Engine Replacement Service Insurance

Engine Replacement Service Insurance 101

A guide to keeping your business safe

Engine Replacement Service Insurance

Owners of engine replacement services need business insurance to protect their assets from the risks associated with making repairs to vehicles. Any kind of injury, error, or property damage can result in a costly claim or lawsuit.

With the help of an independent insurance agent, you can find appropriate engine replacement service insurance tailored to your needs.

Why Do You Need Engine Replacement Service Insurance?

Engine replacement services face the following types of business risks.

  • Customer/general public slips and falls on your premises
  • Worker illness or injury
  • Faulty workmanship or parts
  • Fire, bad weather, vandalism, or theft
  • Damage to a customer’s vehicle while in your care
  • Employee theft or crime
  • Business interruption

You need engine replacement service insurance to protect your business from these and other costly risks.

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What Does Basic Engine Replacement Service Insurance Cover?

Engine replacement services should work closely with an independent insurance agent to determine their need for the following types of business insurance.

  • Commercial property insurance: Protects you if a fire, vandalism, smoke, theft, or some other unexpected event damages your property. It provides coverage for lost inventory, office equipment, computers, and more.
  • Business interruption coverage: Pays for rent, employee salaries, and other expenses if your shop must close temporarily due to a covered disruption (e.g., a fire, a severe weather event).
  • Commercial general liability (CGL) insurance: Provides protection for most basic liability issues that a garage or an engine replacement service could face. It protects you from the costs of lawsuits related to accidents, property damage, and a variety of other mishaps that you could be responsible for.

You may want to consider a specialty liability insurance package designed for auto repair businesses. Garage liability insurance provides several forms of liability insurance specifically designed for the needs of various types of garages and auto repair shops.  

What’s more, you may also be able to purchase business owners policy, or BOP. A BOP is a package policy designed for small businesses. It combines property, liability, and business interruption coverage in one affordable policy.

What Other Insurance Policies Do Engine Replacement Services Need?

You’ll likely need other insurance policies to fully protect your business and your employees. Talk to your independent insurance agent about your need for the following types of coverage.

  • Employee theft and crime coverage: Can protect your business from the costs of theft, dishonesty, and fraudulent acts committed by a single employee or a group of employees.
  • Commercial vehicle insurance: Covers any vehicles that your business owns. In addition, you need non-owned auto liability insurance if you have any employees who drive their personal vehicles for business purposes.

You’ll also need to purchase workers’ compensation insurance according to the requirements in your state. It protects your employees and your business from the costs associated with work-related injuries and illnesses. It provides coverage for medical care and income protection for an injured worker while he or she is unable to work. Workers’ compensation insurance also helps protect employers from lawsuits by injured employees.

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What Is Garagekeepers Liability Insurance?

Garagekeepers liability insurance: This is specialty business insurance coverage designed for all kinds of auto repair shops, including engine replacement services.

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 (i.e., while it is in your garage being worked on or stored before or after the work is complete).

This protection is not included in the standard garage liability policy. Remember that 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 warrantees.

How Much Does Engine Replacement Service Insurance Cost?

Insurance costs for an engine replacement service will vary depending on the size of your business, the number of employees you have, and how much commercial property (buildings, tools, and equipment) you have.

The types and amounts of coverage that you need to purchase will drive your overall business insurance costs.

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Benefits of an Independent Agent

An independent insurance agent who has experience working with engine replacement services and other similar businesses can help you decide the types and amounts of coverage that you need for your business. The choices you make will determine your cost of coverage.

Independent agents can work with numerous, reputable insurance companies who specialize in your type of business. Together you can review a variety of proposals and choose the best mix of coverage that meets your needs and budget.

What’s more, your agent will 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.

Find and Compare Quotes for Engine Replacement Service Insurance

Instead of getting an online quote, find an independent insurance agent now, and get a one-on-one consultation and affordable options for the best coverage for your unique needs.

Your agent will work with you free of charge to get quotes from multiple insurance companies so you can make the best choice.

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TrustedChoice.com Article | Reviewed by Paul Martin

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