Diesel Engine Repair Service Insurance

How to Insure a Diesel Engine Repair Service

Finding the best business insurance for your company

Repairing V10 engine in auto repair shop. Find Diesel engine repair service insurance.

Diesel engine repair services are auto repair shops that specialize in diesel performance. As a business owner, you need the proper business insurance to protect your diesel engine repair shop from any potential liabilities and property damage.

Working with an independent insurance agent, you can find proper diesel engine repair service insurance long before you need it. 

What Risks Does a Diesel Engine Repair Service Face?

When it comes to business risks there are common risks and unique potential risks based on the type of industry you're in. For diesel engine repair shops, you're working on someone else's property, using a lot of equipment and tools, employing individuals, and running a business. A lot of things can go wrong. Diesel engine repair shops face the following risks.

  • Slips and falls on the premises
  • Poor workmanship or other professional errors
  • Damage to someone's diesel engine
  • Property damage from fire, severe storm, or vandalism
  • Employee theft
  • Employee injury or illness
  • Equipment breakdown
  • Business loss and interruptions after an event

The only way to assure that these potential risks won't shut down your business is to purchase the proper business insurance.

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What Does Basic Diesel Engine Repair Service Insurance Cover?

For most businesses, the base of your insurance coverage begins with liability, property, and business interruption coverage. 

  • Commercial general liability (CGL) insurance: Covers any liability claims that arise from a third-party injury on your premises or from property damage. CGL pays for costs such as property repair, medical bills, legal feels, and associated court fees. 
  • Commercial property insurance: Pays for any damage that your shop incurs due to fire, hail, vandalism, or other common perils. Property insurance covers your building, inventory, tools, office equipment and other assets.
  • Business interruption coverage: Helps pay for continuing costs and bills such as mortgage or rent, salaries, and electric bills should your business need to temporarily close its doors due to a covered event.

Businesses that make less than $5 million dollars a year and meet several other requirements can apply for a business owners policy. This coverage combines liability, property, and business interruption insurance and is typically less expensive than purchasing the policies on their own.

Diesel Engine Repair Services Need Garage Keepers Liability Coverage

In addition to commercial general liability, diesel engine repair shops need specialized liability insurance called garage keepers liability.  

Garage liability is housed under the liability portion of your coverage but is designed specifically for auto repair shops. It provides liability protection for bodily injury or property damage that occurs as a result of garage operations. 

Within a garage keepers liability policy, garage operations is defined as the ownership, maintenance, or use of locations for garage business. It also includes ownership and use of the autos, including maintenance. 

The Difference between Garage Keepers Liability and Garage Keepers

In addition to garage keepers liability, diesel engine repair services also need garage keepers insurance. It can be easy to combine the two but there are some important differences. 

Garage keepers is what protects vehicles while they're in your care against damage from events like fire, theft, vandalism, extreme weather, or damage while driving the vehicle.

To easily separate garage keepers liability from garage keepers, consider a situation where an employee is test driving a diesel truck. While driving, they lose control of the vehicle and hit someone's fence. Garage keepers liabilty would cover the damage to the fence and garage keepers pays for the damage to the vehicle. 

Your independent agent can help you understand the difference between these two policies and assure you have the right coverage for your business.

Additional Coverages for Diesel Engine Repair Service Shops

In addition to basic coverage and garage keepers, diesel engine repair shops have a few other potential risks that are worth protecting against.

  • Workers’ compensation insurance: Required in most states if you have a certain number of employees, workers' compensation pays for work-related injuries and illnesses for employees.
  • Commercial vehicle insurance: If your shop uses any of its own vehicles to conduct business, then commercial auto insurance will pay for any repairs or incidents involving employees and company vehicles. 
  • Employee theft and crime coverage: Protects your business from the costs of theft, dishonesty, and fraudulent acts committed by a single employee or a group of employees.
  • Equipment breakdown insurance: Pays for repairs in the event that equipment, tools, or machinery need repairs in order to continue operating your business. It does not cover general wear and tear. 
  • Professional liability insurance: Covers any expenses related to lawsuits for professional error or mistake. This could mean a faulty repair job or another professional mistake that results in the customer being injured or having financial loss. 

How Much Does Diesel Engine Repair Service Insurance Cost?

When determining business insurance premiums, companies will consider the following factors.

  • Number of policies
  • Deductible
  • Policy limits
  • Add-ons and riders
  • Business location
  • Number of employees
  • Potential weather risks
  • Potential crime risks
  • Likelihood of filing a claim

There are a variety of ways that businesses can save money on insurance premiums. Your agent will work with you to pull customized quotes and discuss options.

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Benefits of an Independent Insurance Agent

Agents work with you one-on-one to create a business insurance quote that is specific to fit your needs. They will learn about your business and carefully pick policies that will benefit you. 

In addition, agents are not tied to a single carrier. They shop multiple companies looking for the best set of policies for your business. They also understand what it's like to file a claim with a carrier and can suggest one that has a reputation of being easy to work with.

Should you ever need to adjust your policy, your agent is there to assist with that as well. You can reach out to them at any time with questions, concerns, or support and they'll help you with your insurance needs. 

Compare Quotes for Diesel Engine Repair Service 

Online quotes can be overwhelming and not take in the full picture of your business needs. Work with an independent insurance agent to get a quote tailored to your diesel engine repair service. 

An agent will chat with you, free of charge, before shopping your insurance package. They will walk you through a number of quotes and discuss the best options for your business. 

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TrustedChoice.com Article | Reviewed by Jeffrey Green

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