Critical Business Insurance for Your Auto Repair Shop

Insurance helps protect your business in the event of a liability claim or property damage. If you are a small business, your profits alone may not meet such potentially huge costs. Luckily, you can obtain several insurance policies to help protect your business assets. This article discusses three essential insurance covers that your auto shop should consider. 

Workers Compensation insurance

Running a garage means you might delegate a lot of work to employees as you concentrate on managing and building the business. If that’s the case, the Australian government demands that all businesses must have Workers Compensation insurance. This cover is essential in avoiding litigation, remaining compliant and bidding for any tenders. 

Even though this policy is a legal requirement, it has several other benefits. For example, your business can fully compensate workers injured at the garage and help them recover quickly. This insurance policy also helps you minimise downtime and other inefficiencies associated with lengthy claims and negotiations. 

Commercial Vehicle insurance

Your garage may have a crane truck, low bed trailer, or a van to ferry parts and workers. These vehicles may be in accidents, and your business should consider insurance for such issues. Commercial vehicle insurance pays for damage caused by your car to other road users and also includes cover for your own damage if you elect to take out Comprehensive cover.

Professional Indemnity cover

Professional Indemnity insurance will protect you in the event of your business being held responsible for any errors, negligence or professional mistakes. Professional Indemnity insurance is designed to protect you from financial losses should your business be found liable for professional negligence.

Business Insurance gives you the confidence to run your auto shop without fear of going under due to legal costs, compensation claims and many other potential losses. At Westralian Insurance, we help clients manage their business risks and insurance needs, before recommending suitable coverage to protect their business. Contact us today for personalised insurance solutions and friendly and efficient customer service.