that provides parts or service for vehicles and temporarily stores those vehicles onsite.
Garagekeepers liability insurance protects you if a customer’s vehicle is damaged due to your negligence while it is in your care, custody, or control. This protection is not included in a standard business liability policy. There are a number of ways in which a customer’s vehicle can be damaged while in your possession, such as fire, theft, weather events, vandalism, employee test drives, and lift accidents — to name a few.
Garagekeepers liability insurance does not cover the contents of a customer’s vehicle, and also does not cover damage that occurs as a result of faulty workmanship, parts, or insufficient warranties.
Be sure to discuss garagekeepers liability insurance with a local independent insurance agent. Your agent can help you determine if you need this coverage to cover the installation services that you provide in your truck accessories store.
The Importance of Product Liability Coverage for Truck Accessories Stores
Truck accessories stores sell a variety of products to the general public. The products you sell are placed in vehicles that are driven on public roads, in the presence of other vehicles, pedestrians, and other types of property. If a product that you sell is faulty and leads to the injury or death of a driver, passenger, or bystander, your business could be held liable.
Product liability insurance: This covers a business’s financial responsibility for losses or injuries to a user, buyer, or bystander caused by a defect or malfunction of the product. In some instances, product liability insurance may also cover the manufacturer or seller of the product for defective design and failing to warn a buyer of a particular danger.
Any company that participated in bringing a faulty product to market can be included in a lawsuit and held liable for damages to the user. The resulting payouts for medical costs, compensatory damages, economic damage, attorney fees, court costs, and even punitive damages can be insurmountable for a small business.
Your CGL policy or BOP might cover some product liability claims, but that coverage may be limited and insufficient for your needs. Your insurance agent can help you determine if you need additional product liability protection for your truck accessories store.
Other Truck Accessories Store Insurance Policies
In addition to the policies and coverage described above, truck accessories stores will want to consider some of the following types of business insurance. Whether or not you need them depends upon your unique business model and corresponding risks.
- Workers’ compensation insurance: This is typically required for any business that has employees, and pays for lost income and medical expenses for employees who are injured on the job.
- Employment practices liability coverage: This protects you from employee lawsuits related to discrimination and other employment-related business practices.
- Cyber liability insurance: This is necessary if you sell truck accessories or other products online, or if you keep electronic records or transmit any data electronically. If your website is hacked or you experience some other type of cyber breach, it helps you protect your business and your customers' privacy by paying for investigative expenses, notification expenses (the cost to notify your customers of the breach), future credit card and fraud monitoring services for your customers, your legal defense, settlements and judgments, and even PR and other related expenses.
- Commercial auto insurance: This covers any vehicles that your business owns. In addition, you need non-owned auto insurance if you have any employees who drive their personal vehicles for business purposes.
How Much Does Truck Accessories Store Insurance Cost?
In general, truck accessories store insurance costs will vary depending on the size of your business, the number of employees you have, the amount and value of your inventory, the location of your business, and a variety of other variables.
If you offer installation services and need additional coverage, your costs will be higher than a truck accessories store that does not offer installation services.
An independent insurance agent can guide you though your options so you get coverage that meets your needs and budget.
Benefits of an Independent Agent
Our agents simplify the search process for finding the right truck accessories store insurance. They’ll walk you through the handpicked policy options and explain the details.
Most importantly, they’ll be there for you when claim time comes. They know the ins and outs of the process and will make sure your claim is handled appropriately.
The Lowdown on Online Quotes
Online quotes can be tempting. They are fast and easy to get — but are they accurate? And are you getting quotes for the right coverage? For business owners, choosing speed over accuracy can cost you.
Online quotes can’t and don’t see the whole picture. They can omit important coverage that will leave you devastated if something unexpected happens. And they can leave out cost-saving opportunities that an agent can help you take advantage of.
Instead of getting an online quote, find a TrustedChoice.com independent insurance agent now, and get one-on-one consultation and affordable options for the best coverage for your unique needs.
TrustedChoice.com Article | Reviewed by Paul Martin
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