Motorcycle repair shops can be dangerous places. What’s more, motorcycle owners are passionate about their very personal and highly customized vehicles. If you own a motorcycle repair shop, you need a comprehensive motorcycle repair shop insurance program that is fully customized to your needs, just like your customers’ bikes are.
Be Aware of Risks to Your Business
Motorcycle repair shops are entrusted to fix their customers’ highly valued, highly valuable machines. In addition, you are entrusted to keep those motorcycles safe during the process. Owners of motorcycle repair shops need to protect their customers’ property at all times as well as protect themselves from the following types of business risks:
- Slips and falls
- Worker illness or injury
- Faulty workmanship or parts
- Fire, bad weather, vandalism or theft
- Employee theft or crime
- Business interruption
Motorcycle Repair Shop Business Insurance
You need multiple business insurance policies to protect your business. In addition, you must assess your need for garage liability insurance and garagekeepers insurance – policies that are specifically designed to protect your customers’ property and your business in the wake of accidents, injuries or property damage.
- Business property insurance protects you if a fire, vandalism, smoke, theft or other event damages your property. It provides coverage for lost inventory, office equipment, computers and more. Most business property policies also include business income – or business interruption – coverage. This pays for rent, employee salaries and other expenses if your shop must close temporarily due to an unforeseen disruption.
- Commercial general liability (CGL) insurance provides protection for most basic liability issues that motorcycle repair shops could face. It protects you from the costs of lawsuits related to accidents, property damage and a variety of other mishaps. You will likely want to consider garage liability insurance, which provides several forms of liability insurance that are more specifically designed for the needs of garages and motorcycle repair shops.
- A business owners policy, or BOP, is a package policy designed for small businesses. It combines property, liability and business interruption coverage in one affordable policy.
- 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.
What Is Garagekeepers Liability Insurance?
Garagekeepers liability insurance is a specialty business insurance policy designed for all kinds of garages, including motorcycle repair shops, auto repair shops, service stations, auto body shops, detail shops and any type of establishment that provides parts or service for vehicles and temporarily stores those vehicles on-site.
Garagekeepers liability insurance protects you if a customer’s motorcycle is damaged while it is in your care, custody or control. This protection is not included in the standard garage liability policy, and it is essential for motorcycle repair shops. There are a number of ways in which a customer’s motorcycle can be damaged while in your possession such as fire, theft, weather events, vandalism, test drives and lift accidents – to name a few.
If You Have Employees, You Need Workers' Compensation Insurance
Accidents happen, even in the safest workplaces. Motorcycle repair shops are dangerous places for employees. The potential for smashed hands and crushed limbs from machinery or falling vehicles is present every day. And if one of your employees gets injured while on the job, he or she may not be able to work until fully recovered.
Workers’ compensation insurance protects your employees and your business from the costs associated with work-related injuries and illnesses. It provides coverage for medical care and provides 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.
Each state has workers’ compensation insurance laws. Most states require nearly every business that has employees to provide this coverage. Your state’s workers’ compensation statutes determine what benefits injured workers are entitled to and what impairments or injuries are covered. The statutes also determine how those impairments will be evaluated and how medical care will be delivered.
Talk with your business insurance agent about workers’ compensation insurance. Your agent should be able to educate you about your state’s workers’ compensation requirements and help you find adequate coverage.
How to Find the Best Coverage
Motorcycle repair shops are unique businesses, and your business insurance coverage should be unique, too. You need a customized mix of auto, property and liability protection to protect your livelihood.
With the help of an experienced independent agent who specializes in motorcycle repair shops, you can find a business insurance program that addresses:
- the size of your business.
- the type of your business.
- the number of employees you have.
- the products you sell.
- the services you provide.
Your agent should provide you with multiple proposals from reputable insurance companies who specialize in motorcycle repair shop insurance. Contact an Independent Insurance Agent today.